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City of Portland

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3.103.040 Program Requirements.

(Amended by Ordinance No. 188163, effective February 1, 2017.)  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 include low to moderate-income units because it would not 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 the taxing jurisdictions of the City of Portland and Multnomah County.

2.  Projects must conform to City of Portland’s zoning and density requirements.

3.  Projects must include 20 or more units.

C.  Affordability

1.  For rental projects, for applications received on or before December 31, 2018, during the term of the exemption, a minimum of 15 percent of the number of units or bedrooms must be affordable to households earning 80 percent or less of the area median family income, or a minimum of 8 percent of the number of units or bedrooms must be affordable to households earning 60 percent or less of the area median family income. For applications received after December 31, 2018, during the term of the exemption, a minimum of 20 percent of the number of units or bedrooms must be affordable to households earning 80 percent or less of the area median family income, or a minimum of 10 percent of the number of units or bedrooms must be affordable to households earning 60 percent or less of the area median family income.  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.

D.  Accessibility. At least 5 percent of the affordable units in the project must be built to be Type A as defined in the Oregon Structural Specialty Code.