(2) Except as otherwise provided in this section, moneys in the fund may be expended by the department for the purposes authorized in ORS 456.548 to 456.725. Except as otherwise provided in this section for a capital reserve account, the department may establish one or more accounts within the fund for use in carrying out ORS 456.548 to 456.725.
(3) There may be established within the Housing Finance Fund capital reserve accounts. A capital reserve account shall consist of the aggregate of moneys retained by the department, pursuant to existing agreements with the bondholders, as the annual debt service reserve, as described in ORS 456.655 (1), for each bond issue sold by the department under ORS 456.645. All moneys in the account for an issue which the department has determined a debt service reserve is required shall be used solely for the payment of the principal and interest on the bonds as they mature, the purchase of such bonds, the payment of interest on such bonds and the payment of any redemption premium required to be paid by the department when any such bonds are redeemed prior to maturity. Moneys in the account may not be withdrawn therefrom at any time in such amount as would reduce the amount of moneys in the account below the maximum amount of principal and interest maturing and becoming due in the succeeding fiscal year on all such bonds then outstanding, except for the purpose of paying principal of and interest and premium, if any, on the bonds of the department maturing and becoming due and for the payment of which other moneys in the Housing Finance Fund are not available.
(4) Except as otherwise provided in existing agreements with bondholders, any income or interest earned by or accruing to the capital reserve account because of the investment by the department of moneys within the account may be retained by the department in the fund to apply to any future deficiency that may occur or may be used by the department for the repayment of moneys in the revolving account that were expended by the department pursuant to ORS 456.574 (2)(b).
(5) In order to assure the continual operation and maintenance of the capital reserve account in the Housing Finance Fund and to carry out ORS 456.548 to 456.725, if the amount of money on deposit in the capital reserve account in any year is less than the debt service reserves described in ORS 456.655 (1), the Director of the Housing and Community Services Department shall certify to the Governor and the Legislative Assembly or, during the interim, to the Emergency Board the amount needed to restore the account to its required debt service reserves. The amount so certified by the director may be appropriated by the Legislative Assembly or, during the interim, allocated by the Emergency Board and paid to the department during the then current fiscal year for deposit in the capital reserve account.
(6) For the purposes of this section, the department shall annually value investments in the capital reserve account at the amortized cost of the investments.
(7) There is established within the Housing Finance Fund a Housing Development Account. Moneys in this account are hereby continuously appropriated to carry out the purposes of ORS 456.515 to 456.725 by contract, grant, loan or as otherwise determined necessary by the department.
(8)(a) The Housing Development Account shall consist of moneys deposited or received by the department for the purposes of this account from whatever source. Of the moneys deposited into the account:
(A) The department shall not use moneys from its own resources for administrative expenses; and
(B) The department may use moneys from other sources for administrative expenses only to the extent provided by those sources.
(b) The department may return moneys received or deposited in the account to the original source of the moneys, as the director determines necessary.
(9) Except as otherwise stipulated by the source of funds, any income or interest earned by or accruing to the Housing Development Account because of the investment by the department of moneys in the account may be retained by the department for the uses of the account.
(10) The department may enter into agreements regarding use of moneys received for the Housing Development Account with the source of the moneys, and may comply with the provisions of such agreements. [1973 c.828 §27; 1975 c.97 §1; 1975 c.154 §6; 1987 c.567 §3; 1989 c.966 §51; 1995 c.79 §267; 2007 c.783 §203a]
Structure 2021 Oregon Revised Statutes
Volume : 13 - Housing, Games, Environment
Section 456.005 - Definitions for ORS chapters 456 and 458.
Section 456.055 - Definitions for ORS 456.055 to 456.235.
Section 456.060 - Definition of "area of operation"; intergovernmental agreements.
Section 456.065 - Definition of "housing project."
Section 456.070 - Declaration of necessity for establishment of housing authorities.
Section 456.080 - Determination of need for housing authority.
Section 456.090 - Sufficiency of resolution; copy as evidence.
Section 456.095 - Appointment and qualification of commissioners of housing authorities.
Section 456.100 - Terms and compensation of commissioners.
Section 456.105 - Organization; officers; quorum; employees; legal services.
Section 456.120 - Powers of housing authority as public corporation.
Section 456.125 - Research, planning, construction and operation of housing projects.
Section 456.128 - Housing authority intellectual property.
Section 456.130 - Investigations, hearings and recommendations of authority.
Section 456.145 - Eminent domain.
Section 456.150 - Housing projects subject to local laws; consideration of other programs.
Section 456.153 - Involvement in mixed income housing project.
Section 456.155 - Policy regarding profit from projects; reserves.
Section 456.160 - Limitations as to rentals.
Section 456.180 - Liability on bonds; debt limitation.
Section 456.200 - Powers of authority in securing payment of bonds or lease obligations.
Section 456.202 - Short-term bond anticipation notes.
Section 456.205 - Enforcing rights of obligee of an authority.
Section 456.210 - Power of authority to confer additional rights upon obligee.
