ORS 456.661
Limitation on revenue bond amount

  • legislative findings
  • designation of areas for issuance of qualified mortgage bonds

(1)

The aggregate principal amount of bonds issued under ORS 456.645 (Revenue bonds) that may be outstanding is $2.5 billion, excluding bonds issued under and within the limits provided in ORS 456.515 (Definitions for ORS 456.515 to 456.725 and ORS chapter 458) to 456.725 (Discrimination against purchaser with children prohibited) and any bonds that have been refunded. The amount of $30 million of the total $2.5 billion of bonds authorized under this section or proceeds from the sale of the bonds shall be made exclusively available for making or participating in making residential loans for single-family homes in cities with a population of 300,000 or more in the manner specified in ORS 456.593 (Use of bonds for single-family home loans in Portland). No more than $10 million of the bonds authorized under this section or proceeds from the sale of the bonds shall be made available for residential loans for home improvements.

(2)

ORS 286A.095 (Compliance with constitutional or statutory debt limit) applies for purposes of determining limitations under this section.

(3)

The Legislative Assembly finds that:

(a)

Pursuant to ORS 456.515 (Definitions for ORS 456.515 to 456.725 and ORS chapter 458) to 456.725 (Discrimination against purchaser with children prohibited), the Housing and Community Services Department has served as the sole department or instrumentality of the state authorized to coordinate and establish statewide priorities for housing programs and to provide planning and technical assistance to sponsors of housing for persons and families of lower income throughout the state.

(b)

The department’s activities have been instrumental in alleviating the serious shortage of decent, safe and sanitary housing for lower income persons.

(c)

Continuation of the department’s programs for financing owner-occupied residential housing to the fullest extent practicable under the Internal Revenue Code is a matter of paramount concern to the state.

(4)

The department shall designate areas of chronic economic distress within the state for the purpose of issuing qualified mortgage bonds as described in section 143 of the Internal Revenue Code. [1979 c.327 §11 (enacted in lieu of 456.660); 1981 c.504 §8; 1981 c.691 §3; 1985 c.205 §1; 1995 c.79 §258; 1999 c.698 §2; 2001 c.114 §51; 2005 c.643 §2; 2007 c.783 §201]

Source: Section 456.661 — Limitation on revenue bond amount; legislative findings; designation of areas for issuance of qualified mortgage bonds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors456.­html.

