Section 456.540 - Requirements for elderly housing project upon retirement of bond obligations(1) As used in this section: (a) "Elderly household" has the meaning given that term in ORS 456.515.(b) "Elderly housing project" means a residential care facility as defined in ORS 443.400, including but not limited to an assisted living facility, or an independent living community, that is: (A) Financed through a Housing and Community Services Department housing program under ORS 456.515 to 456.725 or ORS chapter 458 or another department program; and(B) Composed of more than one living unit for elderly households, but does not provide continuous nursing care.(c)(A) "Independent living community" means a facility that is organized to provide housing and services to elderly households.(B) "Independent living community" does not mean:(i) A residential care facility as defined in ORS 443.400.(2) If an elderly housing project has repaid the financing received through a Housing and Community Services Department housing program under ORS 456.515 to 456.725 in full and retired any bond obligations related to the project, the department may not require the project, or a management company that is owned by or hired by the project to perform property management duties with respect to the project, to hire, retain or otherwise engage a real estate property manager, real estate broker or principal real estate broker licensed under ORS 696.022.456.540 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 456 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.