§ 458.312 — Loans for affordable housing

Oregon § 458.312

• Jurisdiction: Oregon
• Vol.: 13
• Title 36A: Housing; Lottery and Games; Environment
• Ch.: 458

Text

(1) The Housing and Community Services Department shall award loans to be used for the predevelopment costs of developing new housing.
(2) Eligible predevelopment costs that may be funded by loans under this section include:
(a) Professional services, including architectural, engineering, land use planning or legal services;
(b) Studies, including site feasibility, market, environmental, traffic, land, zoning, geotechnical, arborist or capital needs assessments;
(c) Development fees, including entitlement, permitting or state application fees;
(d) Community engagement efforts; or
(e) Other costs that can be directly connected to and assist with specific development projects and meet standards developed by the department.
(3) Loans provided under this section may not be used to purchase land.
(4) To be eligible for loans under this section, the new housing must be subject to an affordability restriction making the property affordable to rent or own by a low income household, as defined in ORS 456.270, for a minimum period as established by the department, and may include housing that is established as part of a limited equity cooperative.
(5) Eligible entities for a loan under this section include only recipients that are a:
(a) Public benefit or religious nonprofit corporation;
(b) Federally recognized Indian tribe operating within this state;
(c) Housing authority; or
(d) Developer that is partnering with an identified entity described under paragraphs (a) to (c) of this subsection.

Legislative History

2025 c.380 §2