(a) The property is:
(A) Offered for rent; or
(B) Held for the purpose of developing low income rental housing, for a period not exceeding a reasonable maximum period, if any, adopted by the governing body;
(b) The property, if occupied, is occupied solely by low income persons;
(c) The required rent payment reflects the full value of the property tax exemption;
(d) The exemption has been approved as provided in ORS 307.523, pursuant to an application filed before July 1, 2030;
(e) The housing units on the property were constructed after the local governing body adopted the provisions of ORS 307.515 to 307.523; and
(f) The information disclosed on the application filed pursuant to ORS 307.521 meets any other criteria adopted by the governing body.
(2) A governing body that adopts the provisions of ORS 307.515 to 307.523 may adopt additional criteria for exemption that do not conflict with the criteria described in subsection (1)(a) to (e) of this section.
(3) For the purposes of subsection (1) of this section, a person that has only a leasehold interest in property is deemed to be a purchaser of that property if:
(a) The person is obligated under the terms of the lease to pay the ad valorem taxes on the real and personal property used in this activity on that property; or
(b) The rent payable has been established to reflect the savings resulting from the exemption from taxation. [1989 c.803 §2; 1997 c.752 §5; 2005 c.94 §36; 2015 c.310 §1; 2018 c.111 §10; 2019 c.579 §33]
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