Earlier this month, the Bend City Council approved a Non-Profit Affordable Housing Tax Exemption, which will encourage developers to create affordable housing in the area by making the developments tax exempt. Previously the exemption lasted for 20 years however constructions loans can be up to 40 years. The new exemption will now be eligible for as long as the affordability restrictions are kept in place. This will not only help to create more affordable housing but also keep existing rent restrictions in place for the long term.
This is great news for developers and residents alike, at a time when the need for affordable housing is at an all-time high.