(2) Applicants for revitalization program funds shall be:
(a) A unit of local government;
(b) A housing authority;
(c) A nonprofit corporation; or
(d) An applicant eligible under paragraph (a), (b) or (c) of this subsection who contracts with another entity, including a private for-profit corporation.
(3) Housing revitalization projects shall bring into use vacant and abandoned property or rehabilitate substandard property, or both. Eligible project activities include, but are not limited to:
(a) Purchase of property;
(b) Rehabilitation of housing units;
(c) New construction to replace units for which rehabilitation is infeasible;
(d) Mortgage interest subsidies or reduction of principal loan amounts; or
(e) Other activities that have the effect of making properties available to and occupied by persons of lower income, such as loan guarantees.
(4) Projects funded by the housing revitalization program shall be rental or owner-occupied single or multifamily housing.
(5) The housing rehabilitation program shall create affordable housing in which rent levels are no higher than 30 percent of 80 percent of median income levels.
(6) Priority shall be given to projects applied for under subsections (1) to (5) of this section that provide opportunities for low and moderate income persons to own their housing units.
(7) Priority among rental housing projects shall be given to projects applied for under subsections (1) to (5) of this section that:
(a) Have rent levels no higher than 30 percent of 50 percent of the median income level, or less;
(b) Are owned and operated by a nonprofit or a governmental unit; and
(c) Demonstrate a coordinated local effort to integrate housing, job placement and social services.
(8) In implementing this section and ORS 458.305, the council shall work to ensure a reasonable geographic distribution of funds among different regions of the state and shall place special emphasis on ensuring that funds are available to projects in rural areas. [1989 c.1016 §2; 1995 c.79 §269; 2009 c.11 §64; 2015 c.180 §15]
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