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Cooperative Housing Program
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For purposes of sections 2.912 to 2.922 of this code, the following words and phrases mean.

City manager. The city manager of the city of Eugene, or the manager’s designee.

Eligible corporation. A corporation which is exempt from income taxes under 26 U.S.C. 501(c)(3) or (4) as amended before December 1, 1984, and which demonstrates that upon liquidation, the assets of the corporation are required to be applied first in payment of all outstanding obligations, and the balance remaining, in cash and kind, to be distributed to corporations exempt from taxation and operated exclusively for religious, charitable, scientific, literary or educational purposes or to the State of Oregon.

Eligible property. Property within the limits of the city of Eugene which is: owned or being purchased by an eligible corporation; actually and exclusively used for the purposes described in 26 U.S.C. 501(c)(3) or (4); and, occupied by low income persons. For the purposes of this section property will be deemed to be occupied by low income persons if it is made available and reserved exclusively for low income persons and has been occupied by a low income tenant within the last six months. Only that portion of the real property and improvements located thereon that is occupied by low income persons shall be eligible property.

Low income. Income at or below 60 percent of the area median income as determined by the State Housing Council based on information from the United States Department of Housing and Urban Development.

Owner or owned. The owner or purchaser of property for which an exemption is sought. For purposes of this section a corporation which has only a leasehold interest in property is deemed to be a purchaser of that property if:

(a) The corporation is obligated under the terms of the lease to pay the ad valorem taxes on the real and personal property used to provide low income housing; or

(b) The rent payable by the corporation has been established to reflect the savings resulting from the exemption from taxation.

(Section 2.910 added by Ordinance No. 19595, enacted February 13, 1989, effective March 15, 1989; and amended by Ordinance 19967, enacted June 13, 1994.)