Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 40 - SEED MONEY ADVANCE PROGRAM
Section 813-040-0040 - Repayment

(1) The Seed Money Advance, plus a processing fee equal to two percent of the Seed Money Advance amount, shall be due and payable within two years from the date of the initial disbursement of the Seed Money Advance. The Nonprofit Borrower or other Borrower shall make repayment at the time of land acquisition, or from the initial draw against the construction loan but no later than permanent loan closing. If the initial draw of the construction loan or the proceeds from the permanent loan are not disbursed within the two year period, the Nonprofit Borrower or other Borrower shall make this known to the Department. The Department may require the Nonprofit Borrower or other Borrower to repay the Seed Money Advance in full on demand from other sources of funds. The term of the Seed Money Advance may be extended by the Department.

(2) The Nonprofit Borrower or Borrower shall report to the Department on the progress of the project and status of the permanent or construction loan at any time as required by the Department.

(3) Any amount of the Seed Money Advance remaining unpaid after the maturity date of the note shall be subject to a late fee of one and one-half percent (1-1/2%) of the unpaid balance for each month that the Seed Money Advance remains unpaid.