Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 60 - DISABLED HOUSING PROGRAM
Section 813-060-0044 - Loan Closing
Current through Register Vol. 63, No. 9, September 1, 2024
Before the loan closing takes place, the Department shall provide the escrow officer written instructions for closing the loan. The Department shall not authorize disbursement of loan funds until all conditions of the Commitment are satisfied and the Department has approved. The following closing documentation may be required:
(1) Cost certification;
(2) Certificate or policy of insurance for fire and extended coverage, liability, business income and flood insurance (if applicable), with the appropriate loss deductible. All insurance coverage shall be in the amounts set forth in the Department's Regulatory Agreement and Declaration of Restrictive Covenants;
(3) Contingency Escrow Account;
(4) Notice of Completion;
(5) Certificate of occupancy or final inspection report from the local government, as required;
(6) Commercial leases, if applicable;
(7) Ground leases, if applicable;
(8) All other relevant leases, if applicable;
(9) Tax abatement approval;
(10) American Land Title Association (ALTA) mortgagee's preliminary title insurance report from the title company of the Sponsor's Borrower's choice;
(11) Any licenses required by the state;
(12) For Acquisition Loans:
(13) All other reasonable requirements of the Department.
Stat. Auth.: ORS 456.555
Stats. Implemented: ORS 456.555 & 456.625
