Or. Admin. Code § 813-015-0011

Current through Register Vol. 63, No. 11, November 1, 2024

Section 813-015-0011 - Eligibility for Funding

Subject to the availability of Funds and limitations otherwise prescribed by law, the Department may provide funding in the form of ORR Loans to Eligible Borrowers for Eligible Projects.

(1) The Department may make ORR Loans to Eligible Borrowers under the terms and conditions as set forth in the Program rules and Program loan application.

(2) Program criteria includes but is not limited to:

(a) The Eligible Borrower shall provide a complete Program loan application, as determined by the Department.

(b) The Eligible Project may be new construction, acquisition and/or rehabilitation, multiple homeownership or multi-family rental housing with a minimum of two (2) units.

(c) The ORR Loan may be in a first or junior lien position provided there is one-hundred percent (100%) or greater security of the ORR Loan for the full term, as determined by the Department.

(d) The ORR Loan shall not exceed 35 percent (35%) of the Eligible Project costs or $100,000; whichever is less, except upon a finding by the Department that special circumstances justify a greater amount at the discretion of the Director.

(e) Eligible Borrowers include Nonprofit Housing Corporations, for profit or governmental entities that are developers of affordable Farmworker housing.

(f) The Eligible Project must be used primarily as Farmworker housing with related support services, as further defined in Division 813-015-0006.

Or. Admin. Code § 813-015-0011

OHCS 19-2006, f. & cert. ef. 11-15-06

Stat Auth: ORS 456.515 - 456.725

Stats Implemented: ORS 456.515 - 456.725, 566.310 - 566.360