Section 456.215 - Financial aid and cooperation of federal government.
Section 456.235 - Dissolution of housing authorities.
Section 456.250 - Definitions for ORS 456.250 to 456.265.
Section 456.255 - Legislative findings.
Section 456.258 - Applicability; interpretation; rules.
Section 456.259 - Withdrawal notice to tenants.
Section 456.260 - First withdrawal notice to department and local government.
Section 456.263 - Right of first refusal; matching offer; third-party sale.
Section 456.264 - Remedy for failure to give notice.
Section 456.265 - Sanctions against withdrawing property owner prohibited.
Section 456.270 - Definitions for ORS 456.270 to 456.295.
Section 456.275 - Legislative findings.
Section 456.280 - Covenant creation, effect, conveyance, duration and termination.
Section 456.285 - Permissible provisions.
Section 456.290 - Validity of covenant.
Section 456.295 - Action affecting covenant.
Section 456.305 - Definitions for ORS 456.305 to 456.325.
Section 456.310 - Purpose; additional powers.
Section 456.315 - Powers of state public bodies in aiding or cooperating on housing projects.
Section 456.320 - Donations and loans to housing authority.
Section 456.355 - Definitions for ORS 456.355 to 456.370.
Section 456.360 - Purpose; additional powers.
Section 456.365 - Powers of city or county in aiding or cooperating on housing projects.
Section 456.375 - Definitions for ORS 456.375 to 456.390.
Section 456.378 - Housing Choice Landlord Guarantee Program; application; deadlines; rules.
Section 456.385 - Housing Choice Landlord Guarantee Program Fund.
Section 456.407 - Policy encouraging settlement of disputes.
Section 456.418 - Special assessment; lien; collection.
Section 456.426 - Functions of manufactured dwelling site information clearinghouse.
Section 456.429 - Scope of information collected.
Section 456.433 - Funding of clearinghouse.
Section 456.502 - Affordable Housing Land Acquisition Revolving Loan Program; rules.
Section 456.508 - Definitions for ORS 456.510 and 456.513.
Section 456.510 - Visitability requirements.
Section 456.513 - Exemption from visitability requirements.
Section 456.515 - Definitions for ORS 456.515 to 456.725 and ORS chapter 458.
Section 456.539 - Administration of Elderly and Disabled Housing Fund; rules.
Section 456.540 - Requirements for elderly housing project upon retirement of bond obligations.
Section 456.541 - Project applications for housing serving persons with disabilities.
Section 456.543 - Elderly and Disabled Housing Sinking Fund.
Section 456.548 - Definitions for ORS 456.548 to 456.725.
Section 456.559 - Powers and duties of department.
Section 456.561 - Loans, grants and funding awards; review.
Section 456.562 - Department intellectual property; fees.
Section 456.569 - Authority of Housing and Community Services Department to require fingerprints.
Section 456.571 - Powers and duties of council.
Section 456.572 - State housing plan; contents; annual update.
Section 456.576 - Self-Sufficiency Housing Fund.
Section 456.578 - Use of funds; petty cash fund.
Section 456.579 - Manufactured Dwelling Parks Account; restrictions; other moneys.
Section 456.581 - Uses of Manufactured Dwelling Parks Account; rules.
Section 456.582 - Prohibited acts; civil penalty.
Section 456.585 - Agriculture workforce housing information.
Section 456.594 - Definitions.
Section 456.595 - Petroleum supplier assessment; computation; effect of failure to pay; interest.
Section 456.597 - Oil-Heated Dwellings Energy Account.
Section 456.605 - Mortgage credit certificate program.
Section 456.607 - Definitions.
Section 456.608 - Rent Guarantee Program; rules.
Section 456.609 - Rent Guarantee Program Fund.
Section 456.612 - Declaration of financing purpose.
Section 456.620 - Duties of department in carrying out housing programs.
Section 456.623 - Project funding notification registry.
Section 456.630 - Services to qualified sponsors and institutions.
Section 456.635 - Commitments on residential loans.
Section 456.640 - Purchase of residential loans.
Section 456.645 - Revenue bonds.
Section 456.655 - When bonds not to be issued; debt service reserve; bond declaration.
Section 456.665 - Status of revenue bonds; negotiability; interest tax-exempt.
Section 456.675 - Bond provisions and limits; security for payment.
Section 456.685 - Bondholders’ remedies.
Section 456.690 - Loan authority of department; rules.
Section 456.692 - Loans financed through bonds secured by specific properties.
Section 456.705 - Servicing loans.
Section 456.710 - Payment of advances; use thereof; limitations.
Section 456.715 - Insurance of loans.
Section 456.717 - Interim construction financing for multifamily housing.
Section 456.720 - Housing Finance Fund; Housing Development Account.
Section 456.722 - Preferences in funding grants to low-income housing providers; rules.
Section 456.723 - Legislative finding on bonding authority of department.
Section 456.725 - Discrimination against purchaser with children prohibited; exceptions; rules.