Oregon
The Eugene City Council approved three Low Income Rental Housing Property Tax Exemptions, a decision that will contribute to the creation and preservation of 285 affordable housing units
Eugene, OR – According to the city officials, the Low Income Rental Housing Property Tax Exemptions program is reportedly a partnership between the City of Eugene and the 4J and Bethel school districts.
The program also provides a 20-year property tax exemption for rental housing and limited equity cooperatives that serve households earning no more than 60% of the area median income.
This critical tool supports the pressing and ongoing demand to create housing that is within financial reach for lower and moderate-income households in Eugene.
Annually, the City Council considers new and renewing LIRHPTE applications. Since its inception, LIRHPTEs have played a pivotal role in sustaining affordable rents for more than 1,600 rental units in Eugene.
Furthermore, the exemption can be renewed, with over 400 units having had their LIRHPTEs renewed since the program’s commencement, ensuring the preservation of affordability for an additional 20 years.
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