Or. Admin. Code § 813-350-0030

Current through Register Vol. 63, No. 12, December 1, 2024

Section 813-350-0030 - Eligibility for Guarantees

(1) The Department may provide guarantees for the partial repayment of loans made by lenders to finance the construction, development, acquisition, and/or rehabilitation of, and/or for the partial repayment of leases made by sponsors or leasing companies to facilitate the equipping, development or operation of:

(a) Suitable housing for low and/or very-low income persons and households including, but not limited to, suitable housing for disabled persons, farmworkers, and suitable transitional housing for ex-offenders;

(b) The commercial component of a structure that contains both commercial property and suitable housing for low and/or very-low income individuals and households; or

(c) Both (a) and (b).

(2) The Department may not:

(a) Issue any loan guarantee under this Division that guarantees the repayment of more than 25 percent of any qualifying loan obligation;

(b) Issue any loan or lease guarantee under this Division equal to or in excess of $100,000 without obtaining the prior approval of the Housing Council;

(c) Issue any single loan or lease guarantee under this Division in excess of $1,000,000;

(d) Issue loan and lease guarantees under this Division in an aggregate outstanding amount in excess of $4,000,000; and

(3) The Department may choose at any time not to maximize its loan and/or lease guarantee authority under this Division.

Or. Admin. Code § 813-350-0030

OHCS 2-2003, f. & cert. ef. 5-1-03; OHCS 8-2003(Temp), f. & cert. ef. 10-13-03 thru 4-9-04; OHCS 1-2004, f. & cert. ef. 4-8-04

Stat. Auth.: ORS 183, ORS 456.555(2) & 456.625(12)(16)

Stats. Implemented: ORS 456.515 - 456.725