ORS tit. 36A, ch. 456, AFFORDABLE HOUSING DEVELOPMENT, TEMPORARY PROVISIONS RELATING to AFFORDABLE HOMEOWNERSHIP REVOLVING LOAN FUND ARE COMPILED AS NOTES FOLLWING ORS 456.502
ORS tit. 36A, ch. 456, AFFORDABLE HOUSING DEVELOPMENT, TEMPORARY PROVISIONS RELATING to AFFORDABLE HOMEOWNERSHIP REVOLVING LOAN FUND ARE COMPILED AS NOTES FOLLWING ORS 456.502
Sections 40, 41 and 43, chapter 223, Oregon Laws 2023, provide:
Sec. 40. Grant to establish affordable homeownership revolving loan fund. (1) The Housing and Community Services Department shall make a grant to the Network for Oregon Affordable Housing (NOAH) to establish a revolving loan fund that will allow a first-time home buyer who is purchasing a home, including a share of a cooperative or a condominium unit, in which the purchaser's equity will be limited, to establish equity at a faster rate while making monthly payments similar to those described in subsection (3)(a)(A) of this section. The department may not make a grant under this section until NOAH has demonstrated that it has dedicated to a loan fund described in this section no less than $7,500,000 of additional private moneys.
(2) Loans made from the loan fund must be used for the purchase of a dwelling that is subject to an affordability restriction, such as a restriction as described in ORS 456.270 to 456.295, that:
(a) Has the effect of limiting the purchaser's ability to gain equity from the appreciation of the dwelling's value; and
(b) Requires that the purchaser be a low income household as defined in ORS 456.270.
(3) Loans made from the loan fund must:
(a) Be made only to applicants that have met with an approved or certified housing counseling agency, as described in 24 C.F.R. 214 subpart B, and have a first-time home buyer program offered by the agency;
(b) Have a term of 20 years or less; and
(c) Have a fixed interest rate that is not more than the greater of:
(A) The rate that would allow monthly amortized principal and interest payments under the term of the loan to be the amount that would result from a 30-year fixed-rate amortized mortgage at the national current average rate as published by a reputable financial source; or
(B) 0.5 percent. [2023 c. 223, § 40]
Sec. 41. Section 40 of this 2023 Act is repealed on January 2, 2026. [2023 c. 223, § 41]
Sec. 43. Report to Legislative Assembly. On or before September 15, 2025, and on or before September 15, 2027, the Housing and Community Services Department shall provide a report to an appropriate interim committee of the Legislative Assembly, in the manner provided in ORS 192.245, on the use of the loan funds described in section 40 of this 2023 Act, as reported to the department by the Network for Oregon Affordable Housing (NOAH). [2023 c. 223, § 43]