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Lake Oswego school board approves property tax exemption for Hacienda CDC affordable housing
Summary
The Lake Oswego School District Board of Directors approved a property tax exemption for Hacienda Community Development Corporation’s 55-unit affordable housing project, after hearing presentations from Hacienda and the city and testimony from community members and advocates.
The Lake Oswego School District Board of Directors on Tuesday approved a resolution to grant a property tax exemption to Hacienda Community Development Corporation for a 55-unit affordable housing project in Lake Oswego.
The decision followed public testimony from community organizations, a presentation by Hacienda CEO Ernesto Fonseca and a fiscal overview from district staff. Mayor Joe Buck and several community advocates spoke in favor of the exemption, saying it would enable on-site resident services and support families who otherwise could not afford to live in the district.
District finance staff told the board Hacienda’s overall annual property tax obligation is estimated at about $120,000; staff said the district’s true net loss to its ongoing operating revenues would be substantially smaller because much of the…
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