§ 4.20.080. Exemption for low and moderate income first-time homebuyers.

The tax on all transfers of real property located in the City made on or after January 1, 2019 in which the buyers are low and moderate income first-time homebuyers shall be levied at the rates set forth in Section 4.20.020 reduced by one-half percentage point (.5%). For the purpose of this Section, "low and moderate income first-time homebuyers" are defined as buyers who:

A.

Earn a maximum of one hundred (100) percent of the median family income for the Oakland Primary Metropolitan Statistical Area, as defined by the U.S. Department of Housing and Urban Development; and

B.

Will occupy the property as their principal residence; and

C.

Are not purchasing the property to be held as tenants in common; and

D.

The value of consideration for the transferred property is two million dollars ($2,000,000.00) or less; and

E.

1.

Have not owned a home in three (3) years prior to the date of purchasing the property; or

2.

Are displaced homemakers. "Displaced homemaker" is defined as an adult individual who has not worked full-time, full-year in the labor force for a number of years but has, during such years, worked primarily without pay to care for the home and family, is unemployed or underemployed and is experiencing difficulty in obtaining or upgrading employment.

(Res. No. 87320, § 2, 7-24-2018; Ord. 12264 § 27, 2000: prior code § 5-27.07(a))