OAR 813-012-0090
Processing Procedures
(1)
The Department shall provide a list of Program Loan application contents, and shall provide the prospective Borrower a reasonable opportunity to discuss the application and the Department’s criteria for financing.(2)
After receiving a completed Program Loan application package from the prospective Borrower, the Department shall evaluate each Project for consistency with the Department’s underwriting and policy standards.(3)
Program Loans under $100,000 may be approved by the Department. Any Program Loan for an amount over $100,000 must be approved by the Housing Stability Council:(a)
The Department shall review each application for a Program Loan over $100,000 and prepare a recommendation to the Council for approval or disapproval. The Department will send a copy of its recommendation to the prospective Borrower with a notice of the Council meeting at which the application will be considered. Upon receipt of the notice, the prospective Borrower may request an opportunity to present testimony at the meeting;(b)
After considering the Department’s proposal, as well as any other testimony presented, the Council shall approve or disapprove the application or take other appropriate action;(c)
The prospective Borrower shall promptly be advised in writing of the Council’s decision.(4)
If an application is approved, the Department shall issue a Commitment. The Commitment shall be conditioned upon the subsequent sale and delivery of Bonds at a rate acceptable to the Department, and shall state:(a)
The amount of the Program Loan;(b)
The rate of interest to be charged on such Program Loan expressed as a function of the Bond interest rate;(c)
The term of the Program Loan;(d)
The amounts of any Commitment fees, reserves and escrow accounts, payments of issuance costs and other amounts which are required by the Department;(e)
The dates when the Eligible Borrower is required to pay the Commitment fees, charges, reserves and escrow accounts, payments of issuance costs and other amounts which are required by the Department;(f)
All other conditions and requirements of the Commitment.(5)
If the Eligible Borrower does not complete the requirements by the dates specified in the Commitment, the Commitment shall expire, unless the Department grants an extension in writing. The Department may require payment of an additional charge upon approval of an extension of the dates upon which Commitment conditions shall be met.(6)
If the Department fails to sell Bonds at an interest rate which would allow the Department to pay Bond debt service and Program costs, and make Program Loans at or below the maximum rate stated in the Commitment, the Commitment shall terminate.
Source:
Rule 813-012-0090 — Processing Procedures, https://secure.sos.state.or.us/oard/view.action?ruleNumber=813-012-0090.