(1) Not more than 50 percent of the total amount of any financing provided by the Housing and Community Services Department for a particular housing development may be used to finance commercial, recreational, industrial, communal or educational facilities. Profits from incidental elements shall be applied to loans due under ORS § 456.548 to 456.725.

Terms Used In Oregon Statutes 456.697

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

(2) A limited dividend housing sponsor shall be restricted as to distribution of income and shall be regulated as to rents, charges, rate of return and methods of operation as the department determines necessary to carry out the purposes of ORS § 456.548 to 456.725.

(3) Not more than 50 percent of the total amount of any financing provided by the department for a particular residential housing development may be used to finance nonhousing facilities.

(4) An insured or guaranteed residential loan need not be secured by a first mortgage on real property but, unless the loan is to a manufactured dwelling park nonprofit cooperative, shall be secured by a security interest of first priority. If the insured or guaranteed loan is to a manufactured dwelling park nonprofit cooperative, the loan shall be secured by a security interest of first or second priority. [2007 c.607 § 9]

 

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