1. (1) Upon determining to certify a vertical housing development project under ORS 307.857, the city or county shall send a copy of the certification to the county assessor of the county in which the project is to be located. The certification must be accompanied by a description of the property granted partial exemption under ORS 307.864.

2. (2) At any time after certification and prior to the end of the exemption period, the city or county may:

   1. (a) Request documentation, undertake investigations or otherwise review and monitor the project to ensure ongoing compliance by project applicants and owners.
   2. (b) Undertake any remedial action that the city or county determines to be necessary or appropriate to fulfill the purposes of ORS 307.841 to 307.867, including issuing a notice of decertification directing the county assessor to disqualify all or a portion of a project.

3. (3)

   1. (a) A notice of decertification issued under subsection (2)(b) of this section shall identify:

      1. (A) The property decertified from the vertical housing development project;
      2. (B) The amount by which the exemption multiplier computed under ORS 307.857 (4)(b) for purposes of ORS 307.841 to 307.867 has decreased, if applicable;
      3. (C) The amount by which the exemption multiplier computed under ORS 307.857 (4)(c) for purposes of ORS 307.841 to 307.867 has decreased, if applicable;
      4. (D) The remaining amount of the exemption multiplier computed under ORS 307.857 (4)(b) and include a description of the property in the project that remains dedicated to residential uses; and
      5. (E) The remaining amount of the exemption multiplier computed under ORS 307.857 (4)(c) and include a description of the property that remains dedicated to low income residential housing.
   2. (b) The notice of decertification shall include any other information prescribed by the city or county.
   3. (c) The city or county shall send copies of the notice of decertification to the property owner and the county assessor of the county in which the property is located.

[Formerly 285C.468; 2017 c.326 §7; 2021 c.476 §4]