Item 7: Resolution Approving a Low-Income Rental Housing Tax Exemption - River Road

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Housing Tax Credit LIHTC Program that will be used to fund development. Without the LIRPTE the debt coverage ratio (net operating income divided by debt service) is 1.14, below the industry standards to obtain conventional financing and to attract investors. (d) The housing units on the property were constructed after February 12, 1990; The housing units on the property are anticipated to be constructed in 2013. (e) The policies set forth in the Standards and Guidelines for Low-Income Rental Housing Property Tax Exemption adopted by council resolution; The applicant has complied with the policies set forth in the Standards and Guidelines for Low-Income Rental Housing Property Tax Exemption adopted by council Resolution No. 5028 (Attachment B). (f) The proposed development is consistent with the City's housing dispersal policy. The policies contained in the Housing Dispersal Policy apply to housing for persons at or below 50 percent of area median income. This development is for persons at 60 percent of area median income. Therefore, those specific policies do not apply (g) The proposed development does not cause displacement of low-income persons unless the City and developer can reach agreement on provisions (to be provided by the developer) that reflect satisfactory mitigation thereof; The proposed development does not cause the displacement of low-income persons. The application is for new construction on vacant land. (h) The proposed development does not cause destruction of historic properties (as defined in section 9.0500 of this code); No historic properties will be destroyed. The application is for new construction on vacant land. (i) The proposed development is or will be required to be otherwise consistent with the Eugene Code and adopted City regulations and policies. The proposed development is consistent with this code and adopted City policies and regulations reviewed under this application. Consistency with zoning, building, and other code requirements will be addressed when building permit applications are reviewed by Building Permit Services staff. RELATED CITY POLICIES The proposed tax exemption supports multiple City priorities and policies including the Eugene- Springfield 2010 Consolidated Plan, Growth Management Policies, the Housing Dispersal Policy, and Envision Eugene. Eugene-Springfield 2010 Consolidated Plan -As noted previously, the proposed project directly supports the goals of the plan by creating 216 units for low-income families and individuals. Eugene Adopted Growth Management Policies - The City of Eugene affordable housing development programs and River Road Apartments support multiple growth management policies including:  Promote construction of affordable housing.  Encourage in-fill, mixed-use, redevelopment, and higher density development.  Provide for a greater variety of housing types.  Support the existing Eugene Urban Growth Boundary by taking actions to increase density and use existing vacant land and under-used land within the boundary more efficiently. S:\CMO\2012 Council Agendas\M121126\S1211267.doc