A. The value of new housing construction, conversion, and rehabilitation improvements qualifying under this chapter is exempt from ad valorem property taxation for 12 successive years beginning January 1st of the year immediately following the calendar year of issuance of the final certificate of tax exemption if the property otherwise qualifies for the exemption under this chapter and the applicant commits to renting or selling at least 10 percent of the multifamily housing units as affordable housing units to low-income households and 10 percent of the multifamily housing units as affordable housing units to moderate-income households, and the property must satisfy that commitment.

B. The exemption does not apply to the value of land or to the value of nonhousing improvements not qualifying under ECC 3.38.050, nor does the exemption apply to increases in assessed valuation of land and nonqualifying improvements. This article also does not apply to increases in assessed valuation made by the assessor on nonqualifying portions of building and value of land, nor to increases made by lawful order of a county board of equalization, the Department of Revenue, or a county, to a class of property throughout the county or specific area of the county to achieve the uniformity of assessment or appraisal required by law. [Ord. 4080 § 1, 2017; Ord. 4047 § 1, 2016].