Commitments on residential loans
(1) In order to provide additional permanent financing for housing for persons and families of lower income and for manufactured dwelling park tenant purchases of lots described in ORS 92.840 (Sale of subdivision lots), the Housing and Community Services Department may make commitments to purchase and purchase, insure, service and sell residential loans held by lending institutions for persons and families of lower income in this state and for manufactured dwelling park tenant purchases of lots described in ORS 92.840 (Sale of subdivision lots). The department may purchase from lending institutions securities backed by residential loans.
(2) Any commitment made by the department subject to subsection (1) of this section shall be based upon an agreement with the lending institution that the proceeds received by the lending institution from the sale of such loans to the department shall be used by the lending institution only for the financing of residential housing for persons and families of lower income in this state, including the financing of newly originated residential loans, or for the financing of loans for the purchase of lots described in ORS 92.840 (Sale of subdivision lots) by manufactured dwelling park tenants, provided the loans are made after the date of the department’s commitment. [1973 c.828 §8; 1979 c.60 §4; 1979 c.327 §7; 2003 c.743 §4]
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