15.17.075 Use of revenue.
A. Except funds withheld for administrative costs under Section 15.17.085, all construction excise taxes levied upon projects on commercial, industrial and mixed-use property under Section 15.17.025(A) shall be used in accordance with Subsections (C) and (D) herein; and
B. Except funds withheld for administrative costs under Section 15.17.085, construction excise taxes levied upon projects on residential improvements under Subsections 15.17.025(B) and (C) shall be used as follows:
1. 50% to fund developer incentives under subsection (C);
2. 15% to the Oregon Housing and Community Services Department; and
3. 35% to fund developer incentives and affordable housing programs under subsections (C) and (D), herein.
C. The City may fund developer incentives allowed or offered pursuant to ORS 197.309(5)(c) and (d) and 197.309(7), including but not limited to:
1. system development;
2. land acquisition; and
3. local public improvements required by municipal governments.
D. The City may fund affordable housing programs in accordance with Section 9, Chapter 59, Oregon Laws 2016, including but not limited to:
1. Rent buy-downs and subsidies; and
2. Down-payment assistance; and
3. Foreclosure-prevention assistance.
E. Any affordable housing unit built or purchased with construction excise tax funds shall have recorded in its chain of title a deed restriction that requires that the property remain “affordable housing” as defined by this chapter, for a period of no less than 50 years from the date of restriction.
F. The City is authorized to enter into a contract with the regional housing authority to carry out the purposes of this Section 15.17.075