ORS 458.630
Housing Development and Guarantee Account

  • Guarantee Fund
  • uses
  • policies
  • fund transfers
  • rules

(1)

The Housing and Community Services Department may use the Housing Development and Guarantee Account to establish a Guarantee Fund. The department may use the fund to pay the costs and expenses incurred in the administration of the fund and to guarantee repayment of loans made to finance the construction, development, acquisition or rehabilitation of:

(a)

Housing for rental or ownership by persons with very low, low or moderate income; or

(b)

The commercial component of a structure that contains both commercial property and housing for persons with very low, low or moderate income.

(2)

The department shall specify by rule the grounds on which it may deny loan guarantees for a structure described under subsection (1)(b) of this section, including the grounds that the structure contains a commercial component that is excessive in scope or that is of a type incompatible with residential housing.

(3)

The Oregon Housing Stability Council shall review and approve policies for underwriting loans guaranteed by the Guarantee Fund to ensure that the loans meet prudent underwriting standards.

(4)

A guarantee may not be prepared or construed in such a manner as to violate the provisions of Article XI, section 7, of the Oregon Constitution.

(5)

The department may not issue any loan guarantee under this section that:

(a)

Guarantees the repayment of more than 50 percent of the original principal balance of any loan; or

(b)

Would cause the aggregate dollar amount of all loan guarantees issued by the department under this section to exceed two times the total amount then in the Guarantee Fund.

(6)

The council may adopt preferences for using the Guarantee Fund to guarantee loans that the department determines will:

(a)

Provide the greatest number of housing units for persons with very low, low or moderate income constructed, acquired, developed or rehabilitated for the amount of guarantee allowed;

(b)

Ensure the longest possible use for the units as housing units for persons with very low, low or moderate income; or

(c)

Include a program of services for the occupants of the proposed housing including, but not limited to, programs that address home health care, mental health services, alcohol and drug treatment and post-treatment care, child care or case management, if the housing proposed is multifamily rental housing.

(7)

The council may adopt a policy that gives loan guarantee preference to loans for housing or structures described in subsection (1) of this section for which the department has provided a grant, loan, tax credit or other investment.

(8)

Subject to approval by the council, each fiscal year the department may make a transfer from the Housing Development and Guarantee Account to the Affordable Housing Land Acquisition Revolving Loan Program under ORS 456.502 (Affordable Housing Land Acquisition Revolving Loan Program) in an amount not to exceed 50 percent of the difference between the balance of the Guarantee Fund and one-half of the aggregate amount of all outstanding loans guaranteed by the Guarantee Fund. [1991 c.740 §6; 1993 c.2 §1; 1997 c.329 §1; 2003 c.20 §1; 2003 c.743 §6; 2007 c.607 §25; 2015 c.180 §26; 2015 c.608 §3; 2019 c.576 §2]

Source: Section 458.630 — Housing Development and Guarantee Account; Guarantee Fund; uses; policies; fund transfers; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors458.­html.

458.210
Community development corporations
458.215
Local capacity building program
458.220
Community development corporation grants and assistance
458.225
Preference for certain community development corporations
458.235
Rules
458.240
Effect of law on other community development corporations
458.305
Legislative findings
458.310
Housing revitalization program
458.352
Manufactured dwelling park preservation loan program
458.356
Manufactured dwelling replacement loans
458.358
Manufactured dwelling decommissioning and disposing grants
458.362
Manufactured housing advisory committee
458.366
Manufactured Home Preservation Fund
458.375
Rental housing assistance for very low income elderly persons
458.377
Elderly Rental Assistance Fund
458.380
Housing for Mental Health Fund
458.390
Rental assistance program for youth and young adults at risk of homelessness
458.392
Long-Term Rent Assistance Fund
458.405
Legislative findings
458.410
Purposes
458.415
Rules
458.420
Conveyance of certain state real property for low-income housing
458.425
Restriction on conveyance of certain state real property
458.430
Authority of state to lease property not owned by state
458.440
Authorization to lease
458.445
Authority to relinquish title to property
458.450
Approval required by governing body where property located
458.460
Bidding procedure for multiple applicants
458.480
Definitions
458.485
Local Innovation and Fast Track Housing Program
458.490
Local Innovation and Fast Track Housing Program Fund
458.505
Community action agency network as delivery system for federal antipoverty programs
458.510
Energy Crisis Trust Fund
458.515
Oregon Housing Stability Council to advise and assist department regarding low income home energy assistance
458.525
Duties of Oregon Housing Stability Council in coordinating and monitoring homelessness relief efforts
458.528
Policy on homelessness
458.530
Policy on hunger
458.532
Hunger Task Force
458.540
Short title for ORS 458.530 to 458.545
458.545
Task force powers and duties
458.600
Policy and intent
458.605
Findings
458.610
Definitions for ORS 458.600 to 458.665
458.620
Oregon Housing Fund
458.625
Housing Development Grant Program
458.630
Housing Development and Guarantee Account
458.650
Emergency Housing Account
458.655
Home Ownership Assistance Account
458.658
Assistance for organizations supporting homeownership for persons of color
458.660
Agricultural Worker Housing Development Account
458.665
General Housing Account
458.670
Definitions for ORS 458.670 to 458.700
458.675
Legislative findings
458.680
Persons qualifying as account holders
458.685
Approved purpose of account
458.690
Required account features
458.695
Selection of fiduciary organizations
458.700
Authority of fiduciary organizations
458.705
Legislative findings
458.715
Duties of Oregon Housing Stability Council regarding Community Development Incentive Project Fund
458.720
Community Development Incentive Project Fund
458.725
Fund appropriation and expenditure guidelines
458.730
Department use of financing mechanisms
458.735
Department review of projects
458.740
Project facilitation
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