OAR 813-138-0025: Project Development - Eligibility for Bond Proceeds for PSH

(1) The Department may use funds available or designated for PSH development including those pursuant to Article XI-Q, of the Oregon Constitution, for the PSH Program to acquire, construct, remodel, repair, equip, or furnish Qualified Property that is or will be Owned or Operated by the State of Oregon for the purpose of providing permanent supportive housing in this state for Chronically Homeless Households. (2) For properties developed utilizing Article XI-Q bonds, ownership interests in real property acquired by the Department are limited to: (a) A fee simple interest in land or improvements; (b) A leased fee interest, meaning an ownership interest with the rights of use and occupancy conveyed by lease to others; (c) A tenancy in common for which the Department’s interest in the property is proportionate to the contribution of the Department in the property’s purchase price; (d) A fee simple interest in a condominium; (e) An easement, right of way, license or similar interest functionally related to and necessary for the use of Qualified Property acquired by the Department. (3) If the Department holds an operational interest in the Project, the parties must execute an operating agreement to govern the project.