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Council sets HALTI sale‑price cap at $455,000; considers temporary SDC exemptions to speed home sales
Summary
Council adopted a $455,000 sale‑price cap for HALTI in 2026 and heard arguments from builders and Realtors asking the city to temporarily waive income verification for certain SDC‑exempt homeownership units; council continued the SDC ordinance for more analysis and amendment work.
Portland City Council unanimously adopted a resolution setting the 2026 sale‑price cap for the Homebuyer Opportunity Limited Tax Exemption program (HALTI) at $455,000, effective Jan. 1, 2026.
Staff told council the cap complies with state requirements and that the program’s 10‑year tax exemption timeline is tied to approval dates, an issue several councilors said merits more study because it sometimes shortens the effective exemption for buyers if construction schedules slip.
Separately, council heard the first reading of a proposed ordinance to temporarily remove income requirements for the initial home buyer for certain SDC‑exempt affordable homeownership units (limited to homes permitted before Jan. 1, 2026 and sold before Sept. 30, 2028). Builders, Realtors and the Homebuilding Association of Greater Portland urged the change, saying the income verification requirement put small local builders at a competitive disadvantage in today’s slow market and prevented some homes from moving off builder inventories.
Local builders argued the measure is a narrow, temporary fix that preserves sale‑price caps and owner‑occupancy requirements while allowing inventory to move more quickly. Ben Henson of the Homebuilding Association said roughly 200 current and near‑term homes could benefit and stressed that the homes would still be required to sell at or below the cap and to be occupied by the buyer.
Councilor Avalos, chair of the housing committee, framed the proposed SDC change as a targeted fix to an unintended interaction between two city programs and said PHB has agreed to track impacts closely. Councilors debated the tradeoffs between speeding production and preserving affordability for lower‑income buyers. Because there were multiple public sign‑ups and additional technical questions, council continued the first reading of the SDC exemption ordinance to a later date for further work and amendments.
Attributions: HALTI cap adoption summarized by council staff Claire Adamsonic; PHB program details and timing explained by Dory Hellyer; public testimony in favor came from Realtors and the Homebuilding Association.
