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structures, the need for secure parking, and market <br />rents that are not high enough to support the cost <br />of development. For mixed-use housing projects, <br />the obstacles and costs are even greater due to the <br />complexity associated with financing, construction, <br />compatibility of uses, parking, and market demand. <br />Recent economic studies conclude that demand in <br />downtown's current real estate market is not <br />sufficient to overcome the obstacles and related <br />costs. Therefore, the public sector must take an <br />active role in facilitating downtown housing <br />projects. Tools that can play an important role in <br />stimulating downtown housing include the Multi- <br />unit Property Tax Exemption program (MUPTE), <br />a Vertical Housing Development Zone, revenue from <br />urban renewal districts, public lending, parking, <br />land assembly, Federal Low-Income Housing Tax <br />Credits and bonding. <br />Neighborhood Preservation <br />Neighborhoods on the periphery of downtown <br />provide a relatively high residential density border- <br />ing the commercial core. Residents in these areas <br />take advantage of the proximity ~of downtown <br />activities and nearby open space. These neighbor- <br />hoods have a high concentration of historic <br />properties, with walkable, tree-lined streets. The <br />Downtown Plan recognizes the value of these <br />neighborhoods to the community and to downtown. <br />The Tiffany building, constructed in 1913, was rehabilitated <br />for a mix of uses, including residential above and ground <br />floor retail. <br />~.,~.~~ <br />~_ <br /> <br />24 EUGENE DOWNTOWN PLAN • APRIL 2004 <br />The neighborhoods surrounding downtown are Eugene's oldest <br />residential areas. <br />