1. (1) To be eligible for Project financing, a prospective Borrower shall comply with the terms contained in the Housing Stability Council approval, the Project financing documents, and other Program or Department requirements.
2. (2) Program financing may not exceed that portion of the Project's appraised value appropriate to prudent underwriting, as determined by the lender and reviewed by the Department.
3. (3) Program financing may have a final maturity of not more than 40 years from the date of its making unless allowed by law, and shall be secured by a first lien deed of trust granted by the Borrower, or others as appropriate, in the Project and other property securing the loan.
4. (4) Program financing may provide financing for Projects to be newly constructed or to be acquired and substantially rehabilitated.
5. (5) Project documents, including all Loan Documents, must be in form and substance as approved or required by the Department at its sole discretion.

Statutory/Other Authority

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

Statutes/Other Implemented

ORS 456.555 & 456.625

History

OHCS 1-2007, f. & cert. ef. 1-11-07
OHCS 3-2000, f. & cert. ef. 9-15-00
OHCS 1-2000(Temp), f. 6-8-00, cert. ef. 6-8-00 thru 12-4-00