justicedao/ipfs_state_laws huggingface dataset:
813-030-0060 Loan Servicing (1) The servicing of loans shall be performed by servicer(s) selected by the Department. Servicing, unless performed by the Department, shall be conducted under the terms and conditions contained in a servicing agreement entered into between the Department and any Approved Servicer. The Department shall prescribe the form of the servicing agreement. The Approved Servicer shall: (a) Promptly collect all payments due under the Loan Agreement and Regulatory Agreement and Declaration of Restrictive Covenants; (b) Provide the Department with a monthly accounting of loan payments and disbursements; (c) Ensure that escrow account balances are maintained at a level sufficient for the payment of the Project's property taxes, insurance premiums and costs of replacement as they become due and payable; (d) Forward payments to the Department according to the provisions of the servicing agreement; (e) Forward payments for insurance premiums to the insurance company when due; (f) Forward payments for property taxes to the county assessor when due; (g) Assure that all improvements on the mortgaged premises are kept insured against fire and extended coverage, casualty, liability and business income loss in accordance with the Loan Agreement and Regulatory Agreement and Declaration of Restrictive Covenants; (h) Provide Borrower with regular analyses of servicing accounts; and (i) Perform such other responsibilities as the Department may prescribe. (2) If the Department does not act as the Approved Servicer, the Borrower selects the entity to act as Approved Servicer for the Loan. In order to qualify as an Approved Servicer and continue as such, an entity shall demonstrate to the satisfaction of the Department that: (a) One of its principal functions is the servicing of multi-family or commercial loans secured by real estate; (b) Such servicing is a customary and regular business activity of the applicant; (c) It is qualified to engage in the servicing of mortgage loans for specified government agencies or private institutions engaged in the secondary market for mortgage investments; (d) It deposits funds to accounts in depositories which comply with the requirements of ORS 295.005, 295.015 to 295.018, and 295.025 and which are insured to the full extent legally possible by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, or other similar federal insuring agency; and (e) It shall maintain servicing facilities adequately staffed with personnel familiar with all regulations and requirements pertaining to or affecting Loans serviced for the Department. Statutory/Other Authority: ORS 456.555 Statutes/Other Implemented: ORS 456.555 & 456.625 History: OHCS 2-2007, f. & cert. ef. 1-11-07 Reverted to HSG 8-1991, f. & cert. ef. 12-23-91 HSG 6-1995(Temp), f. & cert. ef. 11-8-95 HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 6-1990, f. & cert. ef. 5-2-90 HSG 11-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 HSG 7-1987, f. & ef. 3-10-87 HSG 3-1987(Temp), f. & ef. 2-5-87 1HD 11-1984, f. & ef. 9-4-84 1HD 4-1979, f. & ef. 9-11-79
813-030-0062 Change of Approved Servicers (1) The servicing agreement may be terminated or amended as provided for in the servicing agreement or these rules. (2) The Department may direct a change of Approved Servicer at any time consistent with the terms of the servicing agreement and these rules. Statutory/Other Authority: ORS 456.555 Statutes/Other Implemented: ORS 456.555 & 456.625 History: OHCS 2-2007, f. & cert. ef. 1-11-07 HSG 4-1996, f. & cert. ef. 5-15-96 HSG 6-1995(Temp), f. & cert. ef. 11-8-95 HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 11-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 HSG 7-1987, f. & cert. ef. 3-10-87 HSG 3-1987(Temp), f. & ef. 2-5-87 1HD 11-1984, f. & cert. ef. 9-4-84, Renumbered from 813-030-0080 1HD 3-1983, f. & cert. ef. 7-20-83
813-030-0066 Transfer of Ownership (1)(a) A Borrower who has received a loan or commitment from the Department shall not transfer ownership, lease, or otherwise encumber any property which serves or will serve as security for a loan from the Department without prior written approval from the Department; (b) The Borrower shall be required to submit underwriting documentation as requested by the Department. (2) A transfer of ownership means a sale, conveyance or other transfer of: (a) Any interest of a general partner; (b) Any interest in a joint venture; (c) More than 25 percent of a limited partner's interest; (d) More than ten percent of a corporate owner's interest; or (e) Any individual interest when the ownership is not a limited partnership, general