Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 15 - OREGON RURAL REHABILITATION PROGRAM
Section 813-015-0011 - Eligibility for Funding
Universal Citation: OR Admin Rules 813-015-0011
Current through Register Vol. 63, No. 9, September 1, 2024
Subject to the availability of Funds and limitations otherwise prescribed by law, the Department may provide funding in the form of ORR Loans to Eligible Borrowers for Eligible Projects.
(1) The Department may make ORR Loans to Eligible Borrowers under the terms and conditions as set forth in the Program rules and Program loan application.
(2) Program criteria includes but is not limited to:
(a) The Eligible Borrower shall
provide a complete Program loan application, as determined by the
Department.
(b) The Eligible
Project may be new construction, acquisition and/or rehabilitation, multiple
homeownership or multi-family rental housing with a minimum of two (2)
units.
(c) The ORR Loan may be in a
first or junior lien position provided there is one-hundred percent (100%) or
greater security of the ORR Loan for the full term, as determined by the
Department.
(d) The ORR Loan shall
not exceed 35 percent (35%) of the Eligible Project costs or $100,000;
whichever is less, except upon a finding by the Department that special
circumstances justify a greater amount at the discretion of the
Director.
(e) Eligible Borrowers
include Nonprofit Housing Corporations, for profit or governmental entities
that are developers of affordable Farmworker housing.
(f) The Eligible Project must be used
primarily as Farmworker housing with related support services, as further
defined in Division 813-015-0006.
Stat Auth: ORS 456.515 - 456.725
Stats Implemented: ORS 456.515 - 456.725, 566.310 - 566.360
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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