(2) The use of lottery bond proceeds is authorized based on the following findings:
(a) The grants and loans made will be used to fund projects that assist Oregon communities in managing growth, thereby attracting industry and workers and improving Oregon’s labor market; and
(b) The projects will bring jobs and economic diversity to Oregon’s distressed areas and rural communities.
(3) The aggregate principal amount of lottery bonds issued pursuant to this section may not exceed the sum of $25 million and an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs. Lottery bonds issued pursuant to this section shall be issued only at the request of the Director of the Housing and Community Services Department, in consultation with the Oregon Housing Stability Council.
(4) The net proceeds of lottery bonds issued pursuant to this section shall be deposited in the Community Development Incentive Project Fund, which is hereby established in the State Treasury separate and distinct from the General Fund.
(5) The proceeds of lottery bonds issued pursuant to this section shall be used only for the purposes set forth in subsection (1) of this section and for bond-related costs.
(6) Interest earned by the Community Development Incentive Project Fund shall be credited to the fund or to the Housing Development and Guarantee Account, as determined by the council. In addition to any other moneys specifically designated by law, the fund shall consist of any amounts appropriated by the Legislative Assembly and any gifts, grants or donations. [Subsections (1) to (5) of 1999 Edition enacted as 1999 c.702 §3; subsection (6) of 1999 Edition enacted as 1999 c.956 §3; 2003 c.743 §7; 2007 c.783 §203b; 2015 c.180 §30]
Note: See note under 458.705.
Structure 2021 Oregon Revised Statutes
Volume : 13 - Housing, Games, Environment
Chapter 458 - Housing and Community Services Programs; Individual Development Accounts
Section 458.210 - Community development corporations; description.
Section 458.215 - Local capacity building program.
Section 458.220 - Community development corporation grants and assistance; rules.
Section 458.225 - Preference for certain community development corporations.
Section 458.305 - Legislative findings.
Section 458.310 - Housing revitalization program; criteria; rules.
Section 458.352 - Manufactured dwelling park preservation loan program; eligibility; reporting.
Section 458.356 - Manufactured dwelling replacement loans; eligibility; rules.
Section 458.362 - Manufactured housing advisory committee; membership; reporting.
Section 458.366 - Manufactured Home Preservation Fund.
Section 458.375 - Rental housing assistance for very low income elderly persons; rules.
Section 458.377 - Elderly Rental Assistance Fund.
Section 458.390 - Rental assistance program for youth and young adults at risk of homelessness.
Section 458.392 - Long-Term Rent Assistance Fund.
Section 458.405 - Legislative findings.
Section 458.430 - Authority of state to lease property not owned by state.
Section 458.460 - Bidding procedure for multiple applicants.
Section 458.480 - Definitions.
Section 458.485 - Local Innovation and Fast Track Housing Program; rules.
Section 458.490 - Local Innovation and Fast Track Housing Program Fund.
Section 458.510 - Energy Crisis Trust Fund.
Section 458.528 - Policy on homelessness.
Section 458.530 - Policy on hunger.
Section 458.532 - Hunger Task Force.
Section 458.545 - Task force powers and duties.
Section 458.600 - Policy and intent.
Section 458.610 - Definitions for ORS 458.600 to 458.665; rules.
Section 458.620 - Oregon Housing Fund; subaccounts.
Section 458.625 - Housing Development Grant Program; uses; policies.
Section 458.650 - Emergency Housing Account; grant policies.
Section 458.655 - Home Ownership Assistance Account; grant preferences.
Section 458.658 - Assistance for organizations supporting homeownership for persons of color.
Section 458.660 - Agricultural Worker Housing Development Account.
Section 458.665 - General Housing Account; rules.
Section 458.670 - Definitions for ORS 458.670 to 458.700.
Section 458.675 - Legislative findings.
Section 458.680 - Persons qualifying as account holders.
Section 458.690 - Required account features; rules.
Section 458.695 - Selection of fiduciary organizations.
Section 458.700 - Authority of fiduciary organizations; rules.
Section 458.705 - Legislative findings.
Section 458.720 - Community Development Incentive Project Fund; purpose; lottery bond proceeds.
Section 458.725 - Fund appropriation and expenditure guidelines.
Section 458.730 - Department use of financing mechanisms; determination of funding adequacy.
Section 458.735 - Department review of projects; lending criteria.