(2) At any time after certification and prior to the end of the exemption period, the city or county may:

(a) Request documentation, undertake investigations or otherwise review and monitor the project to ensure ongoing compliance by project applicants and owners.

(b) Undertake any remedial action that the city or county determines to be necessary or appropriate to fulfill the purposes of ORS 307.841 to 307.867, including issuing a notice of decertification directing the county assessor to disqualify all or a portion of a project.

(3)(a) A notice of decertification issued under subsection (2)(b) of this section shall identify:

(A) The property decertified from the vertical housing development project;

(B) The number of equalized floors that have ceased qualifying as residential housing for purposes of ORS 307.841 to 307.867;

(C) The number of equalized floors that have ceased qualifying as low income residential housing for purposes of ORS 307.841 to 307.867;

(D) The remaining number of equalized floors of residential housing in the project and include a description of the property of each remaining equalized floor; and

(E) The remaining number of equalized floors of low income residential housing in the project and include a description of the property of each remaining equalized floor of low income residential housing.

(b) The notice of decertification shall include any other information prescribed by the city or county.

(c) The city or county shall send copies of the notice of decertification to the property owner and the county assessor of the county in which the property is located. [Formerly 285C.468; 2017 c.326 §7]