ORS 307.515
Definitions for ORS 307.515 to 307.523
(1)
“Governing body” means the city or county legislative body having jurisdiction over the property for which an exemption may be applied for under ORS 307.515 (Definitions for ORS 307.515 to 307.523) to 307.523 (Time for filing application).(2)
“Lender” means the provider of a loan secured by the recorded deed of trust or recorded mortgage made to finance the purchase, construction or rehabilitation of a property used for low income housing under the criteria listed in or adopted under ORS 307.517 (Criteria for exemption) or 307.518 (Alternative criteria for exemption).(3)
According to the election of a governing body pursuant to ORS 307.519 (Exemption limited to tax levy of governing body that adopts ORS 307.515 to 307.523) (1), “low income” means:(a)
Income at or below 60 percent of the area median income as determined by the Oregon Housing Stability Council based on information from the United States Department of Housing and Urban Development;(b)
Intentionally left blank —Ed.(A)
For the initial year that persons occupy property for which an application for exemption is filed under ORS 307.521 (Application for exemption), income at or below 60 percent of the area median income as determined by the Oregon Housing Stability Council based on information from the United States Department of Housing and Urban Development; and(B)
For every subsequent consecutive year that the persons occupy the property, income at or below 80 percent of the area median income as determined by the Oregon Housing Stability Council based on information from the United States Department of Housing and Urban Development; or(c)
For housing units on property that is awarded tax credits through the federal Low-Income Housing Tax Credit program and is a qualified low-income housing project meeting the requirements of 26 U.S.C. 42(g)(1)(C), income at or below 80 percent of the area median income as determined by the Oregon Housing Stability Council based on information from the United States Department of Housing and Urban Development, provided the average area median income of all housing units on the property is at or below 60 percent of the area median income as determined by the Oregon Housing Stability Council based on information from the United States Department of Housing and Urban Development. [1989 c.803 §1; 1991 c.930 §3; 1993 c.168 §3; 2015 c.180 §44; 2015 c.310 §3; 2021 c.528 §2]
Source:
Section 307.515 — Definitions for ORS 307.515 to 307.523, https://www.oregonlegislature.gov/bills_laws/ors/ors307.html.
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