Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 12 - RENTAL HOUSING PROGRAM
Section 813-012-0090 - Processing Procedures
Current through Register Vol. 63, No. 3, March 1, 2024
(1) The Department shall provide a list of Program Loan application contents, and shall provide the prospective Borrower a reasonable opportunity to discuss the application and the Department's criteria for financing.
(2) After receiving a completed Program Loan application package from the prospective Borrower, the Department shall evaluate each Project for consistency with the Department's underwriting and policy standards.
(3) Program Loans under $100,000 may be approved by the Department. Any Program Loan for an amount over $100,000 must be approved by the State Housing Council:
(4) If an application is approved, the Department shall issue a Commitment. The Commitment shall be conditioned upon the subsequent sale and delivery of Bonds at a rate acceptable to the Department, and shall state:
(5) If the Eligible Borrower does not complete the requirements by the dates specified in the Commitment, the Commitment shall expire, unless the Department grants an extension in writing. The Department may require payment of an additional charge upon approval of an extension of the dates upon which Commitment conditions shall be met.
(6) If the Department fails to sell Bonds at an interest rate which would allow the Department to pay Bond debt service and Program costs, and make Program Loans at or below the maximum rate stated in the Commitment, the Commitment shall terminate.
Stat. Auth.: ORS 90.800 - 90.840, 90.630, 183, 456.515 - 456.723, 458.210 - 458.650
Stats. Implemented: ORS 456.625