ORS 307.225: Project funding agreements with developers; city or county to adopt law setting forth details of funded projects; distribution of agency loan proceeds to developers.

(1) Upon entering into an agency loan agreement with the Housing and Community Services Department under ORS 307.221, a sponsoring jurisdiction shall offer a project funding agreement to each developer whose application for project funding was approved under ORS 307.216 (5)(b). (2) The project funding agreement shall: (a) Include a project grant award or project loan in the amount set under ORS 307.216 (3); and (b) Contain terms that: (A) Are required under ORS 307.213 to 307.237 or the ordinance or resolution adopted by the sponsoring jurisdiction pursuant to ORS 307.214. (B) Do not conflict with ORS 307.213 to 307.237 or the ordinance or resolution adopted by the sponsoring jurisdiction pursuant to ORS 307.214. (3) Upon entering into a project funding agreement with a developer, a sponsoring jurisdiction shall adopt an ordinance or resolution setting forth the details of the eligible housing project that is the subject of the project funding agreement, including but not limited to: (a) With respect to a project grant or a project loan: (A) A description of the eligible housing project; (B) An itemized description of the eligible costs; (C) The amount and terms of the grant project award or project loan principal; and (D) A statement declaring that the project funding has been awarded in response to the housing needs of communities within the sponsoring jurisdiction; and (b) With respect to a project grant, written notice that the eligible housing project property is exempt from property taxation in accordance with ORS 307.227. (4) Unless otherwise specified in the project funding agreement, as soon as practicable after the ordinance or resolution required under subsection (3) of this section becomes effective, the sponsoring jurisdiction shall distribute the agency loan proceeds received from the department under ORS 307.221 (2)(a)(A) to the developer as the project grant moneys or project loan principal awarded under this section. (5) The sponsoring jurisdiction shall forward to the tax officers of the county in which the eligible housing project is located a copy of the project funding agreement, the ordinance or resolution and any other material the sponsoring jurisdiction considers necessary for the tax officers to perform their duties under ORS 307.213 to 307.237 or the ordinance or resolution. (6) Upon request, the department may assist the sponsoring jurisdiction with, or perform on behalf of the sponsoring jurisdiction, any duty required under this section. [2024 c.110 §29; 2025 c.530 §16]