Disbursement of moneys in Home Ownership Assistance Account
- • grant preferences
(1) The Home Ownership Assistance Account shall be administered by the Housing and Community Services Department to expand this state’s supply of homeownership housing for low and very low income families and individuals, including, but not limited to, persons over 65 years of age, persons with disabilities, minorities, veterans and farmworkers. An amount equal to 25 percent of moneys deposited in the account pursuant to ORS 294.187 (County Assessment and Taxation Fund) is dedicated for expenditure to expand this state’s supply of homeownership housing for low and very low income veterans and families of veterans. The Oregon Housing Stability Council shall have a policy of distributing funds statewide while concentrating funds in those areas of this state with the greatest need, as determined by the council, for low and very low income homeownership housing. However, the council’s policy of distributing funds may differ from the distribution policy for the Housing Development and Guarantee Account.
(2) Funds in the Home Ownership Assistance Account shall be granted to organizations that both sponsor and manage low income homeownership programs, including lease-to-own programs, for the construction of new homeownership housing or for the acquisition or rehabilitation of existing structures for homeownership housing for persons of low or very low income, or both.
(3) The council shall develop a policy for disbursing grants for any or all of the following purposes:
(a) To aid low income homeownership programs, including program administration, in purchasing land, providing assistance with down payment costs, or providing homeownership training and qualification services or any combination thereof. Funds in the Home Ownership Assistance Account may not be used by an organization to pay for its general operations or to pay for more than 25 percent of construction or rehabilitation costs.
(b) To match public and private moneys available from other sources for purposes of the provision of low or very low income homeownership housing.
(c) To administer the Home Ownership Assistance Account as provided for in the legislatively approved budget, as that term is defined in ORS 291.002 (Definitions), for the department.
(4) The council, in developing policy under subsection (3) of this section, shall give preference in making grants to those entities that propose to:
(a) Provide the greatest number of low and very low income homeownership housing units constructed, acquired or rehabilitated for the amount of account money expended by matching account funds with other grant, loan or eligible in-kind contributions;
(b) Ensure the longest use for the units as low or very low income homeownership housing units, such as by including some form of equity recapture, land trust or shared equity provisions, as determined by the council;
(c) Include social services for occupants and proposed occupants of the proposed housing, including but not limited to, programs that address home health care, mental health care, alcohol and drug treatment and post-treatment care, child care, homeownership training, mortgage qualification service, credit repair and case management; and
(d) Support a comprehensive strategy to reverse the decreasing rates of homeownership among minorities, giving priority to activities that support adopted comprehensive community plans that incorporate recognized best practices or demonstrate proven success in increasing homeownership for minorities. [1995 c.174 §3; 2007 c.70 §269; 2009 c.18 §7; 2011 c.605 §3; 2013 c.646 §4; 2015 c.180 §28]
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.