2013 Oregon Revised Statutes
Volume : 11 - Public Health, Housing, Environment
Chapter 458 - Housing and Community Services Programs; Individual Development Accounts
Section 458.625 - Use of account moneys and investment revenue; grant and loan preferences; revenue retention; policy based on need; interest rate.

(1) The Housing and Community Services Department may use the following to expand this state's supply of housing for low and very low income families and individuals, including, but not limited to, housing for persons over 65 years of age, persons with disabilities, farmworkers and Native Americans:

(a) The amount of moneys credited to the Housing Development and Guarantee Account that the department determines may be used for the purposes identified in this subsection and that is not used for the purposes set forth in ORS 458.630; and

(b) The revenue earned from investment of the principal in the Housing Development and Guarantee Account.

(2) The department may use account moneys and account investment revenue for the following purposes:

(a) In the form of grants or loans as determined by the department:

(A) To assist organizations as defined in ORS 458.610 and for-profit business entities in constructing new housing or in acquiring or rehabilitating existing structures, or both, for housing for persons with low or very low incomes, or both.

(B) To provide nonprofit organizations, as set forth in ORS 458.210 to 458.240, with technical assistance or predevelopment costs, or both. Predevelopment costs include, but are not limited to, site acquisition, architectural services and project consultants. Predevelopment costs do not include costs described in subparagraph (C) of this paragraph.

(C) To pay for costs to develop nonprofit organizations that show sufficient evidence of having strong community support and a strong likelihood of producing housing for persons with low or very low incomes. Account moneys and account investment revenue may not be used by an organization for its general operations.

(D) To match public and private moneys available from other sources for production of housing for persons with low or very low incomes.

(b) To pay costs and expenses incurred in the administration of the account as provided for in the legislatively approved budget, as that term is defined in ORS 291.002, for the department.

(3) The department shall give preference in making grants or loans to those entities that the department determines will:

(a) Provide the greatest number of housing units for persons with low or very low incomes that are constructed, acquired or rehabilitated for the amount of account moneys and account investment revenue expended by matching account moneys and account investment revenue with other grant, loan or eligible in-kind contributions;

(b) Ensure the longest use for the units as housing for persons with low or very low incomes; or

(c) Include social services to 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 and case management.

(4)(a) Account investment revenue derived in any calendar year may be used to construct, acquire or rehabilitate housing for persons with low or very low incomes but not more than 25 percent of the account investment revenue may be used to construct, acquire or rehabilitate housing for persons with low incomes.

(b) Account moneys and account investment revenue not used by the department as grants or loans to construct, acquire or rehabilitate housing for persons with low or very low incomes may be retained and credited as account principal.

(5) The State Housing Council shall have a policy that provides for distribution by the department of account moneys and account investment revenue statewide while concentrating account moneys and account investment revenue in those areas of this state with the greatest need for housing for persons with low or very low incomes, as determined by the council.

(6) The department may set interest rates on loans made with account moneys and account investment revenue. [1991 c.740 §5; 1999 c.283 §1; 2003 c.743 §5; 2007 c.70 §267; 2011 c.169 §1; 2011 c.605 §1]