Establish 2022 sale price cap for the Homebuyer Opportunity Limited Tax Exemption Program
WHEREAS, in 1991, the Oregon Legislature passed legislation allowing local jurisdictions to forgo a portion of property tax revenue for a defined period of time as an incentive for the development of housing that achieve larger City affordable housing policy goals; and
WHEREAS, on behalf of the City of Portland, the Portland Housing Bureau administers the Homebuyer Opportunity Limited Tax Exemption (HOLTE) Program, authorized under ORS 307.651 and Portland City Code 3.102; and
WHEREAS, Portland City Council is required by ORS 307.661 to establish annually by Resolution the sale price cap for units eligible to receive the property tax exemption which may not exceed 120 percent of the area median sale price; and
WHEREAS, the Portland Housing Bureau has received data from the Multnomah County Tax Assessor to determine the median sale price for dwelling units located in the city of Portland for the period of January 1, 2021 through November 30, 2021 as defined by statute; and
WHEREAS, it has been determined that the annual median sale price for dwelling units in the city of Portland for the above-mentioned period is approximately $490,000; and
WHEREAS, the Portland Housing Bureau has elected to establish a sale price cap that remains affordable to households earning up to 100 percent of the area median family income in order to support homeownership affordability for moderate income homebuyers.
NOW, THEREFORE, BE IT RESOLVED that the City Council maintains the annual HOLTE sale price cap of $430,000 for the 2022 calendar year, which goes into effect January 1, 2022.
Budget Office Financial Impact Analysis
As written in the fiscal impact statement - although the HOLTE program itself reduces future revenue to the City in the form of forgone property taxes, this resolution does not impact the amount of foregone revenue; this resolution merely limits the sale price for units eligible to receive the property tax exemption under the program.
889 Consent Agenda in December 15-16, 2021 Council Agenda
Referred to Commissioner of Public Works
930 Regular Agenda in December 22, 2021 Council Agenda
Adopted As Amended
- Commissioner Mingus Mapps Yea
- Commissioner Carmen Rubio Absent
- Commissioner Dan Ryan Yea
- Former Commissioner Jo Ann Hardesty Yea
- Mayor Ted Wheeler Yea