Or. Admin. Code § 813-038-0030

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

Section 813-038-0030 - [Effective until 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:

(a) All relevant contact and identifying information requested pertaining to Applicant and Project;

(b) The Predevelopment Loan amount requested;

(c) A list itemizing the proposed uses and associated Eligible Uses for the Loan proceeds, as well as written explanation of how those Eligible Uses relate to the Project achieving the OHCS readiness standard;

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

(e) All Project information pertaining to the site and development status requested, if completed, and a status and plan for how it will be accomplished if not completed, including if these loan proceeds will support achieving that;

(f) A high level proforma of the proposed funding sources, acquisition, construction, and soft costs, and unit mix of bedroom sizes and rent restrictions;

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

(h) A completed OHCS Predevelopment Loan Budget Form; 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 economic and financial feasibility of the Eligible Project;

(b) Other program or external funds the Eligible Project is leveraging for predevelopment;

(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

Statutory/Other Authority: ORS Ch. 183, 456.555(2) & 456.625(12)

Statutes/Other Implemented: ORS 456.561, 456.574, 456.620 & 456.625