ORS 458.730: Department use of financing mechanisms; determination of funding adequacy.

(1) The Housing and Community Services Department may use the moneys in the Community Development Incentive Project Fund in any manner permitted under ORS 458.735. However, the primary purpose of the fund is to finance developments identified by the Oregon Housing Stability Council if other state or private financing sources are inadequate or unavailable. The department shall make the final determination as to whether financing sources are inadequate or unavailable. (2) In expending moneys from the fund, the department may use financing mechanisms that include, but are not limited to: (a) Grants or loans for the development of multifamily or single-family affordable housing located near community centers or employment centers. (b) Grants or loans for the development of mixed-use real estate projects located in downtown or community center areas. (c) Grants or loans that result in the placement or retention of businesses in downtown or community center areas. (d) Partial loan guarantees or other credit enhancement tools to private commercial lenders. (e) Grants or loans to finance infrastructure development that creates jobs or housing in communities identified by the Oregon Business Development Department as rural or distressed. (f) Interim ownership by the Housing and Community Services Department of real estate located within downtown or community center areas. (g) Other financial tools or incentives that the council determines would further the intended purposes of the fund. [1999 c.956 §5; 2015 c.180 §31]