Low-Income Rental Housing Property Tax Exemption (LIRPTE) Program Overview

Nonprofit Entities:

The owner and developer must be a nonprofit organization
All units must be offered at 60% of the Average Median Income in Corvallis for the first year and may move up to 80% of the Average Median Income in Corvallis in the second year, if approved.
The organization must apply for the exemption every year and show that it's meeting the required criteria
Each application would be reviewed on a case-by-case basis, and must have a demonstrated financial need for exemption.
If approved, they would receive up to a 100% exemption from their property taxes for the year in exchange for passing those savings onto the renters by charging lower rent.
If the criteria is proved to be disregarded during the term of the exemption, it will be revoked and the organization will be required to pay the full amount of the exemption.

For-Profit Entities:

The owner and developer can be a for-profit entity
All units must be rented to households at or below 60% of the Average Median Income in Corvallis.
The entity applies for the exemption the first year and if approved, it will last 20 years
An annual report must be submitted, proving they are adhering to the required criteria. It can be renewed, if applied for again and approved.
Each application would be reviewed on a case-by-case basis, based on demonstrated financial need
If approved, they would receive up to a 100% exemption from their property taxes for the year in exchange for passing those savings onto the renters by charging lower rent.
If the criteria is proved to be disregarded during the term of the exemption, it will be revoked and the organization will be required to pay the full amount of the exemption.