Nick was proud to join Governor John Kitzhaber in our State Capital on Wednesday as the Governor signed House Bills 2349 and 3112 into law.
HB 2349 renews part of the City’s Limited Tax Exemption (LTE) program. The LTE program offers a break on property taxes in exchange for affordable homes, both apartments and single-family houses.
The bill reauthorized the City’s Homeownership Opportunity LTE (HOLTE) program, allowing the City to continue providing affordable homeownership opportunities to low- or moderate-income families.
At last count, 2,064 low-and moderate-income homeowners are currently benefiting from the 10-year property tax exemption provided through the HOLTE program. HOLTE has helped many Portland residents priced out of the market to experience the stability and pride that comes with homeownership.
The other, HB 3112, clarified that buildings owned by the City and used to provide affordable housing are exempt from property taxes. Previously, it was unclear whether this exemption applied to City-owned buildings in addition to buildings owned by non-profits of housing authorities.
Together, these two bills help the City continue providing affordable homes to Portlanders who are priced out of the private housing market.