ORS 456.690
Loan authority of department

  • rules

(1)

Upon a finding made by the Oregon Housing Stability Council that the supply of funds available through lending institutions for the financing of residential loans for the acquisition, construction, improvement or rehabilitation of housing units, manufactured dwellings, manufactured dwelling parks, manufactured dwelling park nonprofit cooperatives or housing projects for persons and families whose income does not exceed maximum household income limits established by the Housing and Community Services Department under ORS 456.620 (Duties of department in carrying out housing programs) (4) is inadequate, the department may make loans to lending institutions in this state for the purpose of providing funds to such institutions for the financing of residential housing units, manufactured dwellings, manufactured dwelling parks, manufactured dwelling park nonprofit cooperatives or housing projects, for persons and families whose income does not exceed maximum household income limits established by the department under ORS 456.620 (Duties of department in carrying out housing programs) (4).

(2)

Intentionally left blank —Ed.

(a)

The department, subject to existing agreements with bondholders, may make privately or federally insured or guaranteed loans for the rehabilitation or improvement of existing single-family homes for persons and families of lower income, manufactured dwellings for persons and families of lower income or manufactured dwelling parks and manufactured dwelling park nonprofit cooperatives that the department determines have a significant percentage of residents who are persons of lower income, if the department finds that:

(A)

The supply of funds available through private lending institutions for that purpose is inadequate; and

(B)

The housing may be rehabilitated or improved to provide adequate, safe and sanitary residential housing.

(b)

The department may cooperate with qualified housing sponsors in the development and implementation of such loan programs. Loans made by the department under this subsection shall be made for single-family homes.

(3)

Prior to the making of any loan under this section, the department, with the approval of the council, shall adopt rules governing the making of such loans, including but not limited to:

(a)

Procedures for the submission, review and approval of requests for loans under this section.

(b)

Standards and requirements for the allocation of loan moneys available among eligible borrowers and the determination of the terms, conditions and interest rates for such loans.

(c)

Limitations, if any, on the number of housing units or projects, type of housing units or projects and any other characteristics for the eligibility of housing units or projects for such financing.

(d)

Restrictions, if any, on the interest rates to be charged by lending institutions on loans made from such loan proceeds and the return to be realized by the lending institution therefrom.

(e)

Commitment requirements applied to residential mortgage financing by lending institutions from the proceeds of such loans.

(f)

Schedules of fees and charges to be made by the department in accepting, reviewing and acting upon applications for loans under this section.

(4)

The department shall administer the loan program for rehabilitation or improvement of existing single-family homes for persons and families of lower income in accordance with the following requirements and loan criteria:

(a)

Eligibility for a loan shall be based on current department income limitations.

(b)

A loan may be assumed only by another person of lower income.

(c)

The single-family home for which a loan is made must be owner-occupied.

(d)

The maximum principal amount of a single loan is $15,000.

(e)

An eligible borrower shall have only one loan outstanding under this program at any one time.

(f)

An eligible improvement including, but not limited to, a remodeling project shall be defined by rule and the provisions of the Revenue Adjustments Act of 1980 (Public Law 96-499), as adopted December 5, 1980, shall be recognized in that definition.

(g)

Loans shall be made in accordance with a distribution of population between urban and rural areas that takes the availability of alternative resources into account.

(h)

The department shall work with qualified housing sponsors whenever it is appropriate to do so.

(5)

All loans made and all rules adopted under this section shall be designed by the department, with the approval of the council, to expand the supply of funds available in this state for the financing of residential housing units, manufactured dwellings, manufactured dwelling parks, manufactured dwelling park nonprofit cooperatives and housing projects, for persons and families whose income does not exceed maximum household income limits established by the department under ORS 456.620 (Duties of department in carrying out housing programs) (4), to provide an adequate supply of safe and sanitary units of such housing, and to promote the effective participation of conventional lending institutions in the financing of such housing and restrict the financial return and benefit to such lenders to that which is necessary and reasonable to induce their participation under this section.

(6)

In making loans under this section, the department, with the approval of the council, may prescribe such terms, conditions, maturity dates and interest rate provisions as it considers necessary. [1973 c.828 §20; 1979 c.60 §7; 1979 c.327 §14; 1981 c.691 §4; 1985 c.298 §1; 1989 c.307 §7; 1991 c.739 §8; 2007 c.607 §20; 2015 c.180 §14]

Source: Section 456.690 — Loan authority of department; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors456.­html.

