(1) The Housing and Community Services Department may effect loans, grants and other funding awards to accomplish department housing programs, subject to any requirement under this section for review and approval by the Oregon Housing Stability Council of proposals for loans, grants or other funding awards.

(2) The department shall submit a loan, grant or other funding award proposal arising under ORS § 456.515 to 456.725 programs to the council for review if the proposal is for:

(a) A housing loan on property that has a purchase price in excess of an applicable threshold property purchase price established by rule under ORS § 456.555 (10); or

(b) A housing grant or other housing funding award in excess of an applicable threshold amount established by rule under ORS § 456.555 (11).

(3) The council shall review each loan, grant or other funding award proposal submitted by the department under this section and approve or disapprove the loan, grant or other funding award proposal.

(4) Council review of loan, grant or other funding award proposals under this section shall be held at a public hearing of the council. The council meeting notice required by ORS § 192.640 shall include notice of the loan, grant or other funding award proposal review, the names of the applicants and the subject of the loan, grant or funding award proposal. The council shall provide notice of a loan, grant or other funding award proposal review to the loan, grant or other funding award applicant not less than five days before the review hearing. [2005 c.74 § 2; 2009 c.61 § 2; 2015 c.180 § 8; 2021 c.448 § 6]

456.561 was added to and made a part of 456.515 to 456.725 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.