Nonprofit Tax Exemption Program

Ethnically and socially diverse neighborhoods are what makes Beaverton such a special community to live in. In 2013, the City Council officially adopted property tax exemption as an affordable housing development incentive. Tax exemptions are often cited by nonprofit housing providers as one of the most effective tools in ensuring that housing stays affordable and remains available for its intended resident. The Affordable Housing Tax Exemption program performs this by exempting property taxes on apartments rented to low-income tenants. This lowers the nonprofit’s annual operating costs so that savings derived from the tax relief can be passed on to renters in the form of lower rents.
This year, staff received 10 applications, benefiting a total of 678 units. The newly opened Mary Ann affordable housing development is an example of how important this program is to our community. All 54 units will be dedicated to housing families with incomes at or below 60 percent of the area median income (AMI). Additionally, 20 percent of the units will be set aside for families with incomes at or below 30 percent AMI.
By continuing to support this program, we are promoting housing choices consistent with the overall housing needs of our Beaverton community, while ensuring long-term affordability.
If you have further questions, please contact Lisa Bailey in the Community Development Department at 503-319-2216.