Or. Admin. Code § 123-700-0090 - Loan and Grant Information
(1)
The Department will make Program awards in a manner that maximizes the use of
available resources and maintains the Department's desired credit standards of
the Fund. The Department shall determine the amount of grant or loan funds to
be awarded, interest rate, and the terms of any award issued in response to the
RFA. OBDD may offer an alternate mix of grant or loan awards or lower amount of
award than requested by an applicant. The Department may investigate and
recommend other sources of funds for all or part of a proposed
project.
(2) Grant awards for Child
Care Infrastructure Projects are each limited to $2,000,000 and shall not
exceed the total project cost;
(3)
Grant awards for Planning Projects are each limited to $75,000 and shall not
exceed the total project cost;
(4)
The Department will not award more than $2,000,000 total in grants for Planning
Projects per biennium.
(5) Loan
awards for Child Care Infrastructure Projects are each limited to $2,000,000
and shall not exceed the total project cost;
(a) The terms of the loan for Child Care
Infrastructure Projects will not exceed the useful life of the contracted
project or 30 years from the year of project completion, whichever is
less.
(b) The term of a loan will
be based on prudent and reasonable financial underwriting in the Department's
sole discretion;
(c) The
Department, in its sole discretion, may offer eligible borrowers an interest
rate that is below the market rate; and
(d) Security pledges shall be required for
all loans awarded in response to the RFA with the form and amount of security
determined by the Department consistent with the nature of the project and the
credit worthiness of the recipient.
(6) Loan awards for Planning Projects are
each limited to $75,000 and shall not exceed the total project cost;
(a) The term of the loan for Planning
Projects will not exceed 10 years from the year of project completion
and;
(b) Conditions described under
section (5)(b)-(d) of this rule.
(7) Grants or loans issued for property
acquisition may not exceed the purchase price or the fair market value of the
property based on a current appraisal performed by an Oregon state licensed or
certified appraiser, whichever is less.
(8) As provided in ORS 329A.727, the
Department must distribute a minimum of 25% of the appropriated funds to
culturally specific early learning, early childhood and parent support programs
described under ORS 417.782 (1).
Notes
Statutory/Other Authority: ORS 285A.075
Statutes/Other Implemented: OR Laws 2023 ch 523
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