reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0005 - Purpose and Objectives

Current through Register Vol. 63, No. 7, July 1, 2024
The rules of OAR chapter 813, division 030, are promulgated to
				carry out the provisions of ORS
				456.515 to
				456.720 specifically
				456.515 through
				456.547, as they pertain to the
				administration by the Housing and Community Services Department (Department) of
				the Elderly Housing Program. These rules and the related determinations and
				orders of the Department constitute the Department's Elderly Housing Program.
				The purpose of the program is to provide funds to finance the construction,
				rehabilitation and acquisition of multi-unit housing for elderly households in
				the State of Oregon, while providing sufficient safeguards to protect the
				financial interests of the state.
Stat. Auth.: ORS
				  90.800 -
				  90.840,
				  91.886, 183,
				  456.515 -
				  456.723 &
				  458.210 -
				  458.650
Stats. Implemented: ORS
				  456.515 -
				  456.720
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) All terms are
			 used in OAR chapter 813, division 030 as defined in the Act and as provided in
			 OAR 813-005-0005  and herein.
(2) As
			 used in these rules unless otherwise indicated by the context:
(a) "Elderly Housing Project" ("Project")
			 means housing containing more than one living unit for elderly households, but
			 not providing continuous nursing care;
(b) "Gross Household Income" means the
			 anticipated total income from all sources received by the family head and by
			 each additional member of the family of 18 years of age and over, including all
			 net income derived from assets for the twelve-month period following the date
			 of certification of income, in accordance wit the U.S. Department of Housing
			 and Urban Development (HUD) in  24 CFR 813 ;
(c) "Multifamily Housing" means a structure
			 or facility which provides more than one living unit, and may provide spaces
			 for common use by the occupants in social and recreational activities
			 including, but not limited to, individual living units within such structures,
			 manufactured homes and manufactured dwelling parks and residential facilities
			 licensed under ORS 443,400 to
			 443.455 and other congregate
			 care facilities with or without domiciliary care.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0020 - Form of Loan Assistance

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 Department shall make loans to Borrowers under the terms of written
			 Commitments.
(2) Loans shall be
			 made directly with proceeds from the issuance of bonds or other available funds
			 obtained by the Department. The Department may establish charges and interest
			 rates based upon:
(a) The cost of borrowing
			 through bond issuance;
(b) The
			 funds required to carry out the Elderly Housing Program; and
(c) Such other factors as the Department
			 considers appropriate or necessary.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0025 - Loan Security

Current through Register Vol. 63, No. 7, July 1, 2024
Notwithstanding any other provision contained in the program
				rules, the Department shall not disburse funds for a loan until:
(1) The loan is secured by a fully executed
			 trust deed note and first lien trust deed or other evidence of security;
			 and
(2) The Eligible Borrower has
			 satisfied all conditions contained in a Commitment.
Stat. Auth.: ORS
				  90.800 -
				  90.840,
				  91.886,
				  456.515 -
				  456.723 &
				  458.210 -
				  458.650
Stats. Implemented: ORS
				  456.515 -
				  456.720
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0030 - Eligible Elderly Housing Projects

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department shall evaluate each
			 Project for consistency with the Department's interpretation of sound
			 architectural design and prudent underwriting standards as established in OAR
			 813-030-0031.
(2) In order to
			 qualify for a loan, a Project shall:
(a) Be
			 approved by the Department with respect to site; location; market demand;
			 financial feasibility; qualifications of general contractor, management agent
			 and developer; appraisal; financial strength and credit worthiness of the
			 Eligible Borrower ; management plan; final architectural package; Eligible
			 Borrower's organizational documents; American Land Title Association (ALTA)
			 title report; and any other information the Department shall require;
(b) Meet all applicable state and local land
			 use and zoning requirements, housing codes, licensing, and similar
			 requirements;
(c) Be in compliance
			 with federal regulations, state statutes and Program rules;
(d) Be located in the State of Oregon;
			 and
(e) Remain affordable in terms
			 of the loan documents.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0031 - Standard Underwriting Criteria

