- (1) The Department may make a loan to a Project Sponsor for eligible Project costs of a Development Project from the Fund. The loan amount awarded will be based on a reasonable and prudent expectation of the ability of the applicant to repay the loan and prudent fund management.
- (2) The Department may make a forgivable loan to a Project Sponsor for eligible Project costs of a Planning Project from the Fund.
(3) The Department will determine the loan amount or forgivable loan amount based on criteria as detailed in the RFA.
- (a) The minimum loan amount per Project is $25,000.
- (b) The maximum loan amount per Project is $4,000,000.
- (4) Interest will accrue on disbursed funds based on the latest published Infrastructure Finance Authority loan interest rates. The exact loan interest rate will be established at the time of e contract execution.
- (5) Regular loan payments of principal and interest will become due and begin 6 years after the financing agreement execution date and will be structured to fully amortize the loan over the term of the loan not to exceed the maturity date described in subsection (7) below.
- (6) The maturity date for any loan may not exceed the lesser of 30 years from Project Completion or the useful life of the Project.
- (7) Loans may be repaid with revenue from any source. The Department will determine if sources of proposed loan repayment are sufficient to support the requested funding. The Department may require security such as a real property lien to secure the loan.
Statutory/Other Authority
ORS 285B.034
Statutes/Other Implemented
ORS 285B.032 - 285B.046
History
OBDD 13-2026, temporary adopt filed 06/22/2026, effective 06/22/2026 through 12/18/2026