partnership, joint venture or corporation. (3) The Department may require a transfer application charge from Borrowers of Projects that received loans through the Department, who request the Department’s approval of a change in Project ownership. The Department may require a transfer review charge to Project owners and transferees who effect a change in Project ownership without prior written approval from the Department. (4) A 100-percent transfer of ownership means a sale, conveyance or other transfer of: (a) All interest of a general partnership; (b) All interest of a joint venture; (c) All interest of a corporation; (d) All general partners' interest in a limited partnership; and (e) All individual interest of an ownership entity when the ownership entity is not a limited partnership, general partnership, joint venture or corporation. Statutory/Other Authority: ORS 90.800 - 90.840, 183, 91.886, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.515 - 456.720 History: OHCS 2-2007, f. & cert. ef. 1-11-07 HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 11-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 HSG 7-1987, f. & ef. 3-10-87 HSG 3-1987(Temp), f. & ef. 2-5-87 1HD 11-1984, f. & ef. 9-4-84, Renumbered from 813-030-0070 1HD 15-1980, f. & ef. 12-4-80 1HD 3-1980(Temp), f. & ef. 3-4-80 OHCS 2-2007, f. & cert. ef. 1-11-07
813-030-0068 Disposal of Department-Owned Projects (1) The Department may transfer ownership of Department-owned Projects through sale, gift or other lawful manner to a person, persons or entity whom the Department determines best meets the requirements of this Program. The Department shall establish written procedures for selling a Project prior to any offering of such Project, as applicable. (2) The method of transfer of ownership, timing, price, terms and any other factors pertinent to the transfer of ownership shall be effected by the Department in a manner which, in the opinion of the Department, best preserves the integrity and continuity of the Department's rental programs. Factors the Department may consider include, but are not limited to: (a) The financial investment of the Department in the project; (b) Preservation of existing rental housing; (c) Proposed Eligible Borrower's ability to manage, market, maintain and protect property used as security for the loan made by the Department; (d) Proposed Eligible Borrower's capacity to preserve or improve upon the property's safety, sanitation, durability and livability; (e) Proposed Eligible Borrower's ability to preserve units which are affordable and suitable to the needs of the Residents; (f) Continued compliance with state or federal laws, rules or regulations, as applicable to the financing or use of the Project. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.515 - 456.720 History: OHCS 2-2007, f. & cert. ef. 1-11-07 HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 11-1989, f. & cert. ef. 11-3-89
813-030-0070 Waiver The Department may waive or modify any requirements of OAR 813, division 030, unless such waiver or modification would violate applicable federal or state statutes or regulations. Statutory/Other Authority: ORS 456.515 - 456.720 Statutes/Other Implemented: ORS 456.555 History: OHCS 2-2007, f. & cert. ef. 1-11-07
813-035-0005 Purpose and Objectives The rules of OAR chapter 813, division 35, are established to administer and enforce ORS 456.515 through 456.720, and specifically 456.615 through 456.720. These rules implement the Pass-Through Revenue Bond Financing Program, which has an objective of providing funds to finance the construction, rehabilitation and acquisition of multi-unit housing in the State of Oregon for persons and families of lower income, while providing sufficient safeguards to protect the financial interest of the state. Other objectives of the Program include providing for additional flexibility in the Department's overall financial loan structuring, and providing an efficient process for simplifying underwriting, approval and Project monitoring so as to accommodate pass-through revenue bond financing. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.555 & 456.625 History: OHCS 1-2007, f. & cert. ef. 1-11-07 OHCS 3-2000, f. & cert. ef. 9-15-00 OHCS 1-2000(Temp), f. 6-8-00, cert. ef. 6-8-00 thru 12-4-00
