Oregon Revised Statutes Chapter 307 § 307.221 — Housing and Community Services Department program for agency loans to cities

Housing and Community Services Department program for agency loans to cities and counties to fund project grants and project loans to developers; agency loan agreements; consultation with Oregon Business Development Department; rules. (1)(a) The Housing and Community Services Department shall develop a program to make agency loans to sponsoring jurisdictions to fund project grants and project loans awarded under the sponsoring jurisdiction’s project funding program adopted pursuant to ORS 307.214. (b) The agency loans shall be interest free for the term set by the sponsoring jurisdiction under ORS 307.216. (2) For each application approved under ORS 307.216 (5)(b), the Housing and Community Services Department shall: (a) Enter into an agency loan agreement with the sponsoring jurisdiction for a payment in an amount equal to the total of: (A) The agency loan proceeds in an amount equal to the project funding award for the application set under ORS 307.216 (3); and (B) The administrative costs set forth in subsection (3) of this section; and (b) Pay to the sponsoring jurisdiction the total amount set forth in paragraph (a) of this subsection out of the Housing Project Revolving Loan Fund established under ORS 307.237. (3) The administrative costs referred to in subsection (2)(a)(B) of this section are: (a) An amount not greater than five percent of the agency loan proceeds to reimburse the sponsoring jurisdiction for the costs of administering the project funding program, other than the costs of tax administration; and (b) An amount equal to one percent of the agency loan proceeds to be transferred to the county in which the sponsoring jurisdiction is situated to reimburse the county for the costs of the tax administration of the project funding program by the county tax officers. (4) The Housing and Community Services Department may assign any and all agency loan amounts made under this section to the Department of Revenue for collection as provided in ORS 293.250. (5) The Housing and Community Services Department may: (a) Consult with the Oregon Business Development Department about any of the powers and duties conferred on the Housing and Community Services Department by ORS 307.213 to 307.237; and (b) Adopt any rule it considers necessary or convenient for the administration of ORS 307.213 to 307.237 by the Housing and Community Services Department. [2024 c.110 §28; 2025 c.530 §15] Note: Section 36, chapter 110, Oregon Laws 2024, provides: Sec. 36. (1) The Housing and Community Services Department shall have developed and begun operating the loan program that the department is required to develop under section 28 of this 2024 Act [307.221], including regional trainings and outreach for jurisdictional partners, no later than June 30, 2025. (2) In the first two years in which the loan program is operating, the department may not expend an amount in excess of two-thirds of the moneys appropriated to the department for the purpose under section 62 of this 2024 Act. [2024 c.110 §36] Note: See note under 307.213.