Or. Admin. Code § 813-005-0008 - Cost Thresholds for Housing Stability Council Review and Approval
(1) Pursuant to ORS
456.555, OHCS must establish, by
administrative rule, the threshold property purchase price at which a
single-family home ownership loan on property must be submitted by OHCS to the
Housing Stability Council for approval as well as the threshold value for a
housing grant or other housing funding award for multifamily housing that must
be submitted by OHCS to the Housing Stability Council for review and
approval.
(2) The threshold
property purchase price for single-family home ownership that obligates OHCS to
obtain Housing Stability Council review and approval of a proposed
single-family loan is that purchase price which, when reduced by costs of
purchase other than OHCS loan, is equal to or greater than 95% of the
applicable area program purchase price limit.
(3) Other than funding awards described in
OAR 813-005-0008(4),
the threshold value with respect to the awards of funds by the Affordable
Rental Housing Division for the development or preservation of a multifamily
housing development (project) that obligates OHCS to obtain Housing Stability
Council review and approval is: Loans, grants, and other funding award
proposals arising under ORS
456.515 to
456.725 concerning a particular
multifamily housing project that, in the aggregate:
(a) Are equal to or greater than
$1,000,000,
(b) Constitute more
than 50% of the total development budget for such project, provided that the
total development budget of such project is $1,000,000 or greater, or
(c) Are outside of applicable OHCS
guidelines.
(4) The
threshold value that obligates OHCS to obtain Housing Stability Council review
and approval with respect to the award of funds deployed by the Affordable
Rental Housing Division through programs arising under ORS
456.515 to
456.725 that are deliberately
aligned with market responsiveness to address unforeseen shifts in market
costs, such as a market cost offset fund or the Land Acquisition Program (LAP),
is:
(a) An increase in the amount of loans,
grants, or other funding awards to a multifamily housing project in an
aggregate amount that is greater than or equal to 25% of the originally
approved total development budget or initial Housing Stability Council approval
for the project; or
(b) In the case
of LAP, a property purchase price above $5,000,000 where the project is
otherwise consistent with ORS
456.502 and OAR
813-037-0005 through
813-037-0040.
Notes
Statutory/Other Authority: ORS 456.515-725
Statutes/Other Implemented: ORS 456.555
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