(1) "Affordable housing" means residential housing that may be purchased or rented, with or without government assistance, by persons who meet the applicable income limits of local, state or federally funded programs or developments.
(2) "Area median income" means the median income for the county in which the subject housing is located, adjusted for family size, as determined by the Housing and Community Services Department using United States Department of Housing and Urban Development information.
(3) "Development costs" has the meaning given that term in ORS 456.548.
(4) "Low income households" means:
(a) For affordable housing that may be rented, households of one or more individuals whose combined incomes are at or below 60 percent of the area median income; or
(b) For affordable housing that may be purchased, households of one or more individuals whose combined incomes are at or below 80 percent of the area median income.
(5) "Operate" means to have sufficient direct or indirect control of qualified property that reasonably enables the Housing and Community Services Department, in its determination, to ensure the qualified property’s use for the purpose of providing affordable housing under the Local Innovation and Fast Track Housing Program established in ORS 458.485.
(6) "Own" means to possess one or more interests as described in ORS 458.485 (3) in a qualified property that reasonably enables the Housing and Community Services Department, in its determination, to ensure the qualified property’s use for the purpose of providing affordable housing under the Local Innovation and Fast Track Housing Program established in ORS 458.485.
(7) "Qualified property" means real or personal property, including infrastructure and indebtedness related to the real or personal property. [2016 c.61 §1; 2017 c.214 §1]
Note: 458.480 to 458.490 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 458 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.