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

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Property Tax Exemption for Low-income Rental Housing EXHIBIT A - DEFINITIONS See ORS 65.001(31) and 65.001(33) Definitions on Exhibit A 1. LOW-INCOME. Income at or below 60 percent (60%) of the area median income as determined by the State Housing Council based on information from the United States Department of Housing and Urban Development (HUD). 2. LOW-INCOME RENTAL HOUSING. Rental housing constructed after February 12, 1990 which is occupied by Iow-income person(s). 3. PUBLIC BENEFIT CORPORATION. A domestic corporation which: a. Is formed as a public benefit corporation pursuant to ORS 65.044 to 65.067, is designated as a public benefit corporation by a Statute, is recognized as tax exempt under Section 501 (c)(3) of the Internal Revenue Code of 1986 or is otherwise organized for a public or charitable purpose; b. Is restricted so that on dissolution it must distribute its assets to an organization organized for a public or charitable purpose, a religious corporation, the United States, a state or a person which is recognized as exempt under Section 501 (c)(3) of the Intemal Revenue Code of 1986; and c. Does not come within the definition of "religious corporation." 4. RELIGIOUS CORPORATION. A domestic corporation which is formed as a religious corporation pursuant to ORS 65.044 to 65.067, is designated a religious corporation by a Statute, or is organized primarily or exclusively for religious purposes.