The Director may approve the rental of a security, that has been occupied by the veteran. The Director, when determining whether to approve the rental of a home that serves as security for an ODVA loan, may consider the following factors including but not limited to the following:
- (1) The effect on the tax-exempt status of bonds issued under Article XI-A of the Oregon Constitution.
- (2) Whether the home was and is appropriately used as the principal residence of the borrower(s).
- (3) The financial integrity of the loan program.
- (4) Any potential decreases in the value of the security.
- (5) The impact on remedies available under the loan documents.
- (6) Whether or not there has been or will be any material change in the borrower’s/spouse’s employment.
- (7) The dissolution or annulment of the borrower’s marriage.
- (8) A significant geographical relocation by the borrower.
- (9) Any unusual hardship for the borrower(s).
(10) The borrower(s) ability to maintain the home as his/her principal residence.
[Publications: Publications referenced are available from the agency.]
Statutory/Other Authority
ORS 406.030, 407.115 & 407.385
Statutes/Other Implemented
ORS 407.385
History
DVA 2-2001, f. & cert. ef. 5-23-01