Housing

ORS 456.576
Self-Sufficiency Housing Fund


(1)

The Housing and Community Services Department Self-Sufficiency Housing Fund is established separate and distinct from the General Fund. Interest earned by the Housing and Community Services Department Self-Sufficiency Housing Fund shall be credited to the fund.

(2)

Net proceeds of lottery bonds issued pursuant to section 4, chapter 746, Oregon Laws 2007, shall be deposited into the Housing and Community Services Department Self-Sufficiency Housing Fund. Moneys in the fund are continuously appropriated to the Housing and Community Services Department for providing housing to populations at risk of homelessness. [2007 c.746 §5]
Note: 456.576 (Self-Sufficiency Housing Fund) 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.
Note: Section 4, chapter 906, Oregon Laws 2009, provides:
Sec. 4. (1) Pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities), at the request of the Oregon Department of Administrative Services, after the department consults with the Housing and Community Services Department, the State Treasurer is authorized to issue lottery bonds for the Housing and Community Services Department to provide financial assistance to aid in the acquisition, renovation or maintenance of properties with project-based federal rental assistance contracts, public housing undergoing significant recapitalization or publicly supported housing as defined in ORS 456.250 (Definitions for ORS 456.250 to 456.265), or to preserve the affordability of manufactured dwelling parks.

(2)

The use of lottery bond proceeds is authorized based on the following findings:

(a)

Individuals who are at risk of homelessness or who otherwise pay a disproportionate share of income for housing increase their potential for self-sufficiency, and use proportionately fewer community-funded resources when they are provided a stable housing environment.

(b)

Having housing for at-risk populations is essential to Oregon’s healthy economic growth.

(3)

The aggregate principal amount of lottery bonds issued pursuant to subsection (1) of this section may not exceed the amount of $83,801,718 plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs as defined in ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711). [2009 c.906 §4; 2011 c.624 §3; 2013 c.786 §19; 2014 c.121 §15; 2015 c.812 §37; 2016 c.66 §4; 2017 c.748 §7; 2019 c.671 §7]
Note: Sections 8 and 9, chapter 671, Oregon Laws 2019, provide:
Sec. 8. (1) For the biennium beginning July 1, 2019, at the request of the Oregon Department of Administrative Services, after the department consults with the Housing and Community Services Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $15 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2)

Net proceeds of lottery bonds issued under this section must be transferred to the Housing and Community Services Department for deposit in the Housing Acquisition Fund, established in section 9 of this 2019 Act, to provide funding for loans to purchasers of naturally occurring affordable housing.

(3)

The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a)

Providing financing to purchasers of naturally occurring affordable housing aids in prevention of displacement of existing low and moderate income residents, providing stable housing to promote self-sufficiency; and

(b)

Preserving quality housing to aid in preventing homelessness is essential to Oregon’s healthy economic growth. [2019 c.671 §8]
Sec. 9. (1) The Housing Acquisition Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Housing Acquisition Fund must be credited to the fund. The Housing Acquisition Fund consists of moneys deposited in the fund under section 8 of this 2019 Act and may include moneys appropriated, allocated, deposited or transferred to the fund by the Legislative Assembly or otherwise and interest earned on moneys in the fund.

(2)

Moneys in the fund are continuously appropriated to the Housing and Community Services Department for disbursement for the purposes set forth in section 8 of this 2019 Act. [2019 c.671 §9]

Source

Last accessed
Jun. 26, 2021