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property owner has presented sufficient cause to not terminate the exemption. PHB will also send a <br />letter to the lender on record from recorded documents notifying them of their right to attempt to cure <br />or remedy the non-compliance within 30 days. <br />PHB will go before city council annually in late August with a list of all exemptions to be terminated for <br />the current tax year. <br /> <br />PHB Administrative Requirements and Dates <br />• Annual review of market value/price cap for for-sale units – PHB must review and establish <br />an annual maximum market value and price cap based on data of the previous year’s sales within the <br />city of Portland provided by Multnomah County. PHB must present a resolution to City Council to <br />approve the cap prior to January 1. <br /> <br />HISTORY <br />Ordinance No. 185477, passed by City Council June 27, 2012 and effective August 1, 2012. <br /> <br />