ORS 456.720
Housing Finance Fund

  • Housing Development Account

(1)

The Housing Finance Fund is established, separate and distinct from the General Fund. The fund shall consist of the proceeds from the sale of bonds issued under ORS 456.645 (Revenue bonds) and related refunding bonds, fees and other moneys received by the Housing and Community Services Department under ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited), moneys appropriated by the state for use by the department in carrying out ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited) and moneys made available from any other source for use by the department under ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited).

(2)

Except as otherwise provided in this section, moneys in the fund may be expended by the department for the purposes authorized in ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited). Except as otherwise provided in this section for a capital reserve account, the department may establish one or more accounts within the fund for use in carrying out ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited).

(3)

There may be established within the Housing Finance Fund capital reserve accounts. A capital reserve account shall consist of the aggregate of moneys retained by the department, pursuant to existing agreements with the bondholders, as the annual debt service reserve, as described in ORS 456.655 (When bonds not to be issued) (1), for each bond issue sold by the department under ORS 456.645 (Revenue bonds). All moneys in the account for an issue which the department has determined a debt service reserve is required shall be used solely for the payment of the principal and interest on the bonds as they mature, the purchase of such bonds, the payment of interest on such bonds and the payment of any redemption premium required to be paid by the department when any such bonds are redeemed prior to maturity. Moneys in the account may not be withdrawn therefrom at any time in such amount as would reduce the amount of moneys in the account below the maximum amount of principal and interest maturing and becoming due in the succeeding fiscal year on all such bonds then outstanding, except for the purpose of paying principal of and interest and premium, if any, on the bonds of the department maturing and becoming due and for the payment of which other moneys in the Housing Finance Fund are not available.

(4)

Except as otherwise provided in existing agreements with bondholders, any income or interest earned by or accruing to the capital reserve account because of the investment by the department of moneys within the account may be retained by the department in the fund to apply to any future deficiency that may occur or may be used by the department for the repayment of moneys in the revolving account that were expended by the department pursuant to ORS 456.574 (Housing and Community Services Department Revolving Account) (2)(b).

(5)

In order to assure the continual operation and maintenance of the capital reserve account in the Housing Finance Fund and to carry out ORS 456.548 (Definitions for ORS 456.548 to 456.725) to 456.725 (Discrimination against purchaser with children prohibited), if the amount of money on deposit in the capital reserve account in any year is less than the debt service reserves described in ORS 456.655 (When bonds not to be issued) (1), the Director of the Housing and Community Services Department shall certify to the Governor and the Legislative Assembly or, during the interim, to the Emergency Board the amount needed to restore the account to its required debt service reserves. The amount so certified by the director may be appropriated by the Legislative Assembly or, during the interim, allocated by the Emergency Board and paid to the department during the then current fiscal year for deposit in the capital reserve account.

(6)

For the purposes of this section, the department shall annually value investments in the capital reserve account at the amortized cost of the investments.

(7)

There is established within the Housing Finance Fund a Housing Development Account. Moneys in this account are hereby continuously appropriated to carry out the purposes of ORS 456.515 (Definitions for ORS 456.515 to 456.725 and ORS chapter 458) to 456.725 (Discrimination against purchaser with children prohibited) by contract, grant, loan or as otherwise determined necessary by the department.

(8)

Intentionally left blank —Ed.

(a)

The Housing Development Account shall consist of moneys deposited or received by the department for the purposes of this account from whatever source. Of the moneys deposited into the account:

(A)

The department shall not use moneys from its own resources for administrative expenses; and

(B)

The department may use moneys from other sources for administrative expenses only to the extent provided by those sources.

(b)

The department may return moneys received or deposited in the account to the original source of the moneys, as the director determines necessary.

(9)

Except as otherwise stipulated by the source of funds, any income or interest earned by or accruing to the Housing Development Account because of the investment by the department of moneys in the account may be retained by the department for the uses of the account.

(10)

The department may enter into agreements regarding use of moneys received for the Housing Development Account with the source of the moneys, and may comply with the provisions of such agreements. [1973 c.828 §27; 1975 c.97 §1; 1975 c.154 §6; 1987 c.567 §3; 1989 c.966 §51; 1995 c.79 §267; 2007 c.783 §203a]

Source: Section 456.720 — Housing Finance Fund; Housing Development Account, https://www.­oregonlegislature.­gov/bills_laws/ors/ors456.­html.

Notes of Decisions

This section did not violate Art. XI, §7 of the Oregon Constitution. Walsh Constr. Co. v. Smith, 272 Or 398, 537 P2d 542 (1975)

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

§ 456.720’s source at oregon​.gov