OAR 813-110-0021
Reservation in Lieu of Certification

(1)

For a reservation granted under OAR 813-110-0020 (Application Review):

(a)

Except as provided in subsection (2) of this section, the reservation is valid for 240 days and is subject to extension by the department at its sole discretion; and

(b)

Is a confirmed reservation unless the lending institution modifies the original letter of intent or there is a failure to comply with material terms of the reservation.

(2)

A reservation for a sponsoring entity that is a local government entity providing a community rehabilitation program or rental project may be made for the period of proposed financing and may be extended at the discretion of the department.

(3)

A sponsor that furnishes the department a firm commitment of financing prior to the expiration of a reservation is eligible, subject to other program requirements, for issuance of a certification.

(4)

A sponsor that has a reservation issued shall notify the department of any change in the lending institution as well as any failure to comply with a material term of the reservation.

Source: Rule 813-110-0021 — Reservation in Lieu of Certification, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=813-110-0021.

Last Updated

Jun. 8, 2021

Rule 813-110-0021’s source at or​.us