Or. Admin. R. 274-045-0015 - Authority to Protect the Security
At the discretion of the Director, funds can be disbursed to make repairs to correct a serious structural, safety, or sanitary deficiency discovered in a property that is security for a loan when it is determined such a disbursement is necessary to protect the interest of the State. This would occur when the following conditions exist:
(1) The present and probable future value of the property, without benefit of the needed repairs, is sufficiently low when compared to the existing loan balance that the State's investment would be threatened; and
(2) The current owner is the original veteran borrower who lacks the financial means to make the needed repairs or corrections in a timely manner; and the funds required, when added to the existing loan balance, would exceed the maximum loan right or percentage of loan limitations; or
(3) The current owner is a transferee who lacks the financial means to make repairs or corrections in a timely manner.
Stat. Auth.: ORS 406
Stats. Implemented: ORS 407
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