OAR 813-043-0020
Eligibility for Housing Development and Guarantee Account Funds
(1)
The Department shall provide grants from Account revenue subject to the availability of funds and limitations otherwise prescribed by law for any or all of the following purposes:(a)
To Organizations and for-profit business entities to construct new housing or to acquire and/or rehabilitate existing structures for housing households with low and/or very low income;(b)
To nonprofit organizations, as set forth in ORS 458.210 (Community development corporations) to 458.240 (Effect of law on other community development corporations), to provide technical assistance and/or predevelopment costs. Pre-development costs include but are not limited to, site acquisition, architectural services and project consultants. Predevelopment costs do not include costs described in subsection (c) of this section;(c)
For costs to develop nonprofit organizations that show sufficient evidence of having strong community support and a strong likelihood of producing Low and/or Very Low Income housing. No account funds shall be used by an Organization for its general operations;(d)
To match public and private moneys available from other sources for purposes of production of Low and/or Very Low Income housing.(2)
The Department shall provide guarantees of repayment of loans made to finance the construction, acquisition and/or rehabilitation of Low and/or Very Low Income housing. The loan guarantees shall be secured by the principal of the Account, subject to the Account balance and limitations otherwise prescribed by law. The Department shall not:(a)
Issue any loan guarantee that guarantees the repayment of more than 25 percent of the original principal balance of any loan;(b)
At any time allow the aggregate dollar total of all loan guarantees issued to exceed the total amount then in the account.
Source:
Rule 813-043-0020 — Eligibility for Housing Development and Guarantee Account Funds, https://secure.sos.state.or.us/oard/view.action?ruleNumber=813-043-0020.