According to an article in The Bulletin, The Bend City Council is expanding allowable property tax exemptions to encourage more affordable and middle-income housing.
Today (Wednesday, December 15th), the council discussed four different kinds of property tax exemptions:
- two that will encourage dense, market-rate housing
- two that will increase affordable and middle-income housing
These types of exemptions are already used in several cities across the state, and help address the state’s housing shortage.
The exemptions have requirements attached to enforce that they will be used on high-density housing that is affordable, and energy efficient. A particularly attractive element are the exemptions from property tax in certain instances (ie if the building is secured to be affordable forever).
“Affordable” housing is defined as something a family of four making 60% of the area median income could afford.
The article has quotes from FFAH’s own Tommy Waldron, who discusses how the proposed property tax exemptions can make or break whether an affordable housing project gets built.
“There’s really no reason not to do it,” he said.
Read the full article here.