Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 140 - COMMUNITY DEVELOPMENT INCENTIVE PROJECT FUND
Section 813-140-0110 - Small Community Incentive Fund

Universal Citation: OR Admin Rules 813-140-0110

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

(1) The Small Community Incentive Fund may provide loans and grants to eligible projects which require a financial incentive or gap financing. The maximum amount of financing that may be provided by the Small Community Incentive Fund for a project, whether in the form of a grant or loan or a combination of both, is $80,000.

(2) In order to be eligible for financing by the Small Community Incentive Fund, a project must meet the parameters described in the previous sections of the rule with the following exceptions:

(a) The project must be located within the urban growth boundary of an incorporated Oregon city, or in an Urban Unincorporated Community, Rural Community, or Rural Service Center that is served by a community sewer system and/or a community water system.

(b) The project must achieve at least one of the three objectives of ORS 458.725(1) through (3).

(3) The Department may make the following types of loans:

(a) Predevelopment loans which shall be fully secured with collateral acceptable to the Department and shall:
(A) Not accrue interest and have a term not to exceed 6 months, or

(B) Accrue interest at the rate of 1% per annum and have a term of more than 6 months but not to exceed 12 months.

(b) Short-term 1-5 year loans which shall accrue interest at the rate of 3% per annum, have a term not to exceed five years, and require a minimum annual payment of interest.

(4) The Regional Economic Revitalization Team will determine at the local level the process for evaluating applications, including use of a first-come, first-served or competitive process (see Overview). The Regional Economic Revitalization Team for the region in which a project is located and other experts as appropriate will review the funding requests for projects in its region. The Regional Economic Revitalization Team will determine if other Economic Revitalization Team agency resources are available to fund a project and if so, will direct the applicant to the appropriate agency. The Regional Economic Revitalization Team will, in evaluating the project, consider factors such as how well a project meets the Fund's threshold criteria, the Fund's preferences, and the financial feasibility of the project. Projects selected by the Regional Economic Revitalization Team will be forwarded to the Department, along with the Regional Economic Revitalization Team's comments and recommended conditions of award. The forwarded projects will be submitted to the Board. The Board will provide comments to the OHCS director before funding approval is made. The Director, or his designee, shall make all final funding determinations and announce conditional awards.

Stat. Auth.: ORS 458.705 - 458.740

Stats. Implemented: ORS 458.705 - 458.740

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