OAR 813-038-0030
Application Criteria
(1)
An Eligible Borrower shall provide a complete Program application in the form and content satisfactory to the Department.(2)
The Program application shall include, but is not limited to, the following documents:(a)
A written description of the proposed Eligible Project including, but not limited to, the development timelines, number of units, unit mix, proposed rents, site location and amenities;(b)
A written description indicating the market need of the proposed type of housing, prospective income levels of the residents and prospective resident services;(c)
A proforma of the proposed Eligible Project operating income and expenses, funding sources, and development costs;(d)
The Predevelopment Loan amount requested;(e)
A written explanation itemizing the proposed uses and associated Eligible Predevelopment Costs for the Loan proceeds;(f)
At a minimum, two (2) comprehensive repayment plans for the Loan;(g)
A description of the Eligible Borrower and their development team’s experience in and capacity for developing and operating similar housing projects;(h)
Adequate documentation demonstrating at least 100% Collateral to secure the Loan and any subordinate loans using the same Collateral; and(i)
Such other documents and information as the Department may require.(3)
In evaluating whether or not to provide a Loan, the Department may consider factors including, but not limited to:(a)
The value of the security for the Loan;(b)
The economic and financial feasibility of the Eligible Project;(c)
The readiness of the Eligible Project to proceed with development;(d)
The location and need for the Eligible Project;(e)
The availability of Department Funds;(f)
The Department’s experience with and/or the reputation, experience and capacity of the Borrower, including any of its agents, representatives, employees or contractors;(g)
The amount, quality, and duration of suitable affordable housing to be provided or enabled by the proposed Eligible Project;(h)
The mix of affordable housing units to be provided or enabled; and(i)
Any other information obtained by or made available to the Department.
Source:
Rule 813-038-0030 — Application Criteria, https://secure.sos.state.or.us/oard/view.action?ruleNumber=813-038-0030.