1. (1) The Department shall evaluate each Project for consistency with the Department's interpretation of sound architectural design and prudent underwriting standards as established in OAR 813-030-0031.

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 Eligible Borrower ; management plan; final architectural package; Eligible Borrower’s organizational documents; American Land Title Association (ALTA) title report; and any other information the Department shall require;
   2. (b) Meet all applicable state and local land use and zoning requirements, housing codes, licensing, and similar requirements;
   3. (c) Be in compliance with federal regulations, state statutes and Program rules;
   4. (d) Be located in the State of Oregon; and
   5. (e) Remain affordable in terms of the loan documents.

Statutory/Other Authority

ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650

Statutes/Other Implemented

ORS 456.515 - 456.720

History

OHCS 2-2007, 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 11-1989, f. & cert. ef. 11-3-89
HSG 3-1989(Temp), f. & cert. ef. 6-8-89
HSG 7-1987, f. & ef. 3-10-87
HSG 3-1987(Temp), f. & ef. 2-5-87
1HD 11-1984, f. & ef. 9-4-84
1HD 5-1984, f. 7-5-84, ef. 7-8-84
1HD 3-1984(Temp), f. & ef. 5-25-84
Reverted to 1HD 15-1980, f. & ef. 12-4-80
1HD 8-1983(Temp), f. & ef. 11-7-83
1HD 15-1980, f. & ef. 12-4-80
1HD 4-1979, f. & ef. 9-11-79