Current through Register Vol. 63, No. 7, July 1, 2024
In approving or disapproving any loan application, the
				Department and the State Housing Council shall consider, in addition to
				requirements elsewhere stated in the Program rules, the following
				criteria:
(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 shall best serve the prospective
			 residents;
(2) Financial
			 feasibility of the Project;
(3)
			 Availability of street, sewer, water, utilities and other public
			 services;
(4) Availability of
			 public or private transportation;
(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 applicable local
			 comprehensive plan and land use regulations;
(7) Market demand;
(8) The financial strength, credit reputation
			 and history of the Eligible Borrower; and
(9) The experience of the developer,
			 contractors, architects, consultants and management agent in developing,
			 constructing and operating housing projects.
Stat. Auth.: ORS
				  90.800 -
				  90.840,
				  91.886, 183,
				  456.515 -
				  456.723 &
				  458.210 -
				  458.650
Stats. Implemented: ORS
				  456.515 -
				  456.720
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0032 - Manufactured Dwelling Park Projects

Current through Register Vol. 63, No. 7, July 1, 2024
(1) To qualify as a Manufactured Dwelling
			 Park, the Project shall comply with the following standards and conditions:
(a) Site, design and licensing standards of
			 the local government;
(b)
			 Regulations of the Building Codes Division, State of Oregon, OAR 918-600-0010  to 918-600-0110;
(c) All
			 manufactured dwellings shall have skirting, unless the home is set on a ground
			 level foundation. If the manufactured dwelling is purchased after September 4,
			 1984, the design, color and texture of the skirting shall appear to be an
			 integral part of the adjacent exterior wall of the manufactured
			 dwelling;
(d) All manufactured
			 dwellings purchased after September 4, 1984, shall have a roof with a
			 non-reflective surface at a minimum slope of two inches in 12 inches (16
			 percent);
(e) The area occupied by
			 the manufactured dwelling and any accessory buildings (including porches,
			 car-ports, etc.) shall not exceed 40 percent of the lot area; and
(f) All manufactured dwellings shall be
			 installed in compliance with the State of Oregon, Building Codes Division
			 regulations. Installation inspections shall be completed by the Building Codes
			 Division, or by a city or county which has contracted to do the inspections. A
			 copy of the final inspection report shall be submitted to the Department
			 together with a copy of a certificate of occupancy.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0034 - Interim Loans

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department
			 may from time to time make available funds for construction, acquisition and/or
			 rehabilitation, or other financing of Elderly Housing Projects, for a term not
			 to exceed two years.
(2)
			 Notwithstanding any other requirements of OAR chapter 813, division 030, the
			 Department may, as funds are available, solicit applications for the use of
			 such funds. Applications shall specify in writing any terms and conditions of
			 the available funds, as well as criteria or priorities the Department shall use
			 to evaluate and select applications for funding.
(3) The Department shall evaluate
			 applications received in accordance with program policies and priorities
			 approved by the State Housing Council, and with applicable requirements of OAR
			 chapter 813, division 30.
Stat. Auth.: ORS
				  90.800 -
				  90.840,
				  91.886,
				  456.515 -
				  456.723 &
				  458.210 -
				  458.650
Stats. Implemented: ORS
				  456.515 -
				  456.720
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0035 - Approved Housing Borrowers

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 To be eligible to receive a loan, an Eligible Borrower shall comply with the
			 terms contained in the Commitment issued by the Department and the conditions
			 of eligibility as set forth in these rules.
(2) Any entity may apply to become an
			 Eligible Borrower.
(3) To help the
			 Department evaluate the financial strength of an Eligible Borrower to develop,
			 own, maintain and manage a Project, the Eligible Borrower shall submit
			 financial statements, credit reports and any other documents requested by the
			 Department in accordance with the provisions of the Equal Credit Opportunity
			 Act as it relates to the Department.
Stat. Auth.: ORS
				  90.800 -
				  90.840,
				  91.886, 183,
				  456.515 -
				  456.723 &
				  458.210 -
				  458.650
Stats. Implemented: ORS
				  456.515 -
				  456.720
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0040 - Processing Procedures

