Sale price cap: The property must sell for no more than the sale price cap established annually by PHB -- no more than 120% of the annual median sale price (or appraised value if an owner/builder) -- currently $291,000. Escrow must notify PHB if a property is selling over the established price cap. If the exemption is already in effect, it will be terminated and escrow must request the amount of any taxes exempted due from Multnomah County to be paid at closing by the seller.
Occupancy: The property may not be rented at any time (both prior to initial sale and after homebuyer qualification); properties which are rented are subject to termination of the exemption. Homebuyers must occupy the property as their primary residence.
Affordability: Homebuyers at initial sale (who will be both on title to the property and occupying the home) must earn no more than 100% median family income for a family of four -- currently $68,300, adjusted upward for households larger than four persons.