Current through Register Vol. 63, No. 9, September 1, 2024
(1) The Department may provide grant funds
subject to the availablility of funds in the program through a process which
may include, but is not limited to, a first come - first reviewed or a
competitive review process. The applicant shall submit, in an application form
and process prescribed by the Department, project information including, but
not limited to:
(a) A written description of
the project including, but not limited to, the number of units, unit mix,
proposed rents, site location, the proposed program of services to occupants
and the availability of these services in the future, project amenities, and
any other information pertinent to the project;
(b) A statement of project purpose indicating
the housing type and tenants to be housed, and the length of time the units
will be committed available for Low or Very Low Income households;
(c) A proforma of project expenses and
income;
(d) Grant amount requested
and total project development costs, including a description of all additional
project funding and funding sources;
(e) A description of the
sponsor/developer/owner/manager experience in developing and operating housing
projects;
(f) Such other
documentation as the Department may require.
(2) A lender may submit a request for a loan
guarantee to the Department for a project that needs a credit enhancement in
order to obtain a loan. Only projects that serve Low and/or Very Low Income
households are eligible for loan guarantees, including construction loans. The
lender's request shall include, but is not limited to:
(a) A written description of the project
including but not limited to, the number of units, unit mix, proposed rents,
site location and amenities and any other information pertinent to the
project;
(b) A statement of project
purpose indicating the housing type and tenants to be housed;
(c) A proforma of project expenses and
income;
(d) The Loan Guarantee
amount requested and total project development costs, including a description
of all additional project funding and funding sources;
(e) A description of the
sponsor/developer/owner/manager experience in developing and operating housing
projects;
(f) Such other
documentation as the Department may require;
(g) A $100 non-refundable application
fee;
(h) A non refundable
construction loan application fee not to exceed $350.
Stat. Auth.: ORS
458.600 - ORS
458.650
Stats. Implemented: ORS
458.600 - ORS
458.650 & Ch. 740, OL 1991
