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Lake Oswego School Board approves Hacienda CDC property tax exemption for affordable housing project
Summary
After public testimony and staff analysis, the Lake Oswego School District board voted to approve a property tax exemption that district staff say will reduce Hacienda CDC's annual property taxes and enable more funding for on-site resident services. Board members and the city pledged continued partnership on resident supports.
The Lake Oswego School District Board of Directors voted June 3 to approve a resolution granting a property tax exemption for Hacienda Community Development Corporation’s planned affordable housing project in Lake Oswego.
Board members and staff framed the vote as a way to enable deeper resident services while the district absorbs a relatively small reduction in locally available tax revenue. Staff estimated Hacienda’s total annual property tax liability at about $120,000; after state equalization effects the district’s foregone revenue was described as roughly $50,000 a year, with about $10,000 a year in lost local-option tax revenue, according to a district staff presentation.
Supporters said the exemption is necessary to make the project financially viable and to keep units affordable. Ernesto Fonseca, chief executive officer of Hacienda CDC, told the board Hacienda pairs housing with a network of partner…
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