Oregon Statutes 307.515 – Definitions for ORS 307.515 to 307.523
As used in ORS § 307.515 to 307.523:
Terms Used In Oregon Statutes 307.515
- City: includes any incorporated village or town. See Oregon Statutes 174.100
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(1) ‘Governing body’ means the city or county legislative body having jurisdiction over the property for which an exemption may be applied for under ORS § 307.515 to 307.523.
(2) ‘Lender’ means the provider of a loan secured by the recorded deed of trust or recorded mortgage made to finance the purchase, construction or rehabilitation of a property used for low income housing under the criteria listed in or adopted under ORS § 307.517, 307.518 or ORS § 307.520.
(3) ‘Limited equity cooperative’ means a cooperative corporation formed under ORS Chapter 62 whose articles of incorporation, in addition to the other requirements of ORS Chapter 62, prohibit members from selling their ownership interests:
(a) To any person other than a low income person; or
(b) For a sales price that exceeds the sum of:
(A) The price the member paid for the ownership interest;
(B) The cost of any permanent improvements the member made to the housing unit during the member’s ownership;
(C) Any special assessments the member paid to the limited equity cooperative during the member’s ownership that were expended to make permanent improvements to the building in which the member’s housing unit is located; and
(D) A return on the amounts described in subparagraphs (A) to (C) of this paragraph, computed from the year in which the respective amount was paid, that equals the greater of the result of:
(i) Adjusting each amount by the percentage increase, if any, in the Consumer Price Index for All Urban Consumers, West Region (All Items), as published by the Bureau of Labor Statistics of the United States Department of Labor; or
(ii) Increasing each amount by three percent compounded annually.
(4) According to the election of a governing body pursuant to ORS § 307.519 (1), ‘low income’ means:
(a) Income at or below 60 percent of the area median income as determined by the Oregon Housing Stability Council based on information from the United States Department of Housing and Urban Development;
(b)(A) For the initial year that persons occupy property for which an application for exemption is filed under ORS § 307.521, income at or below 60 percent of the area median income as determined by the Oregon Housing Stability Council based on information from the United States Department of Housing and Urban Development; and
(B) For every subsequent consecutive year that the persons occupy the property, income at or below 80 percent of the area median income as determined by the Oregon Housing Stability Council based on information from the United States Department of Housing and Urban Development; or
(c) For housing units on property that is awarded tax credits through the federal Low-Income Housing Tax Credit program and is a qualified low-income housing project meeting the requirements of 26 U.S.C. § 42(g)(1)(C), income at or below 80 percent of the area median income as determined by the Oregon Housing Stability Council based on information from the United States Department of Housing and Urban Development, provided the average area median income of all housing units on the property is at or below 60 percent of the area median income as determined by the Oregon Housing Stability Council based on information from the United States Department of Housing and Urban Development.
(5) ‘Rent’ includes charges paid by the holder of a proprietary lease in a limited equity cooperative for occupancy of a housing unit owned by the cooperative. [1989 c.803 § 1; 1991 c.930 § 3; 1993 c.168 § 3; 2015 c.180 § 44; 2015 c.310 § 3; 2021 c.528 § 2; 2023 c.398 § 19]