In order to be considered for an exemption under this Chapter, an applicant must verify by oath or affirmation in the application that the project meets the following program requirements as further described in the program Administrative Rules:
A. Financial need for the exemption
1. Rental projects. The project would not otherwise be financially feasible without the benefit provided by the property tax exemption.
2. For-sale projects. The units receiving tax exemption will be sold to buyers meeting the affordability requirements contained in this Section.
B. Property eligibility
1. Projects must be located within identified Designated Plan Areas/Metro 2040 Centers, within a half mile radius of Max Station Areas, or within a quarter mile from either Metro 2040 Corridors with Frequent Transit Service or Metro 2040 Main Streets with Transit Service within the City of Portland.
2. Projects must conform to City of Portland’s zoning and density requirements.
1. For rental projects, during the term of the exemption, a minimum of 20 percent of the number of units must be affordable to households earning 60 percent or less of the area median family income, or affordable to households earning 80 percent or less of the area median family income based on the market for similar units in the same geographic area. The units meeting the affordability requirements must match the unit mix in the project as a whole in terms of number of bedrooms.
2. For projects containing for-sale units, those units receiving the exemption must not exceed the maximum price established under City Code Section 3.102.040 at initial sale and must sell to an initial homebuyer who income qualifies and occupies the unit as established under City Code Section 3.102.040. During the term of the exemption, the unit must be occupied by a homebuyer as established under City Code Section 3.102.040.
1. Applicants must consult with Portland Housing Bureau staff and a third party technical assistance provider prior to opening up bidding for the construction and prior to application. The application must include a description of strategies identified in coordination with the technical assistance provider that will be employed to promote Minority, Women, and Emerging Small Businesses (MWESB) in construction contracting in compliance with City policies. The contractor must work with the City of Portland’s Procurement Services Compliance Specialist to track results.
2. Applicants must consult with Portland Housing Bureau staff to identify an intended population for lease-up or sale of the units in the project. Applicants must commit to using Portland Housing Bureau’s prescribed lease-up strategy.
E. Accessibility. At least 5 percent of the units in the project must be built to be adaptable to become fully ADA accessible.