Oregon Constitution "ARTICLE XI-A FARM AND HOME LOANS TO VETERANS"
ARTICLE XI-A of the Oregon Constitution, titled "Farm and Home Loans to Veterans," establishes a state-supported program that provides financial assistance to veterans for purchasing farms and homes. Here's a concise summary:
Purpose:
To provide low-interest loans to Oregon veterans to help them purchase farms and homes, recognizing their service to the state and nation.
Key Provisions:
Authorization of Bonds:
The state is authorized to issue bonds to fund the veterans’ loan program.
These bonds are general obligations backed by the full faith and credit of the State of Oregon.
Loan Eligibility:
Loans are available to qualified veterans who meet the service and residency requirements defined by law.
Use of Funds:
Funds can be used for the purchase of farms or homes, not for refinancing or commercial property.
Administered by the Oregon Department of Veterans' Affairs (ODVA).
Loan Repayment:
Veterans repay the loans with interest, which is used to repay the bonds and fund the program.
Limitations and Management:
The Oregon Legislature may enact laws to manage, expand, or amend the loan program.
Loans must meet criteria that ensure financial soundness of the program.
Historical Notes:
Originally passed in 1945 as a way to support returning WWII veterans.
Expanded and amended multiple times via ballot measures to accommodate new generations of veterans and to modernize financial mechanisms.
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