Or. Admin. Code § 813-110-0034 - Transfer of Loan, Owner, or Project

(1) An owner of a project that has received OAHTC assistance or recipient of a loan subsidized by such assistance shall not transfer or allow any transfer of any interest in itself, the loan or the project or otherwise encumber the project, or any portion or interest therein, unless the department first approves the transfer or encumbrance in writing. Any such transfer is subject to payment to the department by the borrower or owner, as applicable, of a transfer charge as required by the department. If the borrower or owner effects or allows a transfer without prior written approval by the department, the transfer is voidable and remains subject to the approval or disapproval of the department and the borrower or owner and transferees, jointly and severally, are subject to a transfer review charge by the department.

(2) The department may condition its approval upon such terms and conditions as it, at its sole discretion, may require. Factors the department may consider in determining whether or not to give approval to a transfer include but are not limited to:

(a) The financial investment of the department in the project;

(b) Preservation of existing housing;

(c) The proposed owner's ability to maintain and manage the property for the needs of the residents, the integrity of the housing and as security for the loan;

(d) The effect of the transfer upon the financial integrity of the project, repayment of the loan, use of the project for its intended purposes, and continuity of the program; and

(e) Continued compliance with applicable program requirements including, but not limited to terms and conditions of funding documents and state and federal laws, rules and regulations.

Notes

Or. Admin. Code § 813-110-0034

OHCS 9-2013(Temp), f. & cert. ef. 6-21-13 thru 12-18-13; OHCS 22-2013, f. & cert. ef. 12-18-13

Stat. Auth.: ORS 317.097

Stats. Implemented: ORS 317.097, 456.508, 456.510, 456.513, 456.559, 456.605, 456.722