Oregon Statutes - Chapter 280 - Financing of Local Public Projects and Improvements; City and County Economic Development - Section 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.

(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]

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Last modified: August 7, 2008