ORS 315.281 Definitions for credit allowed for sale of publicly supported housing

As used in ORS 315.281 to 315.291:

“Affordability restriction” has the meaning given that term in ORS 456.766.

“Identity of interest” means a relationship in which a purchaser and seller are related by blood or marriage or are affiliated through a business relationship.

“Publicly supported housing” has the meaning given that term in ORS 456.766.

“Qualifying sale” means any sale of publicly supported housing to a purchaser that enters into a recorded affordability restriction agreement governing the use of the housing that:

Applies to publicly supported housing on or before the expiration of the right of first refusal under ORS 456.814 (3)(d); and

Adopts affordability restrictions for a period of at least 30 years that:

For dwelling units of the participating property that were subject to an expired or expiring affordability restriction, extend those expired or expiring restrictions, except in cases where the affordability restriction was based on a project-based rental assistance program which has been terminated by the issuing agency; or

For any other dwelling units, require rental rates for the housing to be affordable under federal rental affordability standards to households earning 80 percent of the area median income.