ORS 456.258 Applicability; interpretation; rules

(1)

ORS 456.255 to 456.267 do not apply to or restrict the acquisition of property by:

(a)

A government that acquires the participating property by eminent domain or a negotiated purchase in lieu of eminent domain.

(b)

A purchaser of the participating property in a foreclosure sale that terminates the affordability restrictions.

(c)

A purchaser of the participating property by a deed in lieu of foreclosure provided that the contract restrictions are subordinate to the purchaser’s interest eligible for foreclosure and a notice of the deed in lieu is provided to the Housing and Community Services Department by the purchaser or property owner at least 30 days prior to the execution of the deed in lieu.

(2)

ORS 456.255 to 456.267 may not be interpreted to allow a property owner to terminate or breach a contract or to limit the rights of any tenant of a participating property or any other person who may enforce an affordability restriction against the property owner.

(3)

ORS 456.255 to 456.267 do not require any local government or the department to purchase or condemn any property or to maintain the affordability restrictions of any property.

(4)

Except as required by contract and ORS 456.255 to 456.267, a property owner may not take any action before the termination date that would materially interfere with a qualified purchaser’s ability to continue maintaining the participating property as publicly supported housing.

(5)

The termination date may not occur, and the publicly supported housing remains subject to affordability restrictions, until the property is eligible for withdrawal from publicly supported housing under ORS 456.262

(4)

and any contract requirements for the withdrawal of the property.

(6)

The department shall adopt rules to implement ORS 456.255 to 456.267.

Note: See notes under 456.250.