Or. Admin. Code § 813-015-0031

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

Section 813-015-0031 - Application Requirements

An Eligible Borrower shall submit, in form and in accordance with a process prescribed by the Department, information which includes but is not limited to:

(1) Completion of the prescribed Program loan application accompanied by the application charge as determined by the Department.

(2) The prescribed Program loan application may include, but is not limited to:

(a) A written description of the Eligible Project, including the number of units, proposed rents, site location, the proposed program of services for residents and the availability of those services in the future, Eligible Project amenities, and any other information pertinent to the Eligible Project;

(b) A proforma of the Eligible Project's operating budget, sources of funding, and development budget;

(c) The amount of Funds requested;

(d) A description of the experience of the Eligible Borrower, consultant, property manager, general contractor, and other members of the development team as requested by the Department;

(e) Adequate verification of value for the collateral offered as security for the ORR Loan;

(f) A financially viable repayment plan that meets the Program loan terms; and

(g) Such other information and documentation as prescribed in the Program loan application and as the Department may require.

(3) The Department may require a non-refundable application charge from any Eligible Borrower requesting an ORR Loan.

(4) The Department may require a non-refundable loan commitment charge payable at the time of loan closing or after acceptance of the Commitment Letter, as determined by the Department.

Or. Admin. Code § 813-015-0031

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