Or. Admin. Code § 813-037-0010 - Definitions
The following words and terms have the following meanings unless the context would clearly indicate otherwise.
(1) "Affordable Housing" means housing that
is affordable to households with incomes less than or equal to 80 percent of
the area median income for the county in which the housing is built.
(2) "Current Market Rate" means the ten- year
constant treasury maturity year rate, as determined at the time the individual
loan is closed upon, plus two- and one-half percent.
(3) "Eligible Organization" means local
governments, local housing authorities, nonprofit community or
neighborhood-based organizations, federally recognized Indian tribes in Oregon
and regional or statewide nonprofit housing assistance organizations.
(4) "Eligible Purpose" means the development
of affordable housing and/or facilities intended to provide supportive services
to affordable housing residents and low-income households in the nearby
community.
(5) "Extenuating
Circumstances" means extreme or unusual conditions that resulted in an
inability to repay the loan and that were unknowable at the time of the loan.
(6) "Identity of Interest" means
any relationship where the purchaser and seller are related, affiliated through
a business relationship, or both.
(7) "Land Acquisition Revolving Loan Program
Manual" or "LAP Manual" or "Manual" means the program manual for the Land
Acquisition Revolving Loan Program, as described in OAR
813-037-0012.
(8) "Loan Recipient" means the eligible
organization that has applied for and received financial assistance under the
LAP.
(9) "Local Government" means a
county, city, district or other public corporation, commission, authority, or
entity organized and existing under statute or city or county
charter.
(10) "Low Income
Household" means a household with income less than or equal to 80 percent of
the area median income as defined in ORS
456.270.
(11) "Substantially Completed" means that
OHCS has determined that enough project milestones have been achieved to
reasonably conclude that additional time will result in LAP compliance.
Notes
Statutory/Other Authority: ORS 456.502
Statutes/Other Implemented: ORS 456.270
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