Oregon Statutes 289.100 – Oregon Facilities Authority; members; qualifications; term
(1) There is created a body politic and corporate to be known as the Oregon Facilities Authority. The authority is constituted a public instrumentality, and the exercise by the authority of the powers conferred by this chapter is the performance of an essential public function.
Terms Used In Oregon Statutes 289.100
- Authority: means the Oregon Facilities Authority created by this chapter. See Oregon Statutes 289.005
- Cost: means the cost of:
(A) Construction, acquisition, alteration, enlargement, reconstruction and remodeling of a project, including all lands, structures, real or personal property, rights, rights of way, air rights, franchises, easements and interests acquired or used for or in connection with a project;
(B) Demolition or removal of buildings or structures on land as acquired, including the cost of acquiring lands to which the buildings or structures may be moved;
(C) All machinery and equipment;
(D) Financing charges, interest prior to, during and for a period after completion of construction and acquisition, reasonably required amounts to make the project operational, provisions for reserves for principal and interest and for extensions, enlargements, additions, replacements, renovations and improvements;
(E) Architectural, actuarial engineering, financial and legal services, plans specifications, studies, surveys, estimates of costs and of revenues, administrative expenses, expenses necessary or incident to determining the feasibility or practicability of constructing the project;
(F) Management, operation or funding of a qualified program; and
(G) Other expenses that are necessary or incident to a project, the financing of the project or the placing of the project in operation. See Oregon Statutes 289.005
- Institution: means a cultural institution, a health care institution, a housing institution, an institution for higher education, an institution for prekindergarten through grade 12 education, a school for persons with disabilities or another nonprofit. See Oregon Statutes 289.005
- Project: means the financing or refinancing of the costs, including, without limitation, acquisition, construction, enlargement, remodeling, renovation, improvement, furnishing and equipping, of the following:
(i) In the case of a participating institution that is an institution for higher education, an institution for prekindergarten through grade 12 education or a school for persons with disabilities, a structure, within this state or outside this state, that is suitable for use as a dormitory or other multiunit housing facility for students, faculty, officers or employees, or a dining hall, student union, administration building, academic building, library, laboratory, research facility, classroom, athletic facility, health care facility, maintenance, storage or utility facility and other structures or facilities, within this state or outside this state, that are related to any of the structures required or used for the instruction of students, the conducting of research or the operation of an institution for higher education, an institution for prekindergarten through grade 12 education or a school for persons with disabilities. See Oregon Statutes 289.005
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(2) The authority consists of seven members who must be residents of this state, not more than four of whom are members of the same political party. The State Treasurer shall appoint the members, and members serve at the pleasure of the State Treasurer. At least one of the members must be an individual knowledgeable in the field of state and municipal finance. At least one of the members must be an individual knowledgeable in the building construction field.
(3) Upon the expiration of the term of a member, the State Treasurer shall appoint a successor for a term of four years.
(4) The State Treasurer shall appoint an individual to fill a vacancy for the remainder of the unexpired term. [1989 c.820 § 3; 1991 c.408 § 2; 2001 c.261 § 1; 2007 c.785 § 3]
Sections 50 to 52, chapter 13, Oregon Laws 2023, provide:
Section 51 of this 2023 Act is added to and made a part of ORS Chapter 289. [2023 c.13 § 50]
(1) The Oregon Facilities Authority shall provide financing, including refinancing, to local governments or housing developers for predevelopment costs, including infrastructure, site acquisition, planning, reports, surveys and consultants.
(2) Financing under this section is available only for housing projects that will be subject to an affordability restriction, including an affordable housing covenant under ORS § 456.270 to 456.295, that:
(a) Has a term of no less than 25 years; and
(b) Requires that each dwelling unit be rented as the primary residence for a moderate income household as defined in ORS § 456.270.
(3) The financing provided by the authority under this section:
(a) May not exceed $500,000 per eligible project;
(b) Must charge interest of three percent or lower;
(c) May only be used for a project with a total cost of less than $40,000,000 or that consists of 80 or fewer residential units; and
(d) May not exceed 75 percent of the project’s total predevelopment costs unless the project will be restricted to households with incomes equal to or less than the area median income.
(4) Notwithstanding the definitions of ‘housing institution‘ and ‘project’ under ORS § 289.005, the activity of the authority under this section is an eligible project, as that term is used in this chapter [ORS Chapter 289]. [2023 c.13 § 51]
Section 51 of this 2023 Act is repealed on January 2, 2026. [2023 c.13 § 52]