Or. Admin. Code § 813-037-0020

Current through Register Vol. 63, No. 12, December 1, 2024

Section 813-037-0020 - Program Criteria

(1) The LAP is overseen by OHCS. At OHCS's discretion, OHCS may utilize a qualifying nonprofit organization to serve in a fiduciary capacity as a "program administrator."

(2) OHCS or their program administrator, with OHCS's approval, may provide loans to eligible organizations to purchase land on which to develop affordable housing, and to build facilities intended to provide supportive services to affordable housing residents and low-income households in the community.

(3) 40 percent of loans made through the LAP shall go to eligible organizations operating homeownership programs for low-income households. If the entire 40 percent cannot be loaned for homeownership programs, the remainder may be loaned for programs eligible in subsection (4) of this rule. Additional guidance can be found in the LAP Manual.

(4) 60 percent of loans, plus any funding that was unable to be used for homeownership purposes as described in subsection (3) of this rule, shall be made available to eligible organizations for the purpose of affordable housing and to build facilities intended to provide supportive services to affordable housing residents and low-income households in the community. Additional guidance on allocations and set-asides can be found in the LAP Manual.

(5) Subject to available funding, LAP loans shall be made available in a manner consistent with the current application process as issued by OHCS.

Or. Admin. Code § 813-037-0020

OHCS 16-2018, adopt filed 10/24/2018, effective 10/24/2018; OHCS 5-2022, amend filed 02/28/2022, effective 3/1/2022

Statutory/Other Authority: ORS 456.502

Statutes/Other Implemented: ORS 456.502