The Housing and Community Services Department shall establish and maintain an affordable housing preservation program to coordinate affordable housing preservation efforts and incentivize the analysis and preservation of affordable housing, including publicly supported housing and manufactured dwelling parks. Under the program, the department shall: (1) Collect and maintain data from local, state and federal sources on affordable housing in this state, including the status of existing affordability restrictions and rental assistance contracts at publicly supported housing. (2) Identify categories of affordable housing at risk of loss, including: (a) Properties with expiring federal rent assistance contracts; (b) Properties with expiring affordability restrictions; (c) Properties with affordability restrictions in physical or financial distress; and (d) Manufactured dwelling parks at risk of sale or closure. (3) Take actions to promote housing stability, for residents of: (a) Affordable housing that is at risk of loss or that has been recently lost; or (b) Residents of manufactured dwelling parks or marinas at risk of sale or closure. (4) Establish and periodically update evaluation criteria for affordable housing preservation investments. (5) Identify and aggregate available sources of funding, including moneys available from federal and private grants or programs, appropriations by the Legislative Assembly, existing funds of the department or financing available from Article XI-Q bond proceeds under ORS 286A.824 or 458.480 to 458.490 or proceeds of other bonds issued by the State Treasurer, and use such sources of funding to implement preservation investments for affordable housing in accordance with the established evaluation criteria. (6) Regularly analyze operating expenses of the existing portfolio of publicly supported housing that is funded by the department to inform the departments underwriting standards for financing the construction of new and the preservation of existing publicly supported housing and to inform forecasts of preservation funding needs. (7) Regularly update and publish an affordable housing preservation strategy framework report that includes information identified in subsections (1) and (2) of this section and forecasts the financial need to preserve affordable housing. (8) Execute the duties of the department under ORS 456.766 to 456.828.
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