813-035-0011 Definitions (1) All terms are used in OAR chapter 813, division 35, as defined in the Act, and as provided in 813-005-0005 and herein. (2) As used in these rules, unless the context indicates otherwise: (a) “Bond Documents” means the Trust Indenture, the Loan Agreement, the Regulatory Agreement, Operating Agreement and related documents executed by one or more of the parties to the financing and development of the Project, including without limitation the Department, the Borrower, and the Trustee. (b) "Borrower" or "Sponsor" means that legal entity to which bond proceeds are loaned. While the term "Borrower" generally is used in this Division, it and "Sponsor" are used interchangeably in Department rules, statutes, and documents (c) “Operating Agreement” means the Operating Agreement and Declaration of Restrictive Covenants and Equitable Servitude executed by one or more of the parties to the financing and development of the Project, including without limitation the Department and the Borrower. (d) "Project" means the project site and all buildings, structures, fixtures, equipment and other improvements now or later constructed or located upon the project site. (e) "Pass-Through Revenue Bond Financing Program" or "Program" means the Program established pursuant to this division 035. (f) “Private Placement” with respect to municipal securities, a negotiated sale in which the new issue securities are sold directly to institutional or private investors rather than through a Public Offering. The offer and sale of the securities by the issuer is directly to one or more investors, rather than through an underwriter. (g) "Public Offering" as used in this Division means any offering of bonds by the Department to finance Project(s) other than a private placement with a single financial institution. (h) “Transferee” means the person, or entity, to whom the Borrower sells, transfers to or disposes of the Project or any portion therof (other than by leasing or renting for individual tenant use.) Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.620, 456.645 & 456.675 History: OHCS 1-2007, f. & cert. ef. 1-11-07 OHCS 3-2000, f. & cert. ef. 9-15-00 OHCS 1-2000(Temp), f. 6-8-00, cert. ef. 6-8-00 thru 12-4-00
813-035-0016 Standard Underwriting Criteria In reviewing any Project financing application for approval, the Department and the Housing Stability Council, in addition to requirements elsewhere stated in the Program rules, may consider factors including but not limited to the following: (1) The location of the Project site, including its proximity to transportation, shopping, social, commercial and recreational facilities, medical services, and such other facilities and services as may best serve the prospective residents. (2) Availability of street, sewer, water, utilities and other public services. (3) Availability of public transportation. (4) Financial feasibility of the Project, including any relevant commercial or other elements as they may impact Project viability. (5) Architectural design, including aesthetic quality, soundness of construction, energy efficiency, and suitability to the needs of the residents to be served. (6) Compliance with land use regulations. (7) Market demand in the area. (8) The financial strength, credit reputation and history of the Borrower. (9) The experience of the developer, contractors, architects, consultants and management agent in developing, constructing and operating housing Projects. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.625 & 456.666 History: OHCS 1-2007, f. & cert. ef. 1-11-07 OHCS 3-2000, f. & cert. ef. 9-15-00 OHCS 1-2000(Temp), f. 6-8-00, cert. ef. 6-8-00 thru 12-4-00
813-035-0018 Investment Grade Bonds The Department has responsibility for several Department bond programs and its Publicly Offered bonds normally must be of investment grade credit quality. Private Placement bonds need only address the purchaser’s investment grade interests. To ensure investment grade credit quality for its Publicly Offered bonds or other financing funds, the Department may require that Borrower and its participating institution provide an appropriate credit enhancement device that will secure the bonds in a manner that will result in investment grade credit quality. Any exceptions to this investment grade credit quality standard will only be at the Department's sole determination and must be appropriately supported and documented. Statutory/Other Authority: ORS 456.559 & 456.625 Statutes/Other Implemented: ORS 456.620, 456.645 & 456.675 History: OHCS 1-2007, f. & cert. ef. 1-11-07 OHCS 3-2000, f. & cert. ef. 9-15-00 OHCS 1-2000(Temp), f. 6-8-00, cert. ef. 6-8-00 thru 12-4-00
