ORS § 289.100

Current through 2024 Regular Session legislation effective June 6, 2024

Section 289.100 - Oregon Facilities Authority; members; qualifications; term

(1) There is created a body politic and corporate to be known as the Oregon Facilities Authority. The authority is constituted a public instrumentality, and the exercise by the authority of the powers conferred by this chapter is the performance of an essential public function.

(2) The authority consists of seven members who must be residents of this state, not more than four of whom are members of the same political party. The State Treasurer shall appoint the members, and members serve at the pleasure of the State Treasurer. At least one of the members must be an individual knowledgeable in the field of state and municipal finance. At least one of the members must be an individual knowledgeable in the building construction field.

(3) Upon the expiration of the term of a member, the State Treasurer shall appoint a successor for a term of four years.

(4) The State Treasurer shall appoint an individual to fill a vacancy for the remainder of the unexpired term.

ORS 289.100

1989 c.820 §3; 1991 c.408 §2; 2001 c.261 §1; 2007 c. 785, § 3

Sections 50 to 52, chapter 13, Oregon Laws 2023, provide:

Sec. 50. Section 51 of this 2023 Act is added to and made a part of ORS chapter 289. [2023 c. 13, § 50]

Sec. 51. Financing for certain affordable housing projects. (1) The Oregon Facilities Authority shall provide financing, including refinancing, to local governments or housing developers for predevelopment costs, including infrastructure, site acquisition, planning, reports, surveys and consultants.

(2) Financing under this section is available only for housing projects that will be subject to an affordability restriction, including an affordable housing covenant under ORS 456.270 to 456.295, that:

(a) Has a term of no less than 25 years; and

(b) Requires that each dwelling unit be rented as the primary residence for a moderate income household as defined in ORS 456.270.

(3) The financing provided by the authority under this section:

(a) May not exceed $500,000 per eligible project;

(b) Must charge interest of three percent or lower;

(c) May only be used for a project with a total cost of less than $40,000,000 or that consists of 80 or fewer residential units; and

(d) May not exceed 75 percent of the project's total predevelopment costs unless the project will be restricted to households with incomes equal to or less than the area median income.

(4) Notwithstanding the definitions of "housing institution" and "project" under ORS 289.005, the activity of the authority under this section is an eligible project, as that term is used in this chapter [ORS chapter 289]. [2023 c. 13, § 51]

Sec. 52. Section 51 of this 2023 Act is repealed on January 2, 2026. [2023 c. 13, § 52]