1. (1) The prospective Borrower or Nonprofit Borrower may submit to the Department the following:

   1. (a) An Proposal for Seed Money Advance in form prescribed by the Department;
   2. (b) Articles of incorporation, bylaws and borrowing resolution of the corporation;
   3. (c) Legal description of the site, preliminary title report and location map;
   4. (d) Financial statements; and
   5. (e) Statement describing the experience of the prospective Nonprofit Borrower or other prospective Borrower and its ability to develop the proposed project.
2. (2) The Department shall review the application materials, inspect the site and prepare a Proposal for approval, disapproval or other action at the next regularly scheduled meeting of the Council, where required by the Council or market study program. The applicant shall be informed of the Department's Proposal at least ten days before the Council meeting and shall be invited to appear personally. The Housing Stability Council shall approve or deny the Proposal or take any other appropriate action.
3. (3) An Application fee of $200 will be required for requests for market study funding.

Statutory/Other Authority

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

Statutes/Other Implemented

ORS 456.550, 456.559, 456.574 & 456.710

History

OHCS 18-2006, f. & cert. ef. 10-3-06
OHCS 6-2006(Temp), f. & cert. ef. 4-13-06 thru 10-9-06
HSG 8-1991, f. & cert. ef. 12-23-91
HSG 2-1991(Temp), f. & cert. ef. 8-7-91
HSG 12-1989, f. & cert. ef. 11-3-89
HSG 3-1989(Temp), f. & cert. ef. 6-8-89
HSG 8-1987, f. & ef. 3-10-87
1HD 15-1984, f. & ef. 9-4-84
1HD 5-1982, f. & ef. 6-28-82
1HD 10-1981(Temp), f. & ef. 8-27-81