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Oregon Revised Statutes Revenue and Taxation § 307.603

Current as of January 01, 2023 | Updated by Findlaw Staff

As used in ORS 307.600 to 307.637:

(1) “Establish” means, unless the context requires otherwise, making existing multiple-unit housing subject to a low income housing assistance contract.

(2) “Lender” means any person who makes a loan, secured by a recorded mortgage or trust deed, to finance the acquisition, construction, addition or conversion of multiple-unit housing.

(3) “Light rail station area” means an area defined in regional or local transportation plans to be within a one-half mile radius of an existing or planned light rail station.

(4) “Low income housing assistance contract” means an agreement between a public agency and a property owner that results in the production, rehabilitation, establishment or preservation of housing affordable to those with a defined level of household income.

(5) “Multiple-unit housing” means:

(a) Housing that is or becomes subject to a low income housing assistance contract with an agency or subdivision of this state or the United States; or

(b) Newly constructed structures, stories or other additions to existing structures and structures converted in whole or in part from other use to housing that meet the following criteria:

(A) The structure must have a minimum number of dwelling units as specified by the city or county pursuant to ORS 307.606 (4).

(B) The structure must not be designed or used as transient accommodations, including but not limited to hotels and motels.

(C) The structure must have those design elements benefiting the general public, including any commercial use of a portion of the structure, as specified by the city or county pursuant to ORS 307.618.

(D) If in a light rail station area or transit oriented area, the structure must:

(i) Be physically or functionally related to a light rail line or mass transportation system; and

(ii) Enhance the effectiveness of a light rail line or mass transportation system.

(6) “Transit oriented area” means an area defined in regional or local transportation plans to be within one-quarter mile of a fixed route transit service.

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Cite this article: FindLaw.com - Oregon Revised Statutes Revenue and Taxation § 307.603 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-29-revenue-and-taxation/or-rev-st-sect-307-603/

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