OAR 813-015-0021
Program Loan Terms
(1)
The term of an ORR Loan may be up to, but shall at no time exceed, ten (10) years without prior written approval by the Department.(2)
Interest shall accrue at a per annum rate not exceeding one percent (1%) made to an Eligible Borrower who is a Nonprofit Housing Organization, and at a per annum rate not exceeding three percent (3%) made to any other Eligible Borrower.(3)
The Department will notify the Eligible Borrower of the type of funding, if any, to be provided and the terms and conditions of the ORR Loan in the form of a Commitment letter. The Commitment letter shall be executed by the Eligible Borrower prior to any advance of funds or contractual agreements are signed.(4)
The terms and conditions that may be contained in the Commitment letter may include, but are not limited to:(a)
The approved amount of the ORR Loan;(b)
The charges and premiums that are due and payable;(c)
The interest rate;(d)
The repayment terms;(e)
The Loan Documents to be executed by the Eligible Borrower;(f)
Performance criteria; and,(g)
Reporting criteria.(3)
If during the term of the ORR Loan, the Eligible Borrower does not comply with the terms and conditions of the Commitment letter and Loan Documents, the Department may, upon written notice to the Eligible Borrower, immediately revoke approval of the use of the Funds, terminate any Commitment to provide funding and/or demand repayment of all or a portion of the Funds advanced, if any.
Source:
Rule 813-015-0021 — Program Loan Terms, https://secure.sos.state.or.us/oard/view.action?ruleNumber=813-015-0021.