456.005
Definitions for ORS chapters 456 and 458
456.055
Definitions for ORS 456.055 to 456.235
456.060
Definition of “area of operation”
456.065
Definition of “housing project.”
456.070
Declaration of necessity for establishment of housing authorities
456.075
Housing authorities created
456.080
Determination of need for housing authority
456.085
Adopting resolution declaring need for authority
456.090
Sufficiency of resolution
456.095
Appointment and qualification of commissioners of housing authorities
456.100
Terms and compensation of commissioners
456.105
Organization
456.110
Removal of commissioner
456.115
Commissioners and employees may not have interest in project other than as tenant
456.118
Prohibition against using term
456.120
Powers of housing authority as public corporation
456.122
Inapplicability of laws relating to other public bodies
456.125
Research, planning, construction and operation of housing projects
456.128
Housing authority intellectual property
456.130
Investigations, hearings and recommendations of authority
456.135
Delegation of powers or duties
456.140
Joinder or cooperation of authorities
456.145
Eminent domain
456.150
Housing projects subject to local laws
456.153
Involvement in mixed income housing project
456.155
Policy regarding profit from projects
456.160
Limitations as to rentals
456.165
Vested rights of creditors not affected by restrictions of ORS 456.155 and 456.160
456.171
Independent audit of authority
456.175
Issuance of bonds
456.180
Liability on bonds
456.185
Issuance of bonds
456.190
Presumption of validity of bond
456.200
Powers of authority in securing payment of bonds or lease obligations
456.202
Short-term bond anticipation notes
456.205
Enforcing rights of obligee of an authority
456.210
Power of authority to confer additional rights upon obligee
456.215
Financial aid and cooperation of federal government
456.220
Exemption of property from process or judgment lien
456.230
Bonds and income therefrom exempt from personal income taxes
456.233
Transfer of housing authority from governing body to separate board
456.235
Dissolution of housing authorities
456.250
Definitions for ORS 456.250 to 456.265
456.255
Legislative findings
456.258
Applicability
456.259
Withdrawal notice to tenants
456.260
First withdrawal notice to department and local government
456.262
Second withdrawal notice
456.263
Right of first refusal
456.264
Remedy for failure to give notice
456.265
Sanctions against withdrawing property owner prohibited
456.270
Definitions for ORS 456.270 to 456.295
456.275
Legislative findings
456.280
Covenant creation, effect, conveyance, duration and termination
456.285
Permissible provisions
456.290
Validity of covenant
456.295
Action affecting covenant
456.305
Definitions for ORS 456.305 to 456.325
456.310
Purpose
456.315
Powers of state public bodies in aiding or cooperating on housing projects
456.320
Donations and loans to housing authority
456.325
Resolution to exercise powers
456.355
Definitions for ORS 456.355 to 456.370
456.360
Purpose
456.365
Powers of city or county in aiding or cooperating on housing projects
456.370
Exercise of powers
456.375
Definitions for ORS 456.375 to 456.390
456.378
Housing Choice Landlord Guarantee Program
456.385
Housing Choice Landlord Guarantee Program Fund
456.390
Annual report regarding participation of housing authorities in Housing Choice Voucher Program
456.395
Department and council assistance to housing authorities
456.400
Definitions for ORS 456.400 to 456.433
456.403
Housing and Community Services Department support for manufactured dwelling parks and marinas
456.407
Policy encouraging settlement of disputes
456.414
Manufactured and Marina Communities Account
456.418
Special assessment
456.422
Information concerning available manufactured dwelling park rental spaces
456.426
Functions of manufactured dwelling site information clearinghouse
456.429
Scope of information collected
456.433
Funding of clearinghouse
456.500
Legislative findings
456.502
Affordable Housing Land Acquisition Revolving Loan Program
456.505
Veterans’ housing by local agencies
456.506
Findings
456.508
Definitions for ORS 456.510 and 456.513
456.510
Visitability requirements
456.513
Exemption from visitability requirements
456.514
Rules
456.515
Definitions for ORS 456.515 to 456.725 and ORS chapter 458
456.519
General obligation bonds authorized
456.530
Willingness to make residential loans factor in selecting depositaries
456.535
Elderly and Disabled Housing Fund
456.539
Administration of Elderly and Disabled Housing Fund
456.540
Requirements for elderly housing project upon retirement of bond obligations
456.541
Project applications for housing serving persons with disabilities
456.543
Elderly and Disabled Housing Sinking Fund
456.547
Assistance, grants and gifts to department for housing purposes
456.548
Definitions for ORS 456.548 to 456.725
456.550
Policy
456.555
Housing and Community Services Department established
456.559
Powers and duties of department
456.561
Loans, grants and funding awards
456.562
Department intellectual property
456.565
Powers of director
456.567
Oregon Housing Stability Council
456.569
Authority of Housing and Community Services Department to require fingerprints
456.571
Powers and duties of council
456.572
State housing plan
456.574
Housing and Community Services Department Revolving Account
456.576
Self-Sufficiency Housing Fund
456.578
Use of funds
456.579
Manufactured Dwelling Parks Account
456.581
Uses of Manufactured Dwelling Parks Account
456.582
Prohibited acts
456.585
Agriculture workforce housing information
456.586
Rent-burdened households information
456.587
Electricity Public Purpose Charge Fund
456.589
Legislative findings
456.593
Use of bonds for single-family home loans in Portland
456.594
Definitions
456.595
Petroleum supplier assessment
456.597
Oil-Heated Dwellings Energy Account
456.599
Rules
456.605
Mortgage credit certificate program
456.607
Definitions
456.608
Rent Guarantee Program
456.609
Rent Guarantee Program Fund
456.612
Declaration of financing purpose
456.620
Duties of department in carrying out housing programs
456.623
Project funding notification registry
456.625
Powers of department
456.627
Legislative finding on availability of single-family residential loans
456.630
Services to qualified sponsors and institutions
456.635
Commitments on residential loans
456.640
Purchase of residential loans
456.645
Revenue bonds
456.655
When bonds not to be issued
456.661
Limitation on revenue bond amount
456.665
Status of revenue bonds
456.670
Bond maturity
456.675
Bond provisions and limits
456.680
Purchase of bonds by department
456.685
Bondholders’ remedies
456.690
Loan authority of department
456.692
Loans financed through bonds secured by specific properties
456.695
Housing required to comply with land use plans, zoning and other ordinances
456.697
Restrictions on use of financing provided by department
456.700
Pledge and lien
456.705
Servicing loans
456.710
Payment of advances
456.715
Insurance of loans
456.717
Interim construction financing for multifamily housing
456.720
Housing Finance Fund
456.722
Preferences in funding grants to low-income housing providers
456.723
Legislative finding on bonding authority of department
456.725
Discrimination against purchaser with children prohibited
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