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Before
			 accepting a Project for the application process, the prospective Borrower shall
			 submit an application to the Department on forms acceptable to the Department.
			 If the Project meets the Program requirements, an application conference with
			 the prospective Borrower shall be scheduled. At the conference, the Department
			 may discuss, but is not limited to discussing:
(a) Type of loan requested;
(b) Type and formation of prospective
			 Borrower's company (sole proprietorship, partnership, corporation, nonprofit,
			 etc.) and qualifications;
(c)
			 Requested loan amount, terms and interest rate;
(d) Any time constraints on prospective
			 Borrower or Department;
(e)
			 Charges;
(f) Reserve and equity
			 requirements;
(g) Debt service
			 ratio and other contingency requirements;
(h) Appraisal requirements;
(i) Environmental Surveys;
(j) Contractor's cost estimate and
			 qualifications;
(k) Management and
			 maintenance plans;
(l) Project
			 management requirements, reports, and qualifications;
(m) Loan servicing requirements and
			 procedures;
(n) Design and related
			 requirements;
(o) Document
			 requirements;
(p) Construction
			 procedures;
(q) Department loan
			 processing procedures;
(r)
			 Eligibility requirements under federal and state law and regulations;
(s) Site control;
(t) Reserves and costs for Bond issue;
			 and
(u) Any other items pertinent
			 to the proposed project.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0044 - Loan Closing

Current through Register Vol. 63, No. 7, July 1, 2024
Before the loan closing takes place, the Department shall
				provide to the escrow officer written instructions for closing the loan. The
				Department shall not authorize disbursement of loan funds until all conditions
				of the commitment are satisfied and the Department has received and
				approved:
(1) Cost
			 certification;
(2) Certificate or
			 policy of insurance for fire and extended coverage, liability, business income
			 and flood insurance (if applicable), with the appropriate loss deductible. All
			 insurance coverage shall be in the amounts set forth in the Department's
			 Regulatory Agreement and Declaration of Restrictive Covenants;
(3) Contingency Escrow Account;
(4) Certificate of occupancy from the local
			 government, or final inspection report, as required;
(5) Notice of Completion;
(6) Commercial leases (if
			 applicable);
(7) Ground leases (if
			 applicable);
(8) Any other relevant
			 leases;
(9) Tax abatement approval;
(10) American Land Title
			 Association (ALTA) mortgagee's preliminary title insurance report from the
			 title company of the Borrower's choice;
(11) Any licenses required by the
			 state;
(12) For Acquisition Loans:
(a) Certification of completion of work on
			 repairs from the general contractor and owner.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0046 - Resident Eligibility and Occupancy

Current through Register Vol. 63, No. 7, July 1, 2024
(1) To be eligible to occupy a project, an Elderly Household shall:
(a) Be a Resident of the state;
(b) Be a household whose head is over the age of 58 years;
(c) Have an annualized Gross Household Income which does not exceed the income limits as established by the Department from time to time in compliance with the Act;
(d) The project shall conform to the maximum income requirement of ORS 456.620(4). 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;
(e) 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 (d) above in order to reduce the impact of displacement for over-income residents.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0047 - Commitment Fee and Other Charges

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department shall charge a
			 non-refundable Commitment fee up to two percent of the loan.
(2) The Eligible Borrower shall include the
			 fee with the Eligible Borrower's signed acceptance of the Commitment returned
			 to the Department.
(3) The
			 Commitment fee shall not be deducted from the Borrower's equity
			 requirement.
(4) The Department may
			 charge other fees or charges, as needed, to cover the costs and reduce the
			 financial risk to the Department's of issuing bonds.
Stat. Auth.: ORS
				  90.800 -
				  90.840,
				  91.886, 183,
				  456.515 -
				  456.723 &
				  458.210 -
				  458.650
Stats. Implemented: ORS
				  456.515 -
				  456.720
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0060 - Loan Servicing