813-035-0021 Financing Commitments and Charges (1) The Department may finance Projects pursuant to written Commitments made to eligible Borrowers. (2) Projects may be financed directly with proceeds from the issuance of Bonds or other available funds obtained by the Department. The Department may establish charges and interest rates for financing Projects based upon factors including but not limited to the following: (a) The cost of borrowing through Bond issuance; and (b) Other funds required to carry out the Program. (3) The Borrower shall comply with all provisions of the Program and the Act. (4) The Department may take appropriate enforcement action in accordance with the Commitment and other Project documents, or as otherwise available at law. (5) The Department may finance Projects in such order, as in the sole judgment of the Department, best achieves the purposes of the Program and the Act. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.515 - 456.720 History: OHCS 1-2007, f. & cert. ef. 1-11-07 OHCS 3-2000, f. & cert. ef. 9-15-00 OHCS 1-2000(Temp), f. 6-8-00, cert. ef. 6-8-00 thru 12-4-00
813-035-0032 Approved Borrowers (1) Any person or appropriate legal entity may apply to become a Borrower. (2) In evaluating the capacity of a prospective Borrower to develop, own, maintain and manage a Project, the Department may require, review and use any documents, credit reports, financial statements, or other information consistent with the provisions of the Equal Credit Opportunity Act as it may relate to the Department. (3) Production of information to the Department by the Borrower or prospective Borrower shall be at the Borrower’s own cost and shall be without cost or liability to the Department. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.555 & 456.625 History: OHCS 3-2000, f. & cert. ef. 9-15-00 OHCS 1-2000(Temp), f. 6-8-00, cert. ef. 6-8-00 thru 12-4-00
813-035-0033 Project Financing (1) To be eligible for Project financing, a prospective Borrower shall comply with the terms contained in the Housing Stability Council approval, the Project financing documents, and other Program or Department requirements. (2) Program financing may not exceed that portion of the Project's appraised value appropriate to prudent underwriting, as determined by the lender and reviewed by the Department. (3) Program financing may have a final maturity of not more than 40 years from the date of its making unless allowed by law, and shall be secured by a first lien deed of trust granted by the Borrower, or others as appropriate, in the Project and other property securing the loan. (4) Program financing may provide financing for Projects to be newly constructed or to be acquired and substantially rehabilitated. (5) Project documents, including all Loan Documents, must be in form and substance as approved or required by the Department at its sole discretion. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.555 & 456.625 History: OHCS 1-2007, f. & cert. ef. 1-11-07 OHCS 3-2000, f. & cert. ef. 9-15-00 OHCS 1-2000(Temp), f. 6-8-00, cert. ef. 6-8-00 thru 12-4-00
813-035-0036 Eligible Projects (1) The Department shall evaluate each Project for consistency with sound architectural and planning principles and underwriting standards. (2) This Department evaluation may include, but is not limited to the following: (a) Site; location; market demand; financial feasibility; qualifications of general contractor, management agent, and developer; appraisal; financial strength and credit worthiness of the prospective Borrower; management plan; final architectural package; prospective Borrower's organizational documents; title report; and any other information the Department may prescribe; (b) If subject to a Federal Housing Assistance Payments contract, whether or not the Project complies with any standards required by the U.S. Department of Housing and Urban Development (HUD); (c) Whether or not the Project meets all applicable state and local land use and zoning requirements, housing codes, and similar requirements; (d) Whether or not the Project is located in the State of Oregon; and (e) Whether or not the Project meets all applicable laws and other Program requirements. [Publications: Publications referenced are available from the agency.] Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.555 & 456.625 History: OHCS 1-2007, f. & cert. ef. 1-11-07 OHCS 3-2000, f. & cert. ef. 9-15-00 OHCS 1-2000(Temp), f. 6-8-00, cert. ef. 6-8-00 thru 12-4-00
