ORS 456.720
Housing Finance Fund

  • Housing Development Account

(1)

The Housing Finance Fund is established, separate and distinct from the General Fund. The fund shall consist of the proceeds from the sale of bonds issued under ORS 456.645 (Revenue bonds) and related refunding bonds, fees and other moneys received by the Housing and Community Services Department under ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited), moneys appropriated by the state for use by the department in carrying out ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited) and moneys made available from any other source for use by the department under ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited).

(2)

Except as otherwise provided in this section, moneys in the fund may be expended by the department for the purposes authorized in ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited). Except as otherwise provided in this section for a capital reserve account, the department may establish one or more accounts within the fund for use in carrying out ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited).

(3)

There may be established within the Housing Finance Fund capital reserve accounts. A capital reserve account shall consist of the aggregate of moneys retained by the department, pursuant to existing agreements with the bondholders, as the annual debt service reserve, as described in ORS 456.655 (When bonds not to be issued) (1), for each bond issue sold by the department under ORS 456.645 (Revenue bonds). All moneys in the account for an issue which the department has determined a debt service reserve is required shall be used solely for the payment of the principal and interest on the bonds as they mature, the purchase of such bonds, the payment of interest on such bonds and the payment of any redemption premium required to be paid by the department when any such bonds are redeemed prior to maturity. Moneys in the account may not be withdrawn therefrom at any time in such amount as would reduce the amount of moneys in the account below the maximum amount of principal and interest maturing and becoming due in the succeeding fiscal year on all such bonds then outstanding, except for the purpose of paying principal of and interest and premium, if any, on the bonds of the department maturing and becoming due and for the payment of which other moneys in the Housing Finance Fund are not available.

(4)

Except as otherwise provided in existing agreements with bondholders, any income or interest earned by or accruing to the capital reserve account because of the investment by the department of moneys within the account may be retained by the department in the fund to apply to any future deficiency that may occur or may be used by the department for the repayment of moneys in the revolving account that were expended by the department pursuant to ORS 456.574 (Housing and Community Services Department Revolving Account) (2)(b).

(5)

In order to assure the continual operation and maintenance of the capital reserve account in the Housing Finance Fund and to carry out ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited), if the amount of money on deposit in the capital reserve account in any year is less than the debt service reserves described in ORS 456.655 (When bonds not to be issued) (1), the Director of the Housing and Community Services Department shall certify to the Governor and the Legislative Assembly or, during the interim, to the Emergency Board the amount needed to restore the account to its required debt service reserves. The amount so certified by the director may be appropriated by the Legislative Assembly or, during the interim, allocated by the Emergency Board and paid to the department during the then current fiscal year for deposit in the capital reserve account.

(6)

For the purposes of this section, the department shall annually value investments in the capital reserve account at the amortized cost of the investments.

(7)

There is established within the Housing Finance Fund a Housing Development Account. Moneys in this account are hereby continuously appropriated to carry out the purposes of ORS 456.515 (Definitions for ORS 456.515 to 456.725 and ORS chapter 458) to 456.725 (Discrimination against purchaser with children prohibited) by contract, grant, loan or as otherwise determined necessary by the department.

(8)

Intentionally left blank —Ed.

(a)

The Housing Development Account shall consist of moneys deposited or received by the department for the purposes of this account from whatever source. Of the moneys deposited into the account:

(A)

The department shall not use moneys from its own resources for administrative expenses; and

(B)

The department may use moneys from other sources for administrative expenses only to the extent provided by those sources.

(b)

The department may return moneys received or deposited in the account to the original source of the moneys, as the director determines necessary.

(9)

Except as otherwise stipulated by the source of funds, any income or interest earned by or accruing to the Housing Development Account because of the investment by the department of moneys in the account may be retained by the department for the uses of the account.

(10)

The department may enter into agreements regarding use of moneys received for the Housing Development Account with the source of the moneys, and may comply with the provisions of such agreements. [1973 c.828 §27; 1975 c.97 §1; 1975 c.154 §6; 1987 c.567 §3; 1989 c.966 §51; 1995 c.79 §267; 2007 c.783 §203a]

Source: Section 456.720 — Housing Finance Fund; Housing Development Account, https://www.­oregonlegislature.­gov/bills_laws/ors/ors456.­html.

Notes of Decisions

This section did not violate Art. XI, §7 of the Oregon Constitution. Walsh Constr. Co. v. Smith, 272 Or 398, 537 P2d 542 (1975)

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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