Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 12 - RENTAL HOUSING PROGRAM
Section 813-012-0150 - Transfer of Ownership

Universal Citation: OR Admin Rules 813-012-0150

Current through Register Vol. 63, No. 9, September 1, 2024

(1) A Borrower or Eligible Borrower who has received a Program Loan or Commitment from the Department shall not transfer ownership, lease or otherwise encumber any property which serves or will serve as security for a Program Loan without prior written approval from the Department. Approval will not be unreasonably withheld.

(2) A transfer of ownership means a sale, conveyance or other transfer of:

(a) Any interest of a general partner;

(b) Any interest in a joint venture;

(c) More than 25 percent of the limited partner's interest;

(d) More than 10 percent of a corporate owner's interest; or

(e) Any individual interest when the ownership is not a limited partnership, general partnership, joint venture or corporation.

(3) The Department may require a transfer application charge from owners of Projects that receive loans through the Department, who request the Department's approval of a change in Project ownership. The Department may require a transfer review charge to Project owners and transferees who effect a change in project ownership without prior written approval from the Department.

(4) A 100 percent transfer of ownership means a sale, conveyance or other transfer of:

(a) All interest of a general partnership;

(b) All interest of a joint venture;

(c) All interest of a corporation;

(d) All general partners' interest in a limited partnership; or

(e) All individual interest of an ownership entity when the ownership entity is not a limited partnership, general partnership, joint venture or corporation.

Stat. Auth.: ORS 90.800 - 90.840, 90.630, 183, 456.515 - 456.723, 458.210 - 458.650

Stats. Implemented: ORS 456.625

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