A.  The Portland Housing Bureau shall be responsible for designating homebuyer opportunity areas.  The designation of such areas shall occur in the form of a public hearing conducted before the Portland Bureau of Planning and Sustainability’s Planning and Sustainability Commission and approval through a resolution with City Council. Portland Housing Bureau shall review the homebuyer opportunity areas for possible amendment at least every two years.

B.  The criteria for designating homebuyer opportunity areas shall include consideration of the following factors:

1.  A distressed area as described in ORS 307.651(1);

2.  The incentive of limited property tax exemption in a homebuyer opportunity area will help to carry out adopted policies, or area-wide or district plans of the City related to housing or neighborhood revitalization; and

3.  The probability of revitalization in the area without the assistance of the exemption.