Or. Admin. Code § 813-043-0050 - Terms of Guarantee

(1) Guarantee terms and conditions shall be established in a Project Use Agreement and recorded in the relevant jurisdiction(s) at the project owner's expense. A guarantee to a project shall be conditioned upon the continued use of the project for the targeted tenant group and provision of supportive services for the duration and to the extent indicated in the Loan Guarantee Program application or Project Use Agreement.

(2) If all or part of the commitments to tenant groups, services, or period of use for Moderate, Low and Very Low Income housing are withdrawn from the project, OHCS, at its discretion, may either:

(a) Rescind the loan guarantee; or

(b) In the event that the loan guarantee term has expired but the term of affordability continues, a financial penalty may be assessed and the non-compliance will reflect on overall sponsor capacity in future OHCS funding solicitations.

Notes

Or. Admin. Code § 813-043-0050

HSG 4-1991(Temp), f. & cert. ef. 10-10-91; HSG 4-1992, f. & cert. ef. 4-28-92; OHCS 33-2024, amend filed 09/11/2024, effective 9/16/2024

Statutory/Other Authority: ORS 458.600 - 458.650

Statutes/Other Implemented: ORS 458.600 - 458.650 & Ch. 740 & OL 1991