As used in this Chapter:
A. “Accrued Payment Liability” means the amount determined by the Portland Housing Bureau that must be paid toMultnomahCountyif a rental project’s rate of return exceeds the maximum rate of return allowed under this program.
B. “Administrative Rules” means the tax exemption program administrative rules developed by the Portland Housing Bureau and approved through City Council which set forth the program requirements, processes, and procedures.
C. “Applicant” means the individual or entity who is either the owner or a representative of the owner who is submitting an application for the tax exemption program.
D. “Extended Use Agreement” means a recorded agreement between the owner and the Portland Housing Bureau stating the approval and compliance criteria of a project’s tax exemption.
E. "Multiple-unit housing" has the meaning set forth in ORS 307.603(5).
F. “Owner” means the individual or entity holding title to the exempt project and is legally bound to the terms and conditions of an approved tax exemption, including but not limited to any extended use agreement and any compliance requirements under this Chapter.
G. “Project” means property on which any multiple-unit housing is located, and all buildings, structures, fixtures, equipment and other improvements now or hereafter constructed or located upon the property.