2011 Oregon Revised Statutes
ORS Volume 11, Chapters 431 - 470
ORS Chapter 456
456.270 Definitions for ORS 456.270 to 456.295.

As used in ORS 456.270 to 456.295:

(1) Affordable housing covenant means a nonpossessory interest in real property imposing limitations, restrictions or affirmative obligations that encourage development or that ensure continued availability of affordable rental and owner-occupied housing for low or moderate income individuals.

(2) Area median income means the median income for the metropolitan statistical area in which the affordable housing is located, as determined by the Housing and Community Services Department, adjusted for household size.

(3) Eligible covenant holder means:

(a) A public body, as defined in ORS 174.109;

(b) An agency of the United States government;

(c) A public benefit corporation or religious corporation, as those terms are defined in ORS 65.001, one purpose of which is to provide affordable housing for low or moderate income households;

(d) A consumer housing cooperative, as defined in ORS 456.548;

(e) A manufactured dwelling park nonprofit cooperative corporation; or

(f) A federally recognized Indian tribe.

(4) Low income household means a household with income less than or equal to 80 percent of the area median income.

(5) Moderate income household means a household with income less than or equal to 120 percent and greater than 80 percent of the area median income.

(6) Subsidy includes, but is not limited to:

(a) A grant, loan or contract made by a federal agency, a federally recognized Indian tribe or a public body, as defined in ORS 174.109;

(b) A grant, loan or contract made by a nonprofit corporation or a limited liability company the sole member of which is a nonprofit corporation;

(c) A subsidized loan from a lending institution that makes loans for residential housing; or

(d) A subsidized private transaction.

(7) Third-party right of enforcement means a right provided in an affordable housing covenant to a third party to enforce the terms of the covenant. [2007 c.691 2; 2009 c.11 63]