(2)(a) The exemption may not include the land or any improvements not a part of the multiple-unit housing.
(b) The exemption may include:
(A) Parking constructed as part of the multiple-unit housing construction, addition or conversion; and
(B) Commercial property to the extent that the commercial property is a required design or public benefit element of a multiple-unit housing construction, addition or conversion approved by an authorizing city or county.
(c) In the case of a structure to which stories or other improvements are added or a structure that is converted in whole or in part from other use to dwelling units, only the increase in value attributable to the addition or conversion may be exempt from taxation.
(3) Notwithstanding subsection (1) of this section, if the multiple-unit housing is or becomes subject to a low income housing assistance contract with an agency or subdivision of this state or the United States, the city or county may extend the exemption provided by ORS 307.600 to 307.637 through June 30 of the tax year during which the termination date of the contract falls.
(4)(a) The exemption provided by ORS 307.600 to 307.637 is in addition to any other exemption provided by law. However, nothing in ORS 307.600 to 307.637 may be construed to exempt any property beyond 100 percent of its real market value.
(b) If property is located within a core area and within a light rail station area or a transit oriented area, or both, and application for exemption under more than one program is made, only the exemption for which application is first made and approved may be granted. If property is granted exemption under ORS 307.600 to 307.637 pursuant to an ordinance or resolution adopted by a city, the property may not be granted exemption pursuant to an ordinance or resolution adopted by a county. If property is granted exemption under ORS 307.600 to 307.637 pursuant to an ordinance or resolution adopted by a county, the property may not be granted exemption pursuant to an ordinance or resolution adopted by a city. Property may be granted exemption under ORS 307.600 to 307.637 only once. [Formerly 307.630; 2011 c.266 §2]