HB 3232
Removes the eligibility requirement for the low income rental housing property tax exemption that property of a limited equity cooperative be constructed or converted after the local governing body adopts the exemption program.
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Support
100%
Oppose
0%
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill removes a requirement for limited equity cooperatives to have newly constructed or converted properties in order to qualify for Oregon’s low-income rental housing property tax exemption. Currently, properties must be built or converted after a local governing body adopts the exemption program. This change allows existing limited equity cooperatives to apply for the exemption.
Key provisions
- Removes the requirement that properties be newly constructed or converted.
- Allows existing limited equity cooperatives to apply for the exemption.
- The exemption continues to require occupancy by low-income persons with proprietary leases.
- The exemption requires charges paid to the cooperative reflect the full value of the tax exemption.
- The exemption must be approved through an application filed before July 1, 2030.
Who is affected
- Limited equity cooperatives
- Low-income residents
- Local governing bodies
- Property owners
Notable changes
- Changes the eligibility criteria for the low-income rental housing property tax exemption.
- Extends the availability of the exemption to existing limited equity cooperatives.
Sponsors
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Primary sponsors
Cosponsors
Arguments in favor
Reasons to support this legislation.
Supporters of HB 3232 emphasize the importance of expanding the Low Income Rental Housing Property Tax Exemption (LIRHPTE) program to include Limited Equity Cooperatives created prior to its adoption. Proponents argue that this expansion would address affordable housing needs, particularly in Eugene, where over 2,000 homes have benefited from the existing program. By extending the exemption to these cooperatives, residents would be able to make necessary repairs without increasing monthly charges, and cooperative models could continue to provide stable and affordable housing options for low-income individuals. This expansion is seen as crucial in maintaining affordable rents and supporting vulnerable populations, with supporters highlighting the success of programs like LIRHPTE in addressing housing affordability concerns.
Source: Testimony Summaries
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