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A proposal to transform an existing Southeast Portland building into a small apartment complex is the latest multifamily project to qualify for the city’s tax exemption program.

The City Council voted 4-0 on Wednesday to approve the application for the 52nd Avenue Apartments to participate in the . MULTE is one option developers can pursue to satisfy inclusionary housing rules.

The project at 6615 S.E. 52nd Ave. involves the conversion of an existing office building into 32 apartments.

A commercial building permit is under review for the project. Occupancy is changing from 鈥淏鈥� to 鈥淩-2.鈥� Associated site work includes a seismic upgrade, a new driveway and curb cut and restriping the parking lot.

Of the 32 units, five will be affordable 鈥� indexed at 80 percent of the Portland area’s median family income. In exchange for the affordable units, the property will receive a 10-year property-tax exemption on those units. The building was completed in 1981, according to information from the Multnomah County assessor’s office.

The true owner of the property is not clear from public records. The property is owned by 52nd Avenue Apartments LLC. That manager of that entity is listed as a Delaware limited liability company that identifies Jonathan Graves of Fairview as the registered agent.

Mayor Ted Wheeler said there are 34 private-sector projects in the Bureau of Development Services‘ pipeline that would provide a minimum of 225 affordable units.

鈥淚t seems to me that we’re starting to see an uptick there,鈥� he said.

Commissioner Amanda Fritz, in casting her vote in support, said: 鈥淚t may just be a few units, but every bit helps.鈥�

The City Council declared a housing emergency in October 2015 amid rampant rent increases and evictions, and has extended it since. In recent months, surveys have indicated that average rents in the Portland area have seen modest declines.