ORS 458.670
Definitions for ORS 458.670 to 458.700

As used in this section and ORS 458.675 (Legislative findings) to 458.700 (Authority of fiduciary organizations), unless the context requires otherwise:

(1)

“Account holder” means a resident of this state who:

(a)

Is 12 years of age or older;

(b)

Is a member of a lower income household; and

(c)

Has established an individual development account with a fiduciary organization.

(2)

“Fiduciary organization” means an organization selected under ORS 458.695 (Selection of fiduciary organizations) to administer state moneys directed to individual development accounts and that is:

(a)

A nonprofit, fund raising organization that is exempt from taxation under section 501(c)(3) of the Internal Revenue Code as amended and in effect on April 1, 2021; or

(b)

A federally recognized Oregon Indian tribe that is located, to a significant degree, within the boundaries of this state.

(3)

“Financial institution” means:

(a)

An organization regulated under ORS chapters 706 to 716 or 723; or

(b)

In the case of individual development accounts established for the purpose described in ORS 458.685 (Approved purpose of account) (1)(c), a financial institution as defined in ORS 178.300 (Definitions for ORS 178.300 to 178.360).

(4)

“Individual development account” means a contract between an account holder and a fiduciary organization, for the deposit of funds into a financial institution by the account holder and the deposit of matching funds into a designated account by the fiduciary organization, to allow the account holder to accumulate assets for use toward achieving a specific purpose approved by the fiduciary organization.

(5)

“Lower income household” means a household having an income equal to or less than the greater of the following:

(a)

80 percent of the median household income for the area as determined by the Housing and Community Services Department. In making the determination, the department shall give consideration to any data on area household income published by the United States Department of Housing and Urban Development.

(b)

200 percent of the poverty guidelines as determined by the Housing and Community Services Department. In making the determination, the department shall give consideration to poverty guidelines published by the United States Department of Health and Human Services and may consider other income data periodically published by other federal or Oregon agencies.

(6)

Intentionally left blank —Ed.

(a)

“Net worth” means a calculation based on the net value of assets of a household established by rule by the Housing and Community Services Department.

(b)

“Net worth” does not include:

(A)

Equity in one residence and in one vehicle.

(B)

Holdings in pension accounts valued at less than $120,000.

(7)

“Resident of this state” has the meaning given that term in ORS 316.027 (“Resident” defined). [1999 c.1000 §1; 2001 c.648 §3; 2007 c.765 §2; 2008 c.45 §16; 2009 c.5 §26; 2009 c.63 §1; 2009 c.541 §22; 2009 c.909 §29; 2010 c.82 §31; 2011 c.7 §26; 2012 c.31 §26; 2013 c.377 §26; 2014 c.52 §28; 2015 c.442 §20; 2016 c.33 §24; 2017 c.527 §25; 2018 c.101 §25; 2019 c.319 §27; 2021 c.456 §27; 2021 c.525 §8]
Note: 458.670 (Definitions for ORS 458.670 to 458.700) to 458.700 (Authority of fiduciary organizations) were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 458 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

Source: Section 458.670 — Definitions for ORS 458.670 to 458.700, 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

Current through early 2024

§ 458.670’s source at oregon​.gov