(1) "Affordable housing covenant" means a nonpossessory interest in real property imposing limitations, restrictions or affirmative obligations that encourage development or that ensure continued availability of affordable rental and owner-occupied housing for low or moderate income individuals.

(2) "Area median income" means the median income for the metropolitan statistical area in which the affordable housing is located, as determined by the Housing and Community Services Department, adjusted for household size.

(3) "Eligible covenant holder" means:

(a) A public body, as defined in ORS 174.109;

(b) An agency of the United States government;

(c) A public benefit corporation or religious corporation, as those terms are defined in ORS 65.001, one purpose of which is to provide affordable housing for low or moderate income households;

(d) A consumer housing cooperative, as defined in ORS 456.548;

(e) A manufactured dwelling park nonprofit cooperative corporation; or

(f) A federally recognized Indian tribe.

(4) "Low income household" means a household with income less than or equal to 80 percent of the area median income.

(5) "Moderate income household" means a household with income less than or equal to 120 percent and greater than 80 percent of the area median income.

(6) "Subsidy" includes, but is not limited to:

(a) A grant, loan or contract made by a federal agency, a federally recognized Indian tribe or a public body, as defined in ORS 174.109;

(b) A grant, loan or contract made by a nonprofit corporation or a limited liability company the sole member of which is a nonprofit corporation;

(c) A subsidized loan from a lending institution that makes loans for residential housing; or

(d) A subsidized private transaction.

(7) "Third-party right of enforcement" means a right provided in an affordable housing covenant to a third party to enforce the terms of the covenant. [2007 c.691 §2; 2009 c.11 §63]

Note: 456.270 to 456.295 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 456 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.