Or. Admin. Code § 813-037-0035 - Loan & Project Oversight
(1)
Within five years of receiving a loan, a loan recipient must present OHCS with
an updated development plan if the development has not been completed and
placed into service.
(a) The development plan
must include a current development design, committed, and anticipated financial
resources dedicated to the project, and an estimated development schedule that
includes completion of the project within eight years.
(b) The updated development plan must be
substantially consistent with the original development plan.
(2) Within eight years of
receiving a loan under the LAP, the project must be completed and placed into
service, or the loan interest rate limit will be reestablished at the current
market rate. Failure to place a project in service within eight years of
receiving a loan under LAP may also be deemed by OHCS to be an event of
default.
Notes
Statutory/Other Authority: ORS 456.502
Statutes/Other Implemented: ORS 456.502
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