Item B: Multi-Unit Property Tax Exemption Program

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Option 3:  10-year pro forma reviewed by staff, the Loan Advisory Committee (or newly created panel, or third party), and City Council.  Based on program-wide annual financial reporting from projects, a panel shall periodically review the financial performance of projects and make recommendations regarding the ongoing need for the program, or potential program adjustments (boundary, criteria, etc.). Green Building Objective: Promote resource efficient buildings to help reduce energy dependence. Option 1:  Must meet one of the following green building standards LEED Silver o Earth Advantage Multi-Family Silver o Oregon’s Reach Code o Enterprise Green Communities (for affordable housing) o Other equivalent standard approved by City o Option 2:  Same as above, with council waiver provision for special cases. Option 3:  Do not include in minimum threshold criteria, include in additional public benefit criteria. Affordable Housing Objective: Promote a mixture of housing units at various levels of affordability to help meet the community’s diverse and changing needs. Option 1:  Project must make a payment equal to 10-percent of the first year tax exemption, payable upon completion of the project when the first year of tax exemption is granted. Funds would be used by the City to support affordable housing/emergency shelter. Option 2:  For rental projects, minimum of 20 percent of the units must be affordable to households earning 60 percent of area median household income. Option 3:  For rental projects, minimum of 20 percent of the units must be affordable to households earning 80 percent of area median household income.