3.40.030 Nonprofit corporation low-income housing eligibility criteria.
This section is included in your selections.
Property that meets all of the following criteria shall be exempt from taxation as provided in this chapter:
A. The property is owned or being purchased by an eligible nonprofit corporation. A corporation that has only a leasehold interest in property is deemed to be a purchaser of that property if:
1. The corporation is obligated under the terms of the lease to pay the ad valorem taxes on the real and personal property used in this activity on that property; or
2. The rent payable by the corporation has been established to reflect the savings resulting from the exemption from taxation.
B. The property is:
1. Occupied by low-income persons; or
2. Held for the purpose of developing low-income housing. (Ord. 2069 § 1 (Exh. A), 2022)