Name: LTA Homebuyer Opportunity Areas
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Description: Qualifying areas for the Homebuyer Opporunity Program
--Additional Information:
Category: Boundary
Purpose: A. The Bureau of Planning shall be the agency responsible for
designating homebuyer opportunity areas. The Portland
Development Commission and the Bureau of Housing and
Community Development shall be consulted in the designation
process. The designation of such areas shall occur in the form of
a public hearing conducted before the City Planning Commission
through a legislative process appealable to City Council. If there is
no appeal within 30 days of the decision by the Planning
Commission, the decision shall be final. The Bureau of Planning
shall make available maps indicating current homebuyer
opportunity areas. The designation of the first homebuyer
opportunity areas shall be conducted as nearly as possible in
conjunction with the adoption of this ordinance implementing
tax exemption in such designated areas. From the date of the
first designation, a review of the areas for possible amendment
of the boundaries of the homebuyer opportunity areas shall occur
at least every three years.
B. The criteria for designating homebuyer opportunity areas shall
include a consideration of the following factors:
1. The area is primarily a residential area of the city which is
detrimental to the safety, health and welfare of the community
by reason of deterioration, inadequate or improper facilities;
the existence of unsafe or abandoned structures, including but
not limited to a significant number of vacant or abandoned single
or multi-family residential units; or any combination of these or
similar factors; and,
2. The incentive of limited property tax exemption in a homebuyer
opportunity area will help to carry out adopted policies, or
area-wide or district plans of the city related to housing or
neighborhood revitalization.
C. At no time shall the cumulative land area within the boundaries of
homebuyer opportunity areas exceed 20 percent of the total land
area of the city.
D. The Bureau of Planning shall also establish the price limit of newly
constructed single-unit housing eligible for the limited property tax
exemption as provided by this Chapter. The price limit shall not
exceed 120 percent of the median sales price of single-family homes
located within the city. The median sales price shall be determined,
with assistance by the County Assessor, using the sales data
collected under ORS 309.200 for the period ending the prior
November 30 relative to single-family homes. In addition, the
Bureau of Planning may use data made available by the real estate
and construction or other appropriate industry. The median sales
price shall be established by resolution prior to January 1 of each
year during the effective time of this program
Update Frequency: As needed
-- Metadata Link
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Copyright Text: Bureau of Housing and Community Development
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