1988-31 Amending KIB Code 3.20.080 Exempting From Taxation, the Possessory or Leasehold Interests in Low-Incoming Housingread:
KODIAK ISLAND BOROUGH
ORDINANCE NO. 88 -31 -0
By: Mayor Selby
Drafted by: Borough Assessor
Introduced: 10/20/88
Amended: 10/20/88
Public Hearing: 12/01/88
Adopted: 12/01/88
AN ORDINANCE AMENDING KIB CODE 3.20.080, EXEMPTING
FROM TAXATION, THE POSSESSORY OR LEASEHOLD
INTERESTS 114 LOW- INCOME HOUSING.
WHEREAS. the Borough is authorized by AS 29.45.050 (1) to
exempt from taxation, interests, other than record ownership, in real
',property of an individual residing in the property if the property has been
developed, improved, or acquired with federal funds for low- income housing
is owned or managed as low- income housing by the Alaska State Building
or a regional housing authority formed under AS 18.55.996; and
WHEREAS, numerous low- income housing units exist within the
Kodiak Island Borough: and
WHEREAS, if the Kodiak Island Borough does not adopt this
ordinance, those private interests held by individuals residing in the
low- income housing units and Mutual Help Homeownership Opportunity Program
properties will hence become taxable as of January 1, 1989 and could
jeopardize the receipt of payments in lieu of taxes; and
WHEREAS, the property tax revenues generated from the
possessory interest assessments would appear to be, in aggregate, less than
the payments in lieu of taxes and in all probability pose substantial
administrative difficulty and added costs,
NOW, THEREFORE, BE IT ORDAINED BY the Kodiak Island
Borough Assembly that:
Section 1. This ordinance is of a permanent nature and shall
become a part of the Code of Ordinances.
Section 2. Section 3.20.080 is amended by adding a new section to
E. The private interests, other than fee simple record ownership, in
real property of an individual residing in the property if the property has
been developed, improved, or acquired with federal funds for low- income
housing and is owned or managed as low- income housing by the Alaska State
Building Authority or a regional housing authority formed under AS
18.55.996. This section does not prohibit the Kodiak Island Borough from
continuing to receive payments in lieu of taxes authorized under federal law.
This section applies only to those low- income housing units in existence prior
to January 1, 1989, hence, any new projects, real property acquisitions and
additions to the existing properties after January 1, 1989, shall require an
ordinance of the Kodiak Island Borough Assembly prior to the granting of an
exemption under this section.
:Ordinance No. 88 -31 -0
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ATTEST:
Section 3. This ordinance shall become effective January 1, 1989.
PASSED AND APPROVED THIS 1st DAY OF DECEMBER, 1988.
Ordinance No. 88 -31 -0
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Kodiak Island Borough