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 813-060-0031.

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 a 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 federal, 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 456.555

Statutes/Other Implemented

ORS 456.555 & 456.625

History

OHCS 5-2007, f. & cert. ef. 1-11-07
HSG 6-1996, f. & cert. ef. 6-14-96
HSG 4-1993(Temp), f. & cert. ef. 10-1-93
HSG 8-1991, f. & cert. ef. 12-23-91
HSG 2-1991(Temp), f. & cert. ef. 8-7-91
HSG 15-1989, f. & cert. ef. 11-3-89
HSG 3-1989(Temp), f. & cert. ef. 6-8-89
HSG 10-1987, f. & cert. ef. 3-10-87
HSG 4-1978(Temp), f. & cert. ef. 2-5-87
1HD 13-1984, f. & cert. ef. 9-4-84
1HD 10-1982, f. & cert. ef. 12-14-82
1HD 6-1982(Temp), f. & cert. ef. 9-20-82