Repayment of agency loans. (1) Repayment of agency loans made under ORS 307.221 shall begin, in accordance with ORS 307.231, after completion of the eligible housing project funded by the project grant or project loan to which the agency loan relates, or after another date or other circumstances agreed to by the parties to a project funding agreement under ORS 307.223

(2)(a) The sponsoring jurisdiction shall determine the date of completion of an eligible housing project.

(b)(A) If an eligible housing project is completed before July 1 of the assessment year, repayment shall begin with the property tax year that begins on July 1 of the assessment year.

(B) If an eligible housing project is completed on or after July 1 of the assessment year, repayment shall begin with the property tax year that begins on July 1 of the succeeding assessment year.

(c) After determining the date of completion under paragraph (a) of this subsection, the sponsoring jurisdiction shall notify the Housing and Community Services Department and the county tax officers of the determination.

(3) A loan shall remain outstanding until repaid in full. [2024 c.110 §31; 2025 c.530 §18]

Note: See note under 307.213.