Oregon Revised Statutes Chapter 458 § 458.490 — Local

Local Innovation and Fast Track Housing Program Fund. (1) The Local Innovation and Fast Track Housing Program Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned on moneys in the Local Innovation and Fast Track Housing Program Fund shall be credited to the fund. (2) The fund consists of moneys deposited into the fund pursuant to section 1 (6), chapter 685, Oregon Laws 2015. (3) Moneys in the fund are continuously appropriated to the Housing and Community Services Department for: (a) The purposes described in ORS 458.485; (b) Payment of the costs incurred by the department to administer the fund; and (c) Payment of bond-related costs, as defined in ORS 286A.816. [2016 c.61 §3] Note: Sections 1 to 6, chapter 501, Oregon Laws 2025, provide: Sec. 1. Sections 2 to 5 of this 2025 Act are added to and made a part of ORS 458.480 to 458.490. [2025 c.501 §1] Sec. 2. Use of Local Innovation and Fast Track Housing Program for factory-produced housing. (1) As used in sections 2 to 5 of this 2025 Act, “factory-produced housing” means housing that is produced through off-site construction of the housing or housing components, and that includes manufactured dwellings, as defined in ORS 446.003, prefabricated structures, as defined in ORS 197A.015, or other types of housing developed through volumetric modular, panelized modular or other modular components. (2) The Housing and Community Services Department shall use moneys available in the Local Innovation and Fast Track Housing Program Fund to provide funding to acquire or construct factory-produced housing for low income households consistent with the requirements of ORS 458.480 to 458.490. (3) The department may provide funding for up to five separate recipients or locations under this section. (4) In awarding funding under this section, in addition to applying criteria adopted under ORS