Or. Admin. Code § 813-038-0030

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

Section 813-038-0030 - [Effective 1/27/2025] Application Criteria

(1) An Eligible Borrower shall provide a complete Program application in the form and content satisfactory to the Department.

(2) The Program application shall include, but is not limited to, the following documents:

(a) A written description of the proposed Eligible Project including, but not limited to, the development timelines, number of units, unit mix, proposed rents, site location and amenities;

(b) A written description indicating the market need of the proposed type of housing, prospective income levels of the residents and prospective resident services;

(c) A proforma of the proposed Eligible Project operating income and expenses, funding sources, and development costs;

(d) The Predevelopment Loan amount requested;

(e) A written explanation itemizing the proposed uses and associated Eligible Predevelopment Costs for the Loan proceeds;

(f) At a minimum, two (2) comprehensive repayment plans for the Loan;

(g) A description of the Eligible Borrower and their development team's experience in and capacity for developing and operating similar housing projects;

(h) Adequate documentation demonstrating at least 100% Collateral to secure the Loan and any subordinate loans using the same Collateral; and

(i) Such other documents and information as the Department may require.

(3) In evaluating whether or not to provide a Loan, the Department may consider factors including, but not limited to:

(a) The value of the security for the Loan;

(b) The economic and financial feasibility of the Eligible Project;

(c) The readiness of the Eligible Project to proceed with development;

(d) The location and need for the Eligible Project;

(e) The availability of Department Funds;

(f) The Department's experience with and/or the reputation, experience and capacity of the Borrower, including any of its agents, representatives, employees or contractors;

(g) The amount, quality, and duration of suitable affordable housing to be provided or enabled by the proposed Eligible Project;

(h) The mix of affordable housing units to be provided or enabled; and

(i) Any other information obtained by or made available to the Department.

Or. Admin. Code § 813-038-0030

OHCS 12-2007, f. & cert. ef. 5-10-07; OHCS 24-2024, temporary amend filed 07/31/2024, effective 8/1/2024 through 1/27/2025

Stat. Auth.: ORS Ch. 183, 456.555(2), 456.625(12)

Stats. Implemented: ORS 456.561; 456.574; 456.620; 456.625