Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 135 - LOCAL INNOVATION AND FAST TRACK (LIFT)
Section 813-135-0040 - Allocation of Bond Proceeds

Universal Citation: OR Admin Rules 813-135-0040

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

(1) OHCS may, to the extent of its authority, allocate bond proceeds to projects selected for funding by the Housing Stability Council.

(2) OHCS shall allocate the funds in compliance with the requirements of the Oregon Constitution, Article XI-Q, ORS 456.559(1)(f) and the rules of this division. Applications will be solicited during specified periods within OHCS's NOFA or ORCA process. OHCS may also select from a pool of qualified applicants, or such other process OHCS deems appropriate. Housing Stability Council may also direct OHCS to use local jurisdiction funding processes to commit funding to projects that otherwise meet programmatic requirements.

(3) OHCS may choose whether to allocate all funds available.

(4) The obligation to repay the LIFT Loan principal shall be satisfied upon repayment in full at maturity. In the alternative, and at the election of the borrower at any time after the initial affordability period, such obligation may be:

(a) Satisfied upon the borrower executing (and where OHCS deems necessary, recording) agreements:
(A) Subjecting the qualified property to an additional affordability period equivalent to the initial level of affordability; and

(B) Ensuring that the equity of the LIFT Loan continues to benefit the qualified project;

(b) Extended beyond the initial maturity date on the condition that:
(A) Substantially equivalent (as determined by OHCS) affordability is maintained through the extended affordability date; and

(B) The equity of the LIFT Loan continues to benefit the qualified project. At the request of the borrower, OHCS also may consider a combination of LIFT Loan repayment, affordability preservation, and loan extension in proportion to the previously identified options.

(5) LIFT Loans may be prepaid provided that affordability is ensured in a manner satisfactory to OHCS. Examples include:

(a) Loan fully repaid at maturity.

(b) Loan satisfied by a 30-year affordability extension where the LIFT equity is used to rehabilitate the qualified project.

(c) Loan terms extended for an additional 20 or 30-year affordability term.

(d) Loan prepaid at year 15 with continued affordability ensured for the entirety of the initial affordability term.

Statutory/Other Authority: ORS 456.515 - 456.725

Statutes/Other Implemented: ORS 458.480-458.490

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