Or. Admin. Code § 813-012-0030 - Eligible Rental Housing Projects

In order to qualify for a Program Loan, a Project shall:

(1) Be constructed and operated by the Borrower in accordance with the restrictions set forth in these rules, the Commitment and the Department's Rental Housing Program Loan Documents. The Program documents will require the Borrower to operate the Project so that all residents are persons of lower income pursuant to ORS 456.615, and so that the Project qualifies for tax-exempt financing under Section 103 of the Code;

(2) Be a structure or facility which provides five or more living units for lower income Persons or households, and may provide spaces for common use by the occupants in social, recreational and daycare activities:

(a) Projects may include, but are not limited to: disabled, elderly, congregate, and manufactured dwelling parks in which the manufactured dwellings are rental units;

(b) Projects do not include:

(A) Group care homes, nursing homes or hospitals;

(B) Structure primarily for recreational or social activities; and

(C) Single-family detached dwellings except as provided for in tax law.

(3) 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 worthiness of the Eligible Borrower; management and resident support service plans; final architectural package; Eligible Borrower's organizational documents; title report; and any other information the Department shall prescribe;

(4) Comply with all applicable state and local land use and zoning requirements, housing codes, and similar requirements;

(5) Qualify for and receive insurance under HUD/FHA programs such as Risk Sharing, 221(d)(4) or 221(d)(3), or obtain other insurance or guarantees which are acceptable to the Department;

(6) Be located in the State of Oregon; and

(7) Qualify for tax-exempt financing under Section 103 of the Code.

Notes

Or. Admin. Code § 813-012-0030

HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 8-1991, f. & cert. ef. 12-23-91; OHCS 4-2007, f. & cert. ef. 1-11-07

Publications: Publications referenced are available from the agency.

Stat. Auth.: ORS 90.800 - 90.840, 90.630, 183, 456.515 - 456.723 & 458.210 - 458.650

Stats. Implemented: ORS 456.625