PP 24-0003: Nonprofit Corporation Low Income Housing Tax Exemption
A proposal to establish a tax exemption for nonprofit organizations to support the development and on-going maintenance of low income housing (at or below 60% AMI) in the City. The exemption would apply to city taxes, with an option to apply to other taxing districts, and would need to be renewed on a yearly basis. The proposed tax exemption is a strategy that will be recommended in the upcoming draft of the City’s Housing Production Strategy Report.
As established under ORS 307.540 to 307.548[1], this tax exemption benefits low income residents by alleviating the property tax burden on those organizations that provide this housing opportunity. The intent of the program is to support preservation, maintenance, and development of low income housing.
On May 7, 2024, the City Council approved Ordinance 2945 to establish a nonprofit corporation low income housing tax exemption. Links to the Council Memo and approved ordinance are available in the Public Records Folder.
Use this link to visit the City Council meeting page and agenda packet: https://www.ci.oswego.or.us/citycouncil/city-council-joint-meeting-lake-oswego-school-board
PUBLIC RECORDS FILE