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Corvallis School Board backs city tax-exemption policies to spur housing; two resolutions pass unanimously
Summary
The school board voted unanimously April 16 to adopt two resolutions bringing the city’s multi-unit and low-income rental property tax-exemption programs into compliance with state rules; city staff said the programs have helped unlock private investment and will include a 'but-for' financial analysis for affordable housing contributions.
The Corvallis School Board voted unanimously April 16 to adopt two resolutions requested by Corvallis city staff that the presenters said are needed to keep the city’s housing-incentive programs compliant with state law.
Christopher Jacobs, Corvallis/Benton County economic-development manager, told the board the city’s Multi-Unit Property Tax Exemption (MUPTE) program and the Low-Income Rental Property tax-exemption program have enabled significant downtown housing projects. "It is set to double the number of residents living downtown," Jacobs said, and he told the board the city has seen "investments of $158 million in just two applications." Jacobs and Brigita Olsson, the city’s housing and…
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