Limitations on housing loans from bond proceeds
- • discrimination
- • relocation
- • conversion
(1) Cities, in purchasing or servicing or making commitments to purchase or service residential mortgage loans under ORS 280.430 (Contractual powers of city) (5), shall not participate in the refinancing of housing by existent owners or purchasers of that housing and shall not allow the assumption of those loans by persons not eligible for them.
(2) No owner-purchaser shall have more than one mortgage loan under ORS 280.430 (Contractual powers of city) (5) outstanding at any time.
(3) No city shall make or participate in the making of a mortgage loan to a multiple unit residential housing project under ORS 280.425 (City powers concerning property) (3) unless the housing sponsor has agreed to not discriminate against any dwelling unit purchaser or tenant who is a parent or legal guardian with whom a child resides or is expected to reside. This subsection shall not apply to housing projects occupied exclusively by households, the heads of which are 62 years of age or older.
(4) Regardless of the ownership of property used for a multiple unit housing project financed under ORS 280.425 (City powers concerning property) (3), a city shall, in financing the project, provide a plan for relocation of displaced persons.
(5) A city shall not finance projects under ORS 280.425 (City powers concerning property) (3) which result in the conversion of existing occupied residential rental units to cooperative or condominium projects. [1979 c.865 §2d]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.