ORS 458.720
Community Development Incentive Project Fund

  • purpose
  • lottery bond proceeds

(1)

Pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities), lottery bonds may be issued to make grants or loans to Oregon municipalities, businesses and individuals to encourage real estate developments that promote downtown and community center areas, provide affordable housing and other infill developments, and fund projects that promote business opportunities in Oregon’s distressed areas and rural communities.

(2)

The use of lottery bond proceeds is authorized based on the following findings:

(a)

The grants and loans made will be used to fund projects that assist Oregon communities in managing growth, thereby attracting industry and workers and improving Oregon’s labor market; and

(b)

The projects will bring jobs and economic diversity to Oregon’s distressed areas and rural communities.

(3)

The aggregate principal amount of lottery bonds issued pursuant to this section may not exceed the sum of $25 million and an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs. Lottery bonds issued pursuant to this section shall be issued only at the request of the Director of the Housing and Community Services Department, in consultation with the Oregon Housing Stability Council.

(4)

The net proceeds of lottery bonds issued pursuant to this section shall be deposited in the Community Development Incentive Project Fund, which is hereby established in the State Treasury separate and distinct from the General Fund.

(5)

The proceeds of lottery bonds issued pursuant to this section shall be used only for the purposes set forth in subsection (1) of this section and for bond-related costs.

(6)

Interest earned by the Community Development Incentive Project Fund shall be credited to the fund or to the Housing Development and Guarantee Account, as determined by the council. In addition to any other moneys specifically designated by law, the fund shall consist of any amounts appropriated by the Legislative Assembly and any gifts, grants or donations. [Subsections (1) to (5) of 1999 Edition enacted as 1999 c.702 §3; subsection (6) of 1999 Edition enacted as 1999 c.956 §3; 2003 c.743 §7; 2007 c.783 §203b; 2015 c.180 §30]
Note: See note under 458.705 (Legislative findings).

Source: Section 458.720 — Community Development Incentive Project Fund; purpose; lottery bond proceeds, 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
Green check means up to date. Up to date