Portland City Code ch. 14 (Land Use Code)

Citation
Portland City Code ch. 14 (Land Use Code)
Jurisdiction
Portland (municipal)
Source
Official source
Original Source
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among very low-income, low-income and 17.3.6 Term of affordability
moderate-income households. A. Whenever funds from the Housing Trust Fund
3. The amount of funds budgeted for are used for the acquisition, construction, or
programs funded in part or in full from the substantial rehabilitation of an affordable rental
Housing Trust Fund. or cooperative unit, the City of Portland shall
C. Priority for the expenditure of funds collected impose enforceable requirements on the
pursuant to Section 17.1 shall be given to the owner of the housing unit that the unit remain
creation of new housing stock, through either affordable for the remaining life of the housing
new construction or conversion of unit, assuming good faith efforts by the owner
nonresidential buildings to residential use. to maintain the housing unit and rehabilitate it
as necessary. The remaining life of the housing
17.3.5 Distribution and use of the Housing Trust unit shall be presumed to be a minimum of 30
Fund’s assets years.
A. All distribution of principal, interest, or other B. Whenever funds from the Housing Trust Fund
assets of the Housing Trust Fund shall be made are used for the acquisition, construction, or
in furtherance of the public purposes set out in substantial rehabilitation of ownership housing,
Section 17.1. the City of Portland shall impose enforceable
B. During each year, the Housing Trust Fund shall resale restrictions on the owner to keep the
disburse as grants or loans so much of the housing unit affordable for the longest feasible
Housing Trust Fund’s assets as the City Council time, while maintaining and equitable balance
in its discretion has approved in the Housing between the interests of the owner and the
Trust Fund annual plan. interests of the City of Portland.
C. Funds shall