2.938 Low-Income Rental Housing Property Tax Exemption – Application.
(1) An application for exemption from property taxes hereunder for low-income rental housing units shall be filed with the city manager, on a form provided by the city manager, which shall contain the following, if applicable:
(a) A description of the property, or portion thereof, for which the exemption is requested;
(b) A description of the purpose of the project and whether all or a portion of the property will be used for that purpose;
(c) A certification of the income levels of low-income occupants;
(d) A description of how the tax exemption will benefit project residents;
(e) If the application will rely on the approval criteria in EC 2.939(3) or (4):
1. Evidence that, if unoccupied, the property is offered for rental solely as a residence for low-income persons, or is held for the purpose of developing low income rental housing; and
2. Evidence that, if occupied, the property is occupied solely as a residence for low-income persons;
(f) If the application will rely on the approval criteria in EC 2.939(4):
1. Evidence that the property is owned or being purchased by a non-profit corporation which meets the criteria for either a public benefit corporation or a religious corporation, as defined in ORS 65.001;
2. Evidence that the nonprofit corporation expends no more than ten percent of its annual income from residential rentals for purposes other than acquisition, maintenance or repair of residential rental property for low-income persons;
(g) If the application will rely on the approval criteria in EC 2.939(6), evidence that the housing units are owned by a limited equity cooperative as defined in EC 2.937 that meets the criteria for a cooperative corporation under ORS Chapter 62.
(h) A description of the plans for development of the property if the property is being held for future low income rental housing development; and
(i) Any other information required by the city manager.
(2) The information contained in the application shall be verified by oath or affirmation of the applicant.
(3) At the time the application is filed, the applicant shall submit the application fee established by the city manager pursuant to section 2.020 of this code. If the application is approved, the portion of the fee attributable to the county assessor’s cost in administering this program shall be paid by the city to the county assessor. If the application is denied, the city shall retain that portion of the application fee attributable to its own administrative costs and shall refund the portion attributable to the county assessor’s administrative costs to the applicant.
(4) An application for exemption hereunder shall be filed on or before December 1 of the calendar year immediately preceding the first tax year for which an exemption is requested. However, if the property is acquired after November 1, the application shall be filed within 30 days after the date of acquisition, but no later than January 1 of the next calendar year.
(5) An application which does not contain all the required information and is not accompanied by the required fee shall be returned. Any application returned for these reasons shall be deemed not to have been filed.