Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 350 - GENERAL GUARANTEE PROGRAM
Section 813-350-0030 - Eligibility for Guarantees
Universal Citation: OR Admin Rules 813-350-0030
Current through Register Vol. 63, No. 9, September 1, 2024
(1) The Department may provide guarantees for the partial repayment of loans made by lenders to finance the construction, development, acquisition, and/or rehabilitation of, and/or for the partial repayment of leases made by sponsors or leasing companies to facilitate the equipping, development or operation of:
(a) Suitable housing for low and/or very-low
income persons and households including, but not limited to, suitable housing
for disabled persons, farmworkers, and suitable transitional housing for
ex-offenders;
(b) The commercial
component of a structure that contains both commercial property and suitable
housing for low and/or very-low income individuals and households; or
(c) Both (a) and (b).
(2) The Department may not:
(a) Issue any loan guarantee under this
Division that guarantees the repayment of more than 25 percent of any
qualifying loan obligation;
(b)
Issue any loan or lease guarantee under this Division equal to or in excess of
$100,000 without obtaining the prior approval of the Housing Council;
(c) Issue any single loan or lease guarantee
under this Division in excess of $1,000,000;
(d) Issue loan and lease guarantees under
this Division in an aggregate outstanding amount in excess of $4,000,000;
and
(3) The Department may choose at any time not to maximize its loan and/or lease guarantee authority under this Division.
Stat. Auth.: ORS 183, ORS 456.555(2) & 456.625(12)(16)
Stats. Implemented: ORS 456.515 - 456.725
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