813-135-0040 Allocation of Bond Proceeds (1) OHCS may, to the extent of its authority, allocate bond proceeds to projects selected for funding by the Housing Stability Council. (2) OHCS shall allocate the funds in compliance with the requirements of the Oregon Constitution, Article XI-Q, ORS 456.559(1)(f) and the rules of this division. Applications will be solicited during specified periods within OHCS’s NOFA or ORCA process. OHCS may also select from a pool of qualified applicants, or such other process OHCS deems appropriate. Housing Stability Council may also direct OHCS to use local jurisdiction funding processes to commit funding to projects that otherwise meet programmatic requirements. (3) OHCS may choose whether to allocate all funds available. (4) The obligation to repay the LIFT Loan principal shall be satisfied upon repayment in full at maturity. In the alternative, no earlier than one year and no later than three months prior to the designated maturity date, the borrower may elect, such obligation may be: (a) Satisfied upon the borrower executing (and where OHCS deems necessary, recording) agreements: (A) Subjecting the qualified property to an additional affordability period that is equal to, or less than, the initial affordability period; and (B) Ensuring that the equity of the LIFT Loan continues to benefit the qualified project; (b) Extended beyond the initial maturity date on the condition that: (A) The affordability requirements (as determined by OHCS) are maintained through the extended maturity date, which shall be a date OHCS sets that extends the term of the LIFT Loan for a period of time that is equal to, or less than, the period of time provided in the initial LIFT Loan term; and (B) The equity of the LIFT Loan continues to benefit the qualified project. At the request of the borrower, OHCS also may consider a combination of LIFT Loan repayment, affordability preservation, and loan extension in proportion to the previously identified options. (c) At the request of the borrower, OHCS also may consider a combination of LIFT Loan repayment, affordability preservation, and loan extension in proportion to the previously identified options. (5) LIFT Loans may be prepaid provided that affordability is ensured in a manner satisfactory to OHCS. Refer to program manuals for more information. Statutory/Other Authority: ORS 456.515 – 456.725 Statutes/Other Implemented: ORS 458.480 - 458.490 History: OHCS 28-2025, amend filed 06/30/2025, effective 07/01/2025 OHCS 2-2025, temporary amend filed 01/03/2025, effective 01/03/2025 through 07/01/2025 OHCS 1-2025, temporary amend filed 01/03/2025, effective 01/03/2025 through 07/01/2025 OHCS 31-2024, amend filed 08/28/2024, effective 09/02/2024 OHCS 15-2024, temporary amend filed 05/29/2024, effective 05/29/2024 through 11/24/2024 OHCS 29-2023, temporary amend filed 10/31/2023, effective 11/04/2023 through 04/17/2024 OHCS 11-2023, temporary amend filed 05/09/2023, effective 05/09/2023 through 11/03/2023 OHCS 17-2022, amend filed 07/29/2022, effective 07/31/2022 OHCS 22-2017, amend filed 12/26/2017, effective 01/05/2018 OHCS 5-2017(Temp), f. & cert. ef. 7-13-17 thru 1-7-18 OHCS 1-2017, f. & cert. ef. 3-9-17 OHCS 9-2016(Temp), f. & cert. ef. 9-12-16 thru 3-10-17