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0062 - Change of Approved Servicers

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Stat. Auth.: ORS
				  456.555
Stats. Implemented: ORS
				  456.555 &
				  456.625
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0066 - Transfer of Ownership

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0067 - Loan Prepayments

Current through Register Vol. 63, No. 7, July 1, 2024
(1) It is
			 the general policy of the Department not to accept prepayments. The Department
			 may, however, permit a prepayment if, in its sole discretion, the Department
			 determines that the prepayment is consistent with the best interests of the
			 Department, including its public purpose as defined in ORS
			 456.550.
(a) The Borrower must submit to the
			 Department a written request for prepayment at least 90 days prior to the
			 Borrower's estimated prepayment date;
(b) The Department may charge the Borrower a
			 prepayment review charge to cover the Department's cost of review and
			 processing the prepayment request.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0068 - Disposal of Department-Owned Projects

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 30 - ELDERLY HOUSING PROGRAM › Section 813-030-0070 - Waiver

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS
				  456.515 -
				  456.720
Stats. Implemented: ORS
				  456.555
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 35 - PASS-THROUGH REVENUE BOND FINANCING PROGRAM › Section 813-035-0005 - Purpose and Objectives

Current through Register Vol. 63, No. 7, July 1, 2024
The rules of OAR chapter 813, division 035, 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.
Stat. Auth.: ORS
				  90.800 -
				  90.840,
				  91.886, 183,
				  456.515 -
				  456.723 &
				  458.210 -
				  458.650
Stats. Implemented: ORS
				  456.555 &
				  456.625
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 35 - PASS-THROUGH REVENUE BOND FINANCING PROGRAM › Section 813-035-0011 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) All terms are
			 used in OAR chapter 813, division 035, as defined in the Act, and as provided
			 in OAR 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.)
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 35 - PASS-THROUGH REVENUE BOND FINANCING PROGRAM › Section 813-035-0016 - Standard Underwriting Criteria

Current through Register Vol. 63, No. 7, July 1, 2024
In reviewing any Project financing application for approval,
				the Department and the State Housing 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.
Stat. Auth.: ORS
				  90.800 -
				  90.840,
				  91.886, 183,
				  456.515 -
				  456.723 &
				  458.210 -
				  458.650
Stats. Implemented: ORS
				  456.625 &
				  456.666
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 35 - PASS-THROUGH REVENUE BOND FINANCING PROGRAM › Section 813-035-0018 - Investment Grade Bonds

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat Auth: ORS
				  456.559 &
				  456.625
Stats. Implemented: ORS
				  456.620,
				  456.645 &
				  456.675
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 35 - PASS-THROUGH REVENUE BOND FINANCING PROGRAM › Section 813-035-0021 - Financing Commitments and Charges

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 35 - PASS-THROUGH REVENUE BOND FINANCING PROGRAM › Section 813-035-0029 - Transfer of Ownership

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Except
			 for transfers in connection with refinancing of the Bond by or through the
			 Department and/or low income housing tax credits provided by the State, the
			 parties agree that during the term of the Department's Operating Agreement, if
			 the Borrower sells, transfers or otherwise disposes of any interest in the
			 Project or any portion thereof (other than by leasing or renting for individual
			 tenant use as contemplated in the application for financing) without obtaining
			 the prior written consent of the Department, an event of default shall occur
			 under the terms of the Operating Agreement and Bond Documents and the remedies
			 provided in said documents may be exercised by the Department, the trustee or
			 otherwise. The Department's consent shall not be unreasonably withheld or
			 delayed, but may be conditioned upon one or more of the following:
(a) The execution of transfer, assumption and
			 modification documents satisfactory to the Department;
(b) Reasonable evidence satisfactory to the
			 Department that the Borrower is not then in default beyond any applicable grace
			 period or cure period;
(c) An
			 opinion of counsel for the Transferee, delivered to the Department and trustee,
			 to the effect that the Transferee has assumed in writing and in full all duties
			 and obligations of the Borrower under the Operating Agreement and Bond
			 Documents, and that the Operating Agreement and the Bond Documents constitute
			 legal, valid and binding obligations of the Transferee;
(d) An opinion of bond counsel to the effect
			 that the sale, transfer or disposition of the Project or any portion thereof
			 will not adversely affect the exclusion of the interest on the Bond from the
			 gross income of the bondowners and will not adversely affect the award of
			 low-income housing tax credits to the Project, and;
(e) Such other conditions which reasonably
			 may be imposed by the Department or the trustee to assure compliance with
			 federal or stte law, including but not limited to the Borrower providing the
			 Department with current financial information with respect to the Transferee
			 and a full description of such Transferee's and its principal's experience in
			 real property development and management.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 35 - PASS-THROUGH REVENUE BOND FINANCING PROGRAM › Section 813-035-0032 - Approved Borrowers