813-035-0040 Resident Eligibility and Occupancy (1) To be eligible to occupy a Project, a Person or household shall: (a) Be a Resident of the state. (b) Have an annualized gross household income that does not exceed the limit established by the Department from time to time in compliance with the Act, and the limits of Section 142(d)(1) of the Code, if applicable. (c) The project shall conform to the maximum income requirement of ORS 456.620(4). With the approval of the council, establish maximum household income limits for all or a portion of the units in housing projects, housing developments or other residential housing financed in whole or in part by the department. A maximum of one-third of the units in a housing Project, housing development or other residential housing financed by the department may be rented to households with an income level exceeding 120 percent of the median family income level, as determined by the department. If the income level in any unit exceeds 120 percent of the median family income, the department shall, to the extent practicable, require that the Project, development or other housing financed by the department has a percentage of low income units that is higher than the minimum percentages established in 456.120(19) for Projects financed by local housing authorities or income limitations that are lower than the limits described in 455.120(19) or a combination thereof. (d) Relating specifically to acquisition/rehabilitation projects only, where tenants already reside in the project, the Department, at its sole discretion, may allow up to a one (1) year grace period for implementation of the standards identified in subsection (c) above in order to reduce the impact of displacement for over-income residents. (2) Rental of units shall not violate the Fair Housing provisions of the 1968 Civil Rights Act or other applicable provision of state or federal law. (3) Lower-income Persons or households residing in the Project shall have equal access to and enjoyment of all common facilities of the Project. (4) The Borrower shall accept as residents in compliance with Section 8 programs, lower-income Persons or households who are holders of certificates for federal housing assistance payments pursuant to Section 8 of the United States Housing Act of 1937 or a successor federal program, on the same basis as all other prospective residents. The Borrower shall not apply resident selection criteria to such Section 8 certificate holders which are more burdensome than the criteria applied to any other prospective resident. (5) The Borrower shall conduct timely annual income certifications of residents to the Department's satisfaction to assure compliance with the income requirements of the Program. [Publications: Publications referenced are available from the agency.] Statutory/Other Authority: ORS 456.559 & 456.625 Statutes/Other Implemented: ORS 456.620, 456.645 & 456.675 History: OHCS 1-2007, f. & cert. ef. 1-11-07 OHCS 1-2001, f. & cert. ef. 2-15-01 OHCS 3-2000, f. & cert. ef. 9-15-00 OHCS 2-2000(Temp), f. & cert. ef. 9-15-2000 thru 3-13-01 OHCS 1-2000(Temp), f. 6-8-00, cert. ef. 6-8-00 thru 12-4-00
813-035-0045 Inspections and Audits (1) The Department will have the ability to conduct, and Borrowers shall cooperate fully with the Department in accomplishing, such physical inspections of the Project(s) as the Department may from time to time require. (2) Borrowers shall provide annual audited financial reports and such other information and documents concerning the Project as the Department from time to time may require, and in form and substance satisfactory to the Department at its sole discretion. (3) The purposes of inspections, audited financial reports and other requested information may include, but are not limited to reviews of tenant occupancy income verification procedures and documents, maintenance and reserves compliance verification, and financial management of the Project. (4) The Borrower shall at all times manage the Project so as to comply with Program requirements, the terms of the Project documents and all applicable laws. Statutory/Other Authority: ORS 456.559 & 456.625 Statutes/Other Implemented: ORS 456.620, 456.645 & 456.675 History: OHCS 1-2007, f. & cert. ef. 1-11-07 OHCS 3-2000, f. & cert. ef. 9-15-00 OHCS 1-2000(Temp), f. 6-8-00, cert. ef. 6-8-00 thru 12-4-00
813-035-0051 Loan Security Notwithstanding any other representation or provision contained in the Program rules or otherwise, financing funds shall not be disbursed for the Project loan until: (1) Fully executed Bond Documents, or other adequate instrument as required by the Department fully secures the Project. (2) The Borrower and other necessary parties have executed all Project documents required by the Department at its sole discretion. (3) The Borrower and other necessary parties have satisfied all program financing conditions contained , as well as the requirement for assuring investment grade credit quality bond-financing for the Project as determined by the Department at its sole discretion. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.555 & 456.625 History: OHCS 1-2007, f. & cert. ef. 1-11-07 OHCS 3-2000, f. & cert. ef. 9-15-00 OHCS 1-2000(Temp), f. 6-8-00, cert. ef. 6-8-00 thru 12-4-00