Or. Admin. Code § 813-038-0010

Current through Register Vol. 63, No. 10, October 1, 2024

Section 813-038-0010 - [Effective 1/27/2025] Definitions

All words and terms used in OAR chapter 813, division 038, except as the context specifically requires, are defined in ORS 456.515 to 456.725, as provided in 813-005-0005, or herein. As used in these rules, unless the context indicates otherwise:

(1) "Application" means a Loan request provided by the Eligible Borrower to the Department in a form and format as prescribed by the Department and modified from time to time reflecting current Program criteria.

(2) "Collateral" means real or personal property pledged to secure the repayment of a Predevelopment Loan as set forth in these rules, including but not limited to real property, guarantees, savings accounts, certificates of deposit and receivables.

(3) "Commitment Letter" or "Commitment" means the written conditional obligation of the Department to provide a Loan issued to the Borrower after the Department has received, reviewed and determined to approve a Loan request. The Commitment Letter may be for an amount different than that requested and may include, but is not necessarily limited to stating the approved loan amount, interest rate, costs of borrowing, repayment terms, performance criteria, monthly reporting requirements and other conditions of the Loan.

(4) "Eligible Borrower" or "Borrower" means a for-profit, non-profit or governmental entity who satisfies the legal, financial, and other criteria of the Department for receipt of a Loan and who has or will make a Loan request that will qualify for approval by the Department.

(5) "Eligible Predevelopment Costs" means costs associated with predevelopment activities including but not limited to architectural design, legal fees, land surveys, soils reports, environmental reports, appraisals, market studies, land option carrying charges, land acquisition costs, federal/state application fees, and other recoverable development costs approved by the Department at its sole discretion.

(6) "Eligible Project" means the new construction or acquisition and rehabilitation of affordable multi-family rental housing with a minimum of five (5) units that comply with Program requirements as determined by the Department. A single-family housing subdivision may qualify as an Eligible Project if there are five (5) or more lots that will be for sale to home owners who meet the Department's Single-Family Loan Program requirements. Income limits and home prices in the Single-Family Loan Program typically are established in consideration of the County in which the subdivision is located.

(7) "Funds" means the funds the Department makes available for predevelopment activities through this Predevelopment Loan Program.

(8) "Predevelopment Loan" or "Loan" means a loan made by the Department to a Eligible Borrower in order to finance Eligible Predevelopment Costs for an Eligible Project.

Or. Admin. Code § 813-038-0010

OHCS 12-2007, f. & cert. ef. 5-10-07; OHCS 24-2024, temporary amend filed 07/31/2024, effective 8/1/2024 through 1/27/2025

Stat. Auth.: ORS Ch. 183, 456.555(2), 456.625(12)

Stats. Implemented: ORS 456.561; 456.574; 456.620; 456.625