3.64.040 Tax exemption for multifamily housing in target areas.
A. Duration of Exemption. The value of improvements qualifying under this chapter is exempt from ad valorem property taxation as follows:
1. For properties for which applications are submitted after the date of adoption of the ordinance codified in this chapter, the value is exempt:
a. For eight successive years beginning January 1st of the year immediately following the calendar year of issuance of the final certificate of tax exemption; or
b. For twelve successive years beginning January 1st of the year immediately following the calendar year of issuance of the final certificate of tax exemption, if the property otherwise qualifies for the exemption and the applicant/owner rents or sells at least twenty percent of the multifamily housing units as affordable housing to low and moderate-income households as further defined in this section. Provided, the total number of qualifying affordable housing units does not exceed thirty percent of the total number of housing units within the same project.
(1) For rental projects, at least twenty percent of the multifamily housing units in the project must be rented throughout the duration of the twelve-year exemption period as affordable housing to low-income households at eighty percent or less of median income.
(2) For ownership projects, at least twenty percent of the multifamily housing units in the project must be sold as affordable housing to low- or moderate-income households at one hundred twenty percent or less of median income.
B. Limits on Exemption. The exemption does not apply to the value of land or to the value of non-housing-related improvements not qualifying under this chapter, nor does the exemption apply to increases in assessed valuation of land and nonqualifying improvements. This section also does not apply to increases in assessed valuation made by the county assessor on nonqualifying portions of building and value of land, nor to increases made by lawful order of a County Board of Equalization, the Department of Revenue, or a county, to a class of property throughout the county or specific area of the county to achieve the uniformity of assessment or appraisal required by law. (Ord. 1452 §1 (part), 2014).