Housing Incentives: The City of Corvallis will look at possible housing incentives including Multi-Unit Property Tax Exemptions and affordable housing property tax exemptions. Community Development Director Paul Bilotta will present this proposal to the Corvallis City Council at a work session on Dec. 15.
“This Fall, staff has been exploring property tax exemption programs with the Housing Committee. This work has been part of the Strategic Operational Plan (SOP) and was previously recommended by the Council’s Housing Development Policy Task Force,” said Bilotta. “On November 29th, the Housing Operational Committee recommended to staff that the City move forward with these property tax exemption programs.
The two recommended property tax exemption programs proposed are, low Income Rental Housing Property Tax Exemption (LIRPTE) Program for profit and nonprofit, and The Multi-Unit Property Tax Exemption (MUPTE) Program.
“The LIRPTE Program provides an exemption of up to 20 years for low-income rental properties constructed after February 12, 1990 developed by for profit organizations, or rental properties owned by 501c (3) non-profits,” said Bilotta. “The MUPTE program is a state-enabled program designed to be an incentive for construction and redevelopment of residential properties in city centers and along mixed-use commercial areas.This tool offers a property tax exemption on a new structure or the incremental change in the after-rehabilitation property value of a building for a maximum of 10 years. The program is not restricted to providing affordable housing, but must include public benefits, which will be reviewed with this Committee.”
The Corvallis City Council work session is scheduled for 4pm on Thursday, Dec. 15 and is open to the public. For City’s links to the agenda, meeting packet, livestream, and info about submitting written comment and documents, click here,
SOP: The Corvallis City Council got another look at the draft 2024-2028 Strategic Operational Plan (SOP) at its Dec. 8, work session. The SOP is the starting point for the city’s annual budget designed to serve as companion to the newly adopted community vision, Imagine Corvallis 2040..
Updates on the current draft were given by city advisory boards, commissions, committees, and task forces at the work session. A follow-up discussion regarding the SOP is currently scheduled for the January 5 work session, with anticipated completion by Feb. 6.
The public is asked to provide input on the current draft by completing the online public form: https://www.corvallisoregon.gov/cm/webform/strategic-plan-public-input-form
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