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exemption apply to increases in assessed valuation of land or non-qualifying <br /> improvements. In the case of rehabilitation of existing buildings, the exemption does not <br /> include the value of improvements constructed prior to submission of the completed <br /> application required under this ordinance. <br /> D. Project Eligibility. A proposed project must meet the following requirements <br /> for consideration for a property tax exemption: <br /> 1. Location. The project must be located within the residential targeted area <br /> as designated pursuant to Section 15. <br /> 2. Tenant Displacement Prohibited. The project must not displace existing <br /> residential tenants of structures that are proposed for redevelopment. Existing dwelling <br /> units proposed for rehabilitation must have been unoccupied for a minimum of 12 months <br /> prior to submission of an application and must fail to comply with one or more <br /> requirements the Uniform Building Code or of the City's housing ordinance as set forth <br /> in Title 16 EMC. Applications for new construction cannot be submitted for vacant <br /> property upon which an occupied residential rental structure previously stood, unless a <br /> minimum of 12 months has elapsed from the time of most recent occupancy. <br /> 3. Size. The project must include at least twenty units of multifamily <br /> housing within a residential structure. A minimum of twenty new units must be <br /> constructed or at least twenty additional multifamily units must be added to existing <br /> occupied multifamily housing. Existing multifamily housing that has been vacant for 12 <br /> months or more does not have to provide additional units so long as the project provides <br /> at least twenty units of new, converted or rehabilitated multifamily housing. <br /> 4. Permanent Residential Housing. At least 50 percent of the space <br /> designated for multifamily housing must be provided for permanent residential <br /> occupancy, as defined in Section 3 E and only that portion of the space designated for <br /> multifamily housing shall be eligible for the exemption provided for herein. <br /> 5. Proposed Completion Date. New construction multifamily housing and <br /> rehabilitation improvements must be completed within three years from the date of <br /> approval of the application,plus any extension of time granted under Section 9 B. <br /> 6 <br />