ORS tit. 36A, ch. 458, COMMUNITY SERVICES PROGRAMS, TEMPORARY PROVISIONS RELATING to FUNDING FOR AFFORDABLE HOUSING LOAN GUARANTEE FUND ARE COMPILED AS NOTES FOLLOWING ORS 458.515
ORS tit. 36A, ch. 458, COMMUNITY SERVICES PROGRAMS, TEMPORARY PROVISIONS RELATING to FUNDING FOR AFFORDABLE HOUSING LOAN GUARANTEE FUND ARE COMPILED AS NOTES FOLLOWING ORS 458.515
Sections 44 to 46, chapter 223, Oregon Laws 2023, provide:
Sec. 44. Section 45 of this 2023 Act is added to and made a part of ORS chapter 458. [2023 c. 223, § 44]
Sec. 45. Funding for affordable housing loan guarantee fund; rules. (1) The Housing and Community Services Department shall provide grants to one or more nonprofit corporations to develop a fund.
(2) The moneys in the fund may be used only to guarantee the repayment of loans to finance the construction of housing subject to an affordable housing covenant for low or moderate income households, as described in ORS 456.270 to 456.295 and as further defined by the Housing and Community Services Department by rule.
(3) The term of a loan guaranteed under this section may not exceed five years.
(4) The department and the state are not guarantors of any loan guaranteed by a nonprofit corporation under this section.
(5) To be eligible for a grant under this section, a nonprofit corporation must:
(a) Be exempt from income taxes under section 501(c)(3) or (4) of the Internal Revenue Code; and
(b) Demonstrate to the satisfaction of the department that the corporation is a community development financial institution that operates statewide to support investment in the construction of affordable housing. [2023 c. 223, § 45]
Sec. 46. Section 45 of this 2023 Act is repealed on January 2, 2026. [2023 c. 223, § 46]