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Stat. Auth.: ORS
				  90.800 -
				  90.840,
				  91.886, 183,
				  456.515 -
				  456.723 &
				  458.210 -
				  458.650
Stats. Implemented: ORS
				  456.555 &
				  456.625
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 35 - PASS-THROUGH REVENUE BOND FINANCING PROGRAM › Section 813-035-0033 - Project Financing

Current through Register Vol. 63, No. 7, July 1, 2024
(1) To be
			 eligible for Project financing, a prospective Borrower shall comply with the
			 terms contained in the State Housing 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.
Stat. Auth.: ORS
				  90.800 -
				  90.840,
				  91.886, 183,
				  456.515 -
				  456.723 &
				  458.210 -
				  458.650
Stats. Implemented: ORS
				  456.555 &
				  456.625
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 35 - PASS-THROUGH REVENUE BOND FINANCING PROGRAM › Section 813-035-0036 - Eligible Projects

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 35 - PASS-THROUGH REVENUE BOND FINANCING PROGRAM › Section 813-035-0040 - Resident Eligibility and Occupancy

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 35 - PASS-THROUGH REVENUE BOND FINANCING PROGRAM › Section 813-035-0045 - Inspections and Audits

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Stat. Auth.: ORS
				  456.559 &
				  456.625
Stats. Implemented: ORS
				  456.620,
				  456.645 &
				  456.675
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 35 - PASS-THROUGH REVENUE BOND FINANCING PROGRAM › Section 813-035-0051 - Loan Security

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS
				  90.800 -
				  90.840,
				  91.886, 183,
				  456.515 -
				  456.723 &
				  458.210 -
				  458.650
Stats. Implemented: ORS
				  456.555 &
				  456.625
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 35 - PASS-THROUGH REVENUE BOND FINANCING PROGRAM › Section 813-035-0070 - Waiver

Current through Register Vol. 63, No. 7, July 1, 2024
The Department may waive or modify any requirements of OAR 813,
				division 060, unless such waiver or modification would violate applicable
				federal or state statutes or regulations.
Stat. Auth.: ORS
				  456.515 -
				  456.720
Stats. Implemented: ORS
				  456.555
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 37 - AFFORDABLE HOUSING LAND ACQUISITION REVOLVING LOAN PROGRAM (LAP) › Section 813-037-0005 - Purpose and Objectives

