9.292 Dedication of Revenue.
(1) The City may retain up to four percent of the tax collected as an administrative fee in order to recover costs for administering the program.
(2) The net revenue from the tax on residential improvements shall be allocated by the City as follows:
(a) Fifteen percent of net revenue shall be remitted to the Oregon Department of Housing and Community Services to fund home ownership programs.
(b) Thirty-five percent of net revenue shall be used to fund programs and incentives of the City related to affordable housing as defined by the City for purposes of this section and ORS 320.192. Affordable Housing for purposes of this section shall apply to households at or below eighty (80) percent AMI (Low-income and Moderate-income households).
(c) Fifty percent of net revenue shall be used to fund incentives for the development and construction of affordable housing authorized by the City as provided for in state law.
(3) The net revenue from the tax on commercial improvements shall be allocated by the City as follows:
(a) One hundred percent shall be used to fund programs and incentives for the development and construction of housing that is affordable to households up to 120 percent of Area Median Income.