The Portland Housing Bureau (PHB) administers the Homebuyer Opportunity Limited Tax Exemption (HOLTE) Program, authorized under ORS 307.651 and Portland City Code 3.102. The HOLTE Program promotes first-time homeownership opportunities for income-qualified homebuyers by providing a property tax exemption on the assessed value of newly built homes for 10 years. During the exemption period, homes must continue to be owner-occupied and not used as rental properties, and any new owners must income-qualify. In order to maintain compliance with state statute, PHB must establish an annual sale price cap for the HOLTE program, which may not exceed 120% of the area median sale price between January 1 and November 30, 2025. The act to establish the price cap requires a resolution approved by City Council prior to January 1 each year. Based on data compiled by Multnomah County for sales between January 1 and November 30, 2025, the area median sale price was $520,000. Based on RMLS data compiled by PHB's data team through October 13, 2025, the median sale price for attached homes was $416,900.Given that the HOLTE program is intended to promote affordable homeownership, the Housing Bureau has elected to maintain the 2026 sale price cap at $455,000 – 87.5% of the area median sale price and 109% of the median sale price for attached homes.
Official proposal and impact statementShould Portland establish 2026 sale price cap for the Homebuyer Opportunity Limited Tax Exemption Program?
The Portland Housing Bureau (PHB) administers the Homebuyer Opportunity Limited Tax Exemption (HOLTE) Program, authorized under ORS 307.651 and Portland City Code 3.102. The HOLTE Program promotes first-time homeownership opportunities for income-qualified homebuyers by providing a property tax exemption on the assessed value of newly built homes for 10 years. During the exemption period, homes must continue to be owner-occupied and not used as rental properties, and any new owners must income-qualify. In order to maintain compliance with state statute, PHB must establish an annual sale price cap for the HOLTE program, which may not exceed 120% of the area median sale price between January 1 and November 30, 2025. The act to establish the price cap requires a resolution approved by City Council prior to January 1 each year. Based on data compiled by Multnomah County for sales between January 1 and November 30, 2025, the area median sale price was $520,000. Based on RMLS data compiled by PHB's data team through October 13, 2025, the median sale price for attached homes was $416,900.Given that the HOLTE program is intended to promote affordable homeownership, the Housing Bureau has elected to maintain the 2026 sale price cap at $455,000 – 87.5% of the area median sale price and 109% of the median sale price for attached homes.
Official impact statementSee the official legal title
Establish 2026 sale price cap for the Homebuyer Opportunity Limited Tax Exemption Program
What this proposal would actually do.
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Official matter recordThis proposal concerns housing & homelessness and requires action through Portland’s public legislative process.
Official matter classification and recordAs the largest taxing jurisdiction affected by the tax exemption programs, Multnomah County has approved the administration of this program in order to meet shared housing goals. County staff provide the City with the data necessary to establish the annual price cap.The State of Housing report published annually by PHB demonstrates the community need to promote affordable homeownership opportunities.PHB held a meeting with participating homebuilders in early December 2025 to review the HOLTE Program goals as well as current data regarding median sale price and program utilization. Feedback suggested that the $455,000 sale price cap continues to be appropriate based on market conditions.
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Passed · 10–0
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Final action on 2026-204: Establish 2026 sale price cap for the Homebuyer Opportunity Limited Tax Exemption Program
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Although the HOLTE program itself reduces future revenue to the City in the form of forgone property taxes, this resolution does not impact the amount of foregone revenue; this resolution merely limits the sale price for units eligible to receive the property tax exemption under the program.
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Open at Portland.govRead the full official text
WHEREAS, in 1991, the Oregon Legislature passed legislation allowing local jurisdictions to forgo a portion of property tax revenue for a defined period of time as an incentive for the development of housing that achieves larger City affordable housing policy goals; andWHEREAS, on behalf of the City of Portland, the Portland Housing Bureau administers the Homebuyer Opportunity Limited Tax Exemption (HOLTE) Program, authorized under ORS 307.651 to 307.687 and Portland City Code 3.102; andWHEREAS, Portland City Council is required by ORS 307.661 to establish annually by Resolution the sale price cap for units eligible to receive the property tax exemption, which may not exceed 120 percent of the area median sale price per ORS 307.651(2); andWHEREAS, the Portland Housing Bureau has received data from the Multnomah County Tax Assessor to determine the median sale price for dwelling units located in the City of Portland for the period of January 1, 2025, through November 30, 2025, as defined by statute; andWHEREAS, it has been determined that the annual median sale price for dwelling units in the City of Portland for the above-mentioned period is approximately $520,000; and WHEREAS, the Portland Housing Bureau has elected to establish a sale price cap that remains affordable to households earning up to 100 percent of the area median family income in order to support homeownership affordability for moderate income homebuyers. NOW, THEREFORE, BE IT RESOLVED that the City Council establishes the annual HOLTE sale price cap at $455,000 for the 2026 calendar year, which goes into effect January 1, 2026.
Meetings, motions, amendments, and votes2 meetings · 2 votes
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Motion to refer the Resolution, Document Number 2026-204, to City Council with the recommendation it be adopted: Moved by Green and seconded by Novick. (Aye (5): Pirtle-Guiney, Koyama Lane, Novick, Green, Avalos)
Final Council action · Jul 8, 202610 yes · 0 no · 2 absent
Final action on 2026-204: Establish 2026 sale price cap for the Homebuyer Opportunity Limited Tax Exemption Program
Meeting-level motion or recommendation · Jun 16, 20265 yes
Motion to refer the Resolution, Document Number 2026-204, to City Council with the recommendation it be adopted: Moved by Green and seconded by Novick. (Aye (5): Pirtle-Guiney, Koyama Lane, Novick, Green, Avalos)
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- First discovered
- Aug 13, 2026, 1:04 PM PDT
- Last checked
- Sep 13, 2026, 2:22 AM PDT
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- 400eb3c622615b09
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Adopted
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Referred to City Council