Current through Register Vol. 63, No. 7, July 1, 2024
OAR Chapter 813, Division 37 is established to enact the
				Affordable Housing Land Acquisition Revolving Loan Program or Land Acquisition
				Program (LAP) as authorized in ORS
				456.502.
				LAP is also subject to OHCS's general rules, including but not limited to OAR
				chapter 813, division 5, and subject to OHCS's general procedures for public
				contracts and procurements found in OAR chapter 813, division 6. The purpose of
				LAP is to provide financial assistance to eligible organizations to purchase
				land for affordable housing development.
To view tables referenced in rule text,
click here to view
				  rule
.
Statutory/Other Authority: ORS
				  456.502
Statutes/Other Implemented: ORS
				  456.502
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 37 - AFFORDABLE HOUSING LAND ACQUISITION REVOLVING LOAN PROGRAM (LAP) › Section 813-037-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
The following words and terms have the following meanings
				unless the context would clearly indicate otherwise.
(1) "Affordable Housing" means housing that
			 is affordable to households with incomes less than or equal to 80 percent of
			 the area median income for the county in which the housing is built.
(2) "Current Market Rate" means the ten- year
			 constant treasury maturity year rate, as determined at the time the individual
			 loan is closed upon, plus two- and one-half percent.
(3) "Eligible Organization" means local
			 governments, local housing authorities, nonprofit community or
			 neighborhood-based organizations, federally recognized Indian tribes in Oregon
			 and regional or statewide nonprofit housing assistance organizations.
(4) "Eligible Purpose" means the development
			 of affordable housing and/or facilities intended to provide supportive services
			 to affordable housing residents and low-income households in the nearby
			 community.
(5) "Extenuating
			 Circumstances" means extreme or unusual conditions that resulted in an
			 inability to repay the loan and that were unknowable at the time of the loan.
(6) "Identity of Interest" means
			 any relationship where the purchaser and seller are related, affiliated through
			 a business relationship, or both.
(7) "Land Acquisition Revolving Loan Program
			 Manual" or "LAP Manual" or "Manual" means the program manual for the Land
			 Acquisition Revolving Loan Program, as described in OAR 813-037-0012.
(8) "Loan Recipient" means the
			 eligible organization that has applied for and received financial assistance
			 under the LAP.
(9) "Local
			 Government" means a county, city, district or other public corporation,
			 commission, authority, or entity organized and existing under statute or city
			 or county charter.
(10) "Low Income
			 Household" means a household with income less than or equal to 80 percent of
			 the area median income as defined in ORS
			 456.270.
(11) "Substantially Completed" means that
			 OHCS has determined that enough project milestones have been achieved to
			 reasonably conclude that additional time will result in LAP compliance.
Statutory/Other Authority: ORS
				  456.502
Statutes/Other Implemented: ORS
				  456.270
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 37 - AFFORDABLE HOUSING LAND ACQUISITION REVOLVING LOAN PROGRAM (LAP) › Section 813-037-0012 - Land Acquisition Revolving Loan Program Manual

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Additional
			 guidance and application instructions are outlined in the LAP Manual dated
			 March 2024, incorporated into, and adopted as part of this division of
			 administrative rules by reference.
(2) The manual may be accessed online at
			 OHCS's website.
To view attachments referenced in rule text,
click here to view
				  rule
.
Statutory/Other Authority: ORS
				  456.502
Statutes/Other Implemented: ORS
				  456.502
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 37 - AFFORDABLE HOUSING LAND ACQUISITION REVOLVING LOAN PROGRAM (LAP) › Section 813-037-0012 - Land Acquisition Revolving Loan Program Manual

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Additional
			 guidance and application instructions are outlined in the LAP Manual dated
			 March 2022, incorporated into, and adopted as part of this division of
			 administrative rules by reference.
(2) The manual may be accessed online at
			 OHCS's website.
Statutory/Other Authority: ORS
				  456.502
Statutes/Other Implemented: ORS
				  456.502
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 37 - AFFORDABLE HOUSING LAND ACQUISITION REVOLVING LOAN PROGRAM (LAP) › Section 813-037-0015 - Availability and Source of Affordable Housing Land Acquisition Revolving Loan Program (LAP) Funds

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Affordable
			 Housing Land Acquisition Revolving Loan Program or Land Acquisition Program
			 (LAP) was initially funded by repurposing funds already in OHCS's funding
			 stream. Once moved to the LAP, the repurposed funds are to be continuously used
			 for the LAP allowing for eligible organizations to reserve land assets for
			 eligible purposes. Additional guidance can be found in the LAP
			 Manual.
(2) Any additional funding
			 may be targeted towards specific needs within the state, provided that all
			 funding sources will be used for eligible purposes and in a manner consistent
			 with the established program criteria.
Statutory/Other Authority: ORS
				  456.502
Statutes/Other Implemented: ORS
				  456.502