1. (1) The Department may provide guarantees for the partial repayment of loans made by lenders to finance the construction, development, acquisition, and/or rehabilitation of, and/or for the partial repayment of leases made by sponsors or leasing companies to facilitate the equipping, development or operation of:

   1. (a) Suitable housing for low and/or very-low income persons and households including, but not limited to, suitable housing for disabled persons, farmworkers, and suitable transitional housing for ex-offenders;
   2. (b) The commercial component of a structure that contains both commercial property and suitable housing for low and/or very-low income individuals and households; or
   3. (c) Both (a) and (b).

2. (2) The Department may not:

   1. (a) Issue any loan guarantee under this division that guarantees the repayment of more than 25 percent of any qualifying loan obligation;
   2. (b) Issue any loan or lease guarantee under this division equal to or in excess of $100,000 without obtaining the prior approval of the Housing Stability Council;
   3. (c) Issue any single loan or lease guarantee under this division in excess of $1,000,000;
   4. (d) Issue loan and lease guarantees under this division in an aggregate outstanding amount in excess of $4,000,000; and
3. (3) The Department may choose at any time not to maximize its loan and/or lease guarantee authority under this division.

Statutory/Other Authority

ORS 183, 456.555(2) & 456.625(12)(16)

Statutes/Other Implemented

ORS 456.515 - 456.725

History

OHCS 1-2004, f. & cert. ef. 4-8-04
OHCS 8-2003(Temp), f. & cert. ef. 10-13-03 thru 4-9-04
OHCS 2-2003, f. & cert. ef. 5-1-03