2013 ORS § 307.530¹
Termination if property held for future development or other purpose

An exemption granted under ORS 307.515 (Definitions for ORS 307.515 to 307.523) to 307.523 (Time for filing application) shall be immediately terminated and additional taxes imposed as provided in ORS 307.531 (Termination of exemption without notice) if the exempt property:

(1) Is being held for future development of low income rental housing; and

(2) Is used for any purpose other than the provision of low income rental housing. [1997 c.752 §10]