Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 38 - PREDEVELOPMENT LOAN PROGRAM
Section 813-038-0030 - Application Criteria
Universal Citation: OR Admin Rules 813-038-0030
Current through Register Vol. 63, No. 9, September 1, 2024
(1) An Eligible Borrower shall provide a complete Program application in the form and content satisfactory to the Department.
(2) The Program application shall include, but is not limited to, the following:
(a) All relevant contact and identifying
information requested pertaining to Applicant and Project;
(b) The Predevelopment Loan amount
requested;
(c) A list itemizing the
proposed uses and associated Eligible Uses for the Loan proceeds, as well as
written explanation of how those Eligible Uses relate to the Project achieving
the OHCS readiness standard;
(d) A
written description of the proposed Eligible Project including, but not limited
to, the development timelines, number of units proposed, current plans for unit
mix, proposed rents, site location and proposed amenities;
(e) All Project information pertaining to the
site and development status requested, if completed, and a status and plan for
how it will be accomplished if not completed, including if these loan proceeds
will support achieving that;
(f) A
high level proforma of the proposed funding sources, acquisition, construction,
and soft costs, and unit mix of bedroom sizes and rent restrictions;
(g) Identification of the Eligible Borrower
and their development team's experience in and capacity for developing and
operating similar housing projects;
(h) A completed OHCS Predevelopment Loan
Budget Form; and
(i) Such other
documents and information as the Department may require.
(3) In evaluating whether or not to provide a Loan, the Department may consider factors including, but not limited to:
(a) The economic and financial feasibility of
the Eligible Project;
(b) Other
program or external funds the Eligible Project is leveraging for
predevelopment;
(c) The readiness
of the Eligible Project to proceed with development;
(d) The location and need for the Eligible
Project;
(e) The availability of
Department Funds;
(f) The
Department's experience with and/or the reputation, experience and capacity of
the Borrower, including any of its agents, representatives, employees or
contractors;
(g) The amount,
quality, and duration of suitable affordable housing to be provided or enabled
by the proposed Eligible Project;
(h) The mix of affordable housing units to be
provided or enabled; and
(i) Any
other information obtained by or made available to the Department.
Statutory/Other Authority: ORS Ch. 183, 456.555(2) & 456.625(12)
Statutes/Other Implemented: ORS 456.561, 456.574, 456.620 & 456.625
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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