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Portland and the federal government

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3.103.040 Program Requirements.

City Code Section
  1. In order to be considered for a property tax exemption under this Chapter, an applicant must verify by oath or affirmation in the application that the building meets the following program requirements as further described in the administrative rules:
  2. A. Financial need for the exemption.
    1. 1. Rental building. The building would not include low to moderate-income units because it would not be financially feasible without the benefit provided by the property tax exemption.
    2. 2. For-sale building. The units receiving the property tax exemption must be sold to buyers meeting the affordability requirements contained in this Chapter.
  3. B. Property eligibility.
    1. 1. Buildings must be located within the taxing jurisdictions of the City and Multnomah County.
    2. 2. Buildings must conform to the City’s zoning and density requirements.
    3. 3. Buildings must include 20 or more units.
  4. C. Affordability.
    1. 1. For rental buildings, during the compliance period, a minimum of 20 percent of the number of units or bedrooms must be affordable to households earning 80 percent or less of the area median family income, or a minimum of 10 percent of the number of units or bedrooms must be affordable to households earning 60 percent or less of the area median family income, as approved through Portland City Code Section 30.01.120. The units meeting the affordability requirements must match the unit mix in the building as a whole in terms of number of bedrooms.
    2. 2. For buildings containing for-sale units, only those units meeting the following criteria benefit from the property tax exemption:
      1. a. At initial sale, each unit receiving the property tax exemption must sell for no more than the maximum price established annually under Subsection 3.102.040 A.2.:
      2. b. At initial sale and for the duration of the property tax exemption, each unit receiving the property tax exemption must sell to a homebuyer who income qualifies and occupies the unit as established under Subsection 3.102.040 B.; and
      3. c. During the term of the property tax exemption, the unit must be continuously occupied by the homebuyer as established under Subsection 3.102.040 C.
  5. D. Accessibility. At least five percent of the income restricted units in the building must be built to be Type A as defined in the Oregon Structural Specialty Code.

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