(1) As used in this section:

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(a) ‘Elderly household’ has the meaning given that term in ORS § 456.515.

(b) ‘Elderly housing project’ means a residential care facility as defined in ORS § 443.400, including but not limited to an assisted living facility, or an independent living community, that is:

(A) Financed through a Housing and Community Services Department housing program under ORS § 456.515 to 456.725 or ORS Chapter 458 or another department program; and

(B) Composed of more than one living unit for elderly households, but does not provide continuous nursing care.

(c)(A) ‘Independent living community’ means a facility that is organized to provide housing and services to elderly households.

(B) ‘Independent living community’ does not mean:

(i) A residential care facility as defined in ORS § 443.400.

(ii) A nursing facility.

(2) If an elderly housing project has repaid the financing received through a Housing and Community Services Department housing program under ORS § 456.515 to 456.725 in full and retired any bond obligations related to the project, the department may not require the project, or a management company that is owned by or hired by the project to perform property management duties with respect to the project, to hire, retain or otherwise engage a real estate property manager, real estate broker or principal real estate broker licensed under ORS § 696.022. [2018 c.92 § 2]

456.540 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS Chapter 456 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.