1. (1) The Department shall evaluate each Project for consistency with the Department's interpretation of sound architectural and planning principles and underwriting standards.

2. (2) In order to qualify for a loan, a Project shall:

   1. (a) Be approved by the Department with respect to site; location; market demand; financial feasibility; qualifications of general contractor, management agent, and developer; appraisal; financial strength and credit worthiness of the prospective Borrower; management plan; final architectural package; prospective Borrower’s organizational documents; title report; and any other information the Department shall prescribe;
   2. (b) If subject to a Federal Housing Assistance Payments contract, comply at least with any standards required by the U.S. Department of Housing and Urban Development (HUD);
   3. (c) Meet all applicable state and local land use and zoning requirements, housing codes, and similar requirements;
   4. (d) Be located in the State of Oregon; and
   5. (e) Meet all applicable HUD regulations provided for in the Code of Federal Regulations Part 24 Section 883, and all applicable State statutes and Program rules.

Statutory/Other Authority

ORS 183, 456.515 - 456.725 & 458.210 - 458.650

Statutes/Other Implemented

ORS 456.555 & 456.625

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. & ef. 3-10-87
1HD 8-1984, f. & ef. 9-4-84
1HD 2-1979, f. & ef. 6-29-79