Sec. 780.603. - Local Option Affordable Housing Tax Exemption.

(a) Qualified property may receive an ad valorem property tax exemption of: i. 75 percent of the assessed value of each residential unit used to provide affordable housing if fewer than 100 percent of the multifamily project's residential units are used to provide affordable housing meeting the requirements of this Section. ii. 100 percent of the assessed value if 100 percent of the multifamily project's residential units are used to provide affordable housing meeting the requirements of this Section. (b) If a residential unit that in the previous year qualified for the exemption under this Section and was occupied by a tenant is vacant on January 1, the vacant unit may qualify for the exemption under this Section if the use of the unit is restricted to providing affordable housing that would otherwise meet the requirements of this Section and a reasonable effort is made to lease the unit to eligible persons or families. (Ord. 2023-349-E , § 1)