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Corvallis staff outline new state property-tax tool to support housing development
Summary
City staff briefed the Housing Operational Committee on a new Oregon program that offers a property-tax exemption and revolving loan mechanics for new housing development, discussed how the city would participate and what local rules and priorities the committee might set.
City of Corvallis housing staff on March (date not specified) told the Housing Operational Committee that a new state program administered by Oregon Housing and Community Services could give the city a tool to help finance new housing developments by pairing a property-tax exemption with a revolving loan mechanism.
Housing and Neighborhood Services Manager Brigitte Olson said the program "just rolled out from the state in February of this year" and described it as a new state tool that would allow sponsoring jurisdictions to enter a master agreement with the state and then make loan or grant funds available to developers for new construction or conversions of nonresidential structures.
Why it matters: committee members said the program could help cover infrastructure or predevelopment costs that make building in Corvallis expensive. Olson said the program can support projects…
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