1. (1) The Department shall make loans to Eligible Borrowers under the terms of written Commitments.

2. (2) Loans shall be made directly with proceeds from the issuance of Bonds or other available funds obtained by the Department. The Department may establish fees, charges, premiums and interest rates, repayment terms, performance criteria and reporting requirements as the Department considers appropriate or necessary for the type, use and amount of Loan provided, including but not limited to the following terms:

   1. (a) The cost of borrowing through Bond issuance;
   2. (b) The funds required to carry out the Multi-Unit Housing Program;
   3. (c) Such other factors as the Department considers appropriate or necessary.
3. (3) The Borrower shall comply with the provisions of the Program rules and the Act. If the Borrower does not comply, the Department may revoke its Commitment or approval and/or demand repayment of all or a portion of the loan funds advanced.
4. (4) If the Department receives loan applications in an amount greater than the amount of funds available, the Department shall select those applications which, in the judgment of the Department, best achieve the purposes of the Program rules and the Act.

Statutory/Other Authority

ORS 183, 456.515 - 456.725 & 458.210 - 458.650

Statutes/Other Implemented

ORS 456.515 - 456.720

History

OHCS 3-2007, f. & cert. ef. 1-11-07
HSG 8-1991, f. & cert. ef. 12-23-91
HSG 2-1991(Temp), f. & cert. ef. 8-7-91
HSG 8-1989, f. & cert. ef. 11-3-89
HSG 3-1989(Temp), f. & cert. ef. 6-8-89
HSG 6-1987, f. & cert. ef. 3-10-87
1HD 8-1984, f. & cert. ef. 9-4-84
1HD 11-1983, f. & cert. ef. 12-1-83
1HD 2-1982, f. & cert. ef. 1-4-82
1HD 4-1981, f. & cert. ef. 3-31-81
1HD 2-1981, f. & cert. ef. 1-30-81
1HD 15-1980, f. & cert. ef. 12-4-80
1HD 13-1980, f. & cert. ef. 8-8-80
1HD 8-1980, f. & cert. ef. 4-2-80
1HD 5-1980, f. & cert. ef. 3-19-80
1HD 2-1979, f. & cert. ef. 6-29-79