Oregon Statutes 280.432 – Limitations on housing loans from bond proceeds; discrimination; relocation; conversion
(1) Cities, in purchasing or servicing or making commitments to purchase or service residential mortgage loans under ORS § 280.430 (5), shall not participate in the refinancing of housing by existent owners or purchasers of that housing and shall not allow the assumption of those loans by persons not eligible for them.
Terms Used In Oregon Statutes 280.432
- City: includes any incorporated village or town. See Oregon Statutes 174.100
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
(2) No owner-purchaser shall have more than one mortgage loan under ORS § 280.430 (5) outstanding at any time.
(3) No city shall make or participate in the making of a mortgage loan to a multiple unit residential housing project under ORS § 280.425 (3) unless the housing sponsor has agreed to not discriminate against any dwelling unit purchaser or tenant who is a parent or legal guardian with whom a child resides or is expected to reside. This subsection shall not apply to housing projects occupied exclusively by households, the heads of which are 62 years of age or older.
(4) Regardless of the ownership of property used for a multiple unit housing project financed under ORS § 280.425 (3), a city shall, in financing the project, provide a plan for relocation of displaced persons.
(5) A city shall not finance projects under ORS § 280.425 (3) which result in the conversion of existing occupied residential rental units to cooperative or condominium projects. [1979 c.865 § 2d]