ORS 456.285: Permissible provisions.
Edition: 2025 EditionEffective: 2026-01-01Last verified: 2026-09-07
An affordable housing covenant may: (1) Include limitations, restrictions and affirmative obligations on the sale price or rental rate of real property or the use of real property or the income or assets of purchasers or tenants; (2) Limit the amount of equity appreciation that a property owner may derive from ownership of the real property; (3) Grant a right of first refusal or an option to purchase to the eligible covenant holder; (4) Restrict the class of persons to whom real property may be sold, leased or rented according to, but not limited to, household income, assets, residency and prior homeownership; (5) Limit the use of the real property to residential use as the primary residence of a low or moderate income household; (6) Limit, condition or prohibit leasing or subletting; (7) Impose obligations for maintenance and insurance of the real property; (8) Limit, condition or prohibit the owner from allowing liens on the real property; and (9) Make other limitations, conditions or prohibitions that affect the affordability of real property for low or moderate income households. [2007 c.691 §4]
Official history and status
History: Note: See note under 456.270.
Administrative rules citing this section
- OAR 813-002-0005: Temporary rule language in effect until 01/08/2027. Purpose and Objectives — implements
- OAR 813-002-0005: Temporary rule language in effect until 01/08/2027. Purpose and Objectives — authority
- OAR 813-002-0010: Definitions — implements
- OAR 813-002-0010: Definitions — authority
- OAR 813-002-0025: Funding Applications — implements
- OAR 813-002-0025: Funding Applications — authority
- OAR 813-002-0030: Technical Advisory — implements
- OAR 813-002-0030: Technical Advisory — authority
- OAR 813-002-0045: Protests and Judicial Review of Funding Decisions — implements
- OAR 813-002-0045: Protests and Judicial Review of Funding Decisions — authority
- OAR 813-002-0055: Fees and Charges — implements
- OAR 813-002-0055: Fees and Charges — authority
- OAR 813-405-0005: Purpose and Objectives — implements
- OAR 813-405-0010: Definitions — implements
- OAR 813-405-0015: Availability and Source — implements
- OAR 813-405-0020: Eligibility, Program Guidelines, and Priorities — implements
- OAR 813-405-0025: Program Administrator Selection Criteria — implements
- OAR 813-405-0030: Program Continuation — implements
- OAR 813-405-0035: Program Oversight — implements
- OAR 813-405-0040: Fees and Changes — implements
This rule cites
No citations extracted.
Cited by
Official source: https://www.oregonlegislature.gov/bills_laws/ors/ors456.html