OAR 813-015-0035
Application Review and Processing Procedures
(1)
The Department will review Program loan applications upon their appropriate delivery subject to, but not limited to:(a)
Applications being complete and consistent with Department and Program requirements, guidelines and policy standards.(2)
ORR Loans not exceeding $100,000 may be approved by the Department. Any ORR Loan exceeding $100,000 must be approved by the Housing Stability Council.(3)
After consideration of the proposal, the Department will approve or disapprove the ORR Loan request or take other appropriate action.(4)
The Eligible Borrower will be notified in writing of the Department’s decision.(5)
If a ORR Loan request is approved, the Department will issue a Commitment letter containing the terms and conditions on which the Department will close the ORR Loan.(6)
In approving or disapproving any ORR Loan application, the Department may consider, but is not limited to, the following criteria:(a)
Availability of Program Funds;(b)
Ability to leverage public or private funds;(c)
Geographic area affected;(d)
Number and type of housing units to be provided or the number of Farmworkers to be housed;(e)
Financial strength and viability of the proposed Eligible Project;(f)
Experience of the development team;(g)
The development team’s readiness to proceed with development;(h)
The proposed repayment plan;(i)
The value of the security offered as collateral; and(j)
Administrative costs and/or responsibilities imposed on the Department in connection with the proposed Funding.(7)
ORR Loan funds will be disbursed upon the Eligible Borrower executing the Commitment letter, satisfying all pre-closing conditions contained in the Commitment letter, and execution of the Loan Documents.
Source:
Rule 813-015-0035 — Application Review and Processing Procedures, https://secure.sos.state.or.us/oard/view.action?ruleNumber=813-015-0035.