Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 52 - HOMEOWNERSHIP DEVELOPMENT INCUBATOR PROGRAM (HDIP)
Section 813-052-0040 - Form of Assistance

(1) The department may provide HDIP funds in the form of a grant or a loan, or a combination of both. Loan rates and terms, if applicable shall be determined by the department based on a project's or applicant's needs and cash flow, other funding resources, market conditions and an applicant's capacity to repay HDIP funds. Preference may be given to those applicants requesting loans that show sufficient project cash flow to repay the loan.

(2) The department normally will notify an applicant in a written reservation letter as to the amount and form of HDIP assistance, if any, to be provided, together with notable conditions. Such reservation commitments remain subject to department rules, solicitation requirements, applicable law, and the negotiation, execution and recording (if required) of documents satisfactory to the department.

(3) Each recipient of project development assistance shall, among other things, execute funding agreements satisfactory to the department including, but not limited to a project use agreement, containing such terms regarding fees, interest rates, repayment terms, performance criteria, reporting requirements, restrictive covenants, and other terms as the department considers appropriate or necessary for the type and use of assistance provided.

(4) The department may require a recipient to execute and record such funding documents satisfactory to the department as it considers appropriate in its sole discretion.

(5) If the terms and conditions upon which the assistance was approved or provided are not met, the Department may, upon written notice, immediately revoke approval of the use of the HDIP funds, and/or require repayment of all or a portion of the funds advanced, if any.