Item 4 - Low-Income Prop Tx Ex. - Laserfiche WebLink

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Property Tax Exemption for Low-income Rental Housing GENERAL INFORMATION The City of Eugene's Low-income Rental Housing Property Tax Exemption Program (LITEs) is intended to provide incentives for the construction of new rental housing for Iow-income persons within the city by exempting the property from ad valorem taxes for a period not to exceed twenty (20) years. WHO MAY APPLY? Any person or entity owning or purchasing property upon which Iow-income rental housing units were constructed after February 12, 1990, or will be constructed within two years after approval of an application (under current provisions, construction must be completed by July 1, 2010). Non-profit public benefit corporation or religious corporations (see Exhibit A - Definitions) must meet specific criteria as requested in the application. WHEN TO APPLY? An application must be filed on or before December 1 of the calendar year immediately preceding the tax year for which an exemption is requested. If the property is acquired after November 1, an application may be submitted within 30 days after the date of acquisition, but no later than January 1 of the next calendar year. Your application packet must consist of the following documents: · Application form (use City form) · Exhibit A - Definitions (use City form) · Schedule 1 - Documentation of Public Benefit Corporation or Religious Corporation Status · Schedule 2 - Proof of Ownership of Interest in the Property · Schedule 3 - Rent Regulatory Agreement (use City form) · Schedule 4 - Consent to Inspection of Premises (use City form) · Schedule 5 - Certification of Income Levels of Low-income Occupants (use City form) · Schedule 6 - Documentation that the Required Rent Reflects the Full Value of the Property Tax Exemption · Schedule 7 - Documentation that the Property Will be Offered to or Occupied Solely by Low-income Persons · Schedule 8 - Documentation that the Applicant Expends no more than 10% of its Annual Income from Residential Rentals for Purposes other than the Acquisition, Maintenance, or Repair of Residential Rental Property for Low-income Persons (Public Benefit or Religious Corporations only)