456.005
Definitions for ORS chapters 456 and 458 456.055
Definitions for ORS 456.055 to 456.235 456.060
Definition of “area of operation” 456.065
Definition of “housing project.” 456.070
Declaration of necessity for establishment of housing authorities 456.075
Housing authorities created 456.080
Determination of need for housing authority 456.085
Adopting resolution declaring need for authority 456.090
Sufficiency of resolution 456.095
Appointment and qualification of commissioners of housing authorities 456.100
Terms and compensation of commissioners 456.105
Organization 456.110
Removal of commissioner 456.115
Commissioners and employees may not have interest in project other than as tenant 456.118
Prohibition against using term 456.120
Powers of housing authority as public corporation 456.122
Inapplicability of laws relating to other public bodies 456.125
Research, planning, construction and operation of housing projects 456.128
Housing authority intellectual property 456.130
Investigations, hearings and recommendations of authority 456.135
Delegation of powers or duties 456.140
Joinder or cooperation of authorities 456.145
Eminent domain 456.150
Housing projects subject to local laws 456.153
Involvement in mixed income housing project 456.155
Policy regarding profit from projects 456.160
Limitations as to rentals 456.165
Vested rights of creditors not affected by restrictions of ORS 456.155 and 456.160 456.171
Independent audit of authority 456.175
Issuance of bonds 456.180
Liability on bonds 456.185
Issuance of bonds 456.190
Presumption of validity of bond 456.200
Powers of authority in securing payment of bonds or lease obligations 456.202
Short-term bond anticipation notes 456.205
Enforcing rights of obligee of an authority 456.210
Power of authority to confer additional rights upon obligee 456.215
Financial aid and cooperation of federal government 456.220
Exemption of property from process or judgment lien 456.230
Bonds and income therefrom exempt from personal income taxes 456.233
Transfer of housing authority from governing body to separate board 456.235
Dissolution of housing authorities 456.250
Definitions for ORS 456.250 to 456.265 456.255
Legislative findings 456.258
Applicability 456.259
Withdrawal notice to tenants 456.260
First withdrawal notice to department and local government 456.262
Second withdrawal notice 456.263
Right of first refusal 456.264
Remedy for failure to give notice 456.265
Sanctions against withdrawing property owner prohibited 456.270
Definitions for ORS 456.270 to 456.295 456.275
Legislative findings 456.280
Covenant creation, effect, conveyance, duration and termination 456.285
Permissible provisions 456.290
Validity of covenant 456.295
Action affecting covenant 456.305
Definitions for ORS 456.305 to 456.325 456.310
Purpose 456.315
Powers of state public bodies in aiding or cooperating on housing projects 456.320
Donations and loans to housing authority 456.325
Resolution to exercise powers 456.355
Definitions for ORS 456.355 to 456.370 456.360
Purpose 456.365
Powers of city or county in aiding or cooperating on housing projects 456.370
Exercise of powers 456.375
Definitions for ORS 456.375 to 456.390 456.378
Housing Choice Landlord Guarantee Program 456.385
Housing Choice Landlord Guarantee Program Fund 456.390
Annual report regarding participation of housing authorities in Housing Choice Voucher Program 456.395
Department and council assistance to housing authorities 456.400
Definitions for ORS 456.400 to 456.433 456.403
Housing and Community Services Department support for manufactured dwelling parks and marinas 456.407
Policy encouraging settlement of disputes 456.414
Manufactured and Marina Communities Account 456.418
Special assessment 456.422
Information concerning available manufactured dwelling park rental spaces 456.426
Functions of manufactured dwelling site information clearinghouse 456.429
Scope of information collected 456.433
Funding of clearinghouse 456.500
Legislative findings 456.502
Affordable Housing Land Acquisition Revolving Loan Program 456.505
Veterans’ housing by local agencies 456.506
Findings 456.508
Definitions for ORS 456.510 and 456.513 456.510
Visitability requirements 456.513
Exemption from visitability requirements 456.514
Rules 456.515
Definitions for ORS 456.515 to 456.725 and ORS chapter 458 456.519
General obligation bonds authorized 456.530
Willingness to make residential loans factor in selecting depositaries 456.535
Elderly and Disabled Housing Fund 456.539
Administration of Elderly and Disabled Housing Fund 456.540
Requirements for elderly housing project upon retirement of bond obligations 456.541
Project applications for housing serving persons with disabilities 456.543
Elderly and Disabled Housing Sinking Fund 456.547
Assistance, grants and gifts to department for housing purposes 456.548
Definitions for ORS 456.548 to 456.725 456.550
Policy 456.555
Housing and Community Services Department established 456.559
Powers and duties of department 456.561
Loans, grants and funding awards 456.562
Department intellectual property 456.565
Powers of director 456.567
Oregon Housing Stability Council 456.569
Authority of Housing and Community Services Department to require fingerprints 456.571
Powers and duties of council 456.572
State housing plan 456.574
Housing and Community Services Department Revolving Account 456.576
Self-Sufficiency Housing Fund 456.578
Use of funds 456.579
Manufactured Dwelling Parks Account 456.581
Uses of Manufactured Dwelling Parks Account 456.582
Prohibited acts 456.585
Agriculture workforce housing information 456.586
Rent-burdened households information 456.587
Electricity Public Purpose Charge Fund 456.589
Legislative findings 456.593
Use of bonds for single-family home loans in Portland 456.594
Definitions 456.595
Petroleum supplier assessment 456.597
Oil-Heated Dwellings Energy Account 456.599
Rules 456.605
Mortgage credit certificate program 456.607
Definitions 456.608
Rent Guarantee Program 456.609
Rent Guarantee Program Fund 456.612
Declaration of financing purpose 456.620
Duties of department in carrying out housing programs 456.623
Project funding notification registry 456.625
Powers of department 456.627
Legislative finding on availability of single-family residential loans 456.630
Services to qualified sponsors and institutions 456.635
Commitments on residential loans 456.640
Purchase of residential loans 456.645
Revenue bonds 456.655
When bonds not to be issued 456.661
Limitation on revenue bond amount 456.665
Status of revenue bonds 456.670
Bond maturity 456.675
Bond provisions and limits 456.680
Purchase of bonds by department 456.685
Bondholders’ remedies 456.690
Loan authority of department 456.692
Loans financed through bonds secured by specific properties 456.695
Housing required to comply with land use plans, zoning and other ordinances 456.697
Restrictions on use of financing provided by department 456.700
Pledge and lien 456.705
Servicing loans 456.710
Payment of advances 456.715
Insurance of loans 456.717
Interim construction financing for multifamily housing 456.720
Housing Finance Fund 456.722
Preferences in funding grants to low-income housing providers 456.723
Legislative finding on bonding authority of department 456.725
Discrimination against purchaser with children prohibited
Green check means up to date. Up to date

Current through early 2024

§ 456.661’s source at oregon​.gov