2.912 Low Income Housing Tax Exemption – Application for Exemption

2.912 Low Income Housing Tax Exemption – Application for Exemption.

(1) An eligible corporation seeking tax exemption for eligible property shall submit an application on a form provided by the city manager and pay the fee set by the city manager pursuant to section 2.020 of this code.

The application shall contain the following information:

(a) The applicant’s name, address, and telephone number;

(b) The assessor’s property account number for each parcel of eligible property for which application is being made;

(c) The number of units and the exempted amount of each parcel which is in part eligible property, and the portion of the parcel which will be eligible property;

(d) A description of the property for which the exemption is requested;

(e) A description of the charitable purposes of the project and whether all or a portion of the property is being used for that purpose;

(f) A certification of income levels of low income occupants and a declaration that the income levels of all occupants of the property for which the exemption is being applied, at the time of the application or within 30 days of the filing of the application are 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;

(g) A description of how the tax exemption will benefit project residents;

(h) A declaration that the corporation is an eligible corporation; and

(i) Such other information as requested by the city manager.

(2) The applicant shall verify the information in the application by oath or affirmation.

(3) An application which does not contain all the information required by this section and not accompanied by payment of the proper fees shall be returned. Any application returned for these reasons shall be deemed not to have been filed.

(4) An application must be filed on or before the March 1 of the assessment year for which the exemption is applied, except that when the property designated in the application is acquired after March 1 and before July 1, the claim for that year shall be filed within 30 days after the date of acquisition.