Bill Text: OR SB151 | 2011 | Regular Session | Introduced

Oregon Senate Bill 151 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Relating to the Housing Development and Guarantee Account in the Oregon Housing Fund.

Sponsorship: Unknown

Status: (Passed) 2011-06-01 - Effective date, January 1, 2012. [SB151 Detail]

Download: Oregon-2011-SB151-Introduced.html



     76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 634

                         Senate Bill 151

Printed pursuant to Senate Interim Rule 213.28 by order of the
  President of the Senate in conformance with presession filing
  rules, indicating neither advocacy nor opposition on the part
  of the President (at the request of Governor John A. Kitzhaber
  for Housing and Community Services Department)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Expands and clarifies authority of Housing and Community
Services Department regarding use of moneys in Housing
Development and Guarantee Account. Authorizes department to set
interest rates on loans made from account.

                        A BILL FOR AN ACT
Relating to the Housing Development and Guarantee Account in the
  Oregon Housing Fund; amending ORS 458.625.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 458.625 is amended to read:
  458.625. (1) The Housing and Community Services Department may
 { - disburse the revenue earned from investment of the principal
in the Housing Development and Guarantee Account - }   { + use
the following + } to expand this state's supply of housing for
low and very low income families and individuals, including, but
not limited to, housing for persons over 65 years of age, persons
with disabilities, farmworkers and Native Americans { + : + }
 { - . The State Housing Council shall have a policy that
provides for distribution by the department of account investment
revenue disbursements statewide while concentrating account
investment revenue disbursements in those areas of the state with
the greatest need for low and very low income housing, as
determined by the council. - }
   { +  (a) The amount of moneys credited to the Housing
Development and Guarantee Account that the department determines
may be used for the purposes identified in this subsection and
that is not used for the purposes set forth in ORS 458.630; and
  (b) The revenue earned from investment of the principal in the
Housing Development and Guarantee Account. + }
  (2) The department may   { - disburse - }  { +  use + } account
 { + moneys and account  + }investment revenue  { - , in the form
of grants or loans as determined by the department, - }  for
 { - any or all of - }  the following purposes:
   { +  (a) In the form of grants or loans as determined by the
department: + }
    { - (a) - }  { +  (A) + } To  { + assist + } organizations as
defined in ORS 458.610 and   { - to - }  for-profit business
entities   { - to construct - }  { +  in constructing + } new
housing or   { - to acquire or rehabilitate - }  { +  in
acquiring or rehabilitating + } existing structures, or both, for
housing for persons   { - of - }  { +  with + } low or very low
 { - income - }  { +  incomes + }, or both  { - ; - }  { + . + }
    { - (b) - }  { +  (B) + } To provide nonprofit organizations,
as set forth in ORS 458.210 to 458.240,  { + with + } technical
assistance or predevelopment costs, or both. Predevelopment costs
include, but are not limited to, site acquisition, architectural
services and project consultants. Predevelopment costs do not
include costs described in   { - paragraph (c) of this
subsection; - }  { +  subparagraph (C) of this paragraph. + }
    { - (c) - }  { +  (C) To pay + } for costs to develop
nonprofit organizations that show sufficient evidence of having
strong community support and a strong likelihood of producing
 { + housing for persons with low or very low incomes  + }
 { - low or very low income housing - } . Account  { +  moneys
and account + } investment revenue may not be used by an
organization for its general operations  { - ; - }  { + . + }
    { - (d) - }  { +  (D) + } To match public and private moneys
available from other sources for   { - purposes of - }
production of  { + housing for persons with low or very low
incomes  + }  { - low or very low income housing; or - }
 { + . + }
    { - (e) - }  { +  (b) + }   { - For purposes of - }  { +  To
pay costs and expenses incurred in the + } administration of the
account, not to exceed five percent of the account investment
revenue.
  (3) The department shall give preference in making grants or
loans to those entities that the department determines will:
  (a) Provide the greatest number of   { - low and very low
income - } housing units  { + for persons with low or very low
incomes that are + } constructed, acquired or rehabilitated for
the amount of account  { +  moneys and account + } investment
revenue expended by matching account  { +  moneys and account + }
investment revenue with other grant, loan or eligible in-kind
contributions;
  (b) Ensure the longest use for the units as   { - low or very
low income housing units - }  { +  housing for persons with low
or very low incomes + }; or
  (c) Include social services to occupants of the proposed
housing, including but not limited to, programs that address home
health care, mental health care, alcohol and drug treatment and
post-treatment care, child care and case management.
  (4) { + (a) + } Account investment revenue derived in any
calendar year may be used to construct, acquire or rehabilitate
housing for
  { - low and very low income - }  persons  { + with low or very
low incomes + } but not more than 25 percent of the account
investment revenue
  { - derived in any calendar year - }  may be used to construct,
acquire or rehabilitate housing for   { - low income
households - }  { +  persons with low incomes + }.
   { +  (b) + } Account { +  moneys and account + } investment
revenue not
  { - disbursed - }  { +  used + } by the department as grants or
loans to construct, acquire or rehabilitate   { - low or very low
income - } housing  { + for persons with low or very low
incomes + } may be retained and credited as account principal.
   { +  (5) The State Housing Council shall have a policy that
provides for distribution by the department of account moneys and
account investment revenue statewide while concentrating account
moneys and account investment revenue in those areas of this
state with the greatest need for housing for persons with low or
very low incomes, as determined by the council. + }

    { - (5) - }  { +  (6) + }   { - Loans disbursed from account
investment revenue shall bear an interest rate equal to the
interest rate paid on United States Treasury long-term
obligations as identified by the department - }  { +  The
department may set interest rates on loans made with account
moneys and account investment revenue + }.
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