Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 38 - PREDEVELOPMENT LOAN PROGRAM › Section 813-038-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
All words and terms used in OAR chapter 813, division 038,
				except as the context specifically requires, are defined in ORS
				456.515 to
				456.725, as provided in
				813-005-0005, or herein. As used in these rules, unless the context indicates
				otherwise:
(1) "Application" means a
			 Loan request provided by the Eligible Borrower to the Department in a form and
			 format as prescribed by the Department and modified from time to time
			 reflecting current Program criteria.
(2) "Collateral" means real or personal
			 property pledged to secure the repayment of a Predevelopment Loan as set forth
			 in these rules, including but not limited to real property, guarantees, savings
			 accounts, certificates of deposit and receivables.
(3) "Commitment Letter" or "Commitment" means
			 the written conditional obligation of the Department to provide a Loan issued
			 to the Borrower after the Department has received, reviewed and determined to
			 approve a Loan request. The Commitment Letter may be for an amount different
			 than that requested and may include, but is not necessarily limited to stating
			 the approved loan amount, interest rate, costs of borrowing, repayment terms,
			 performance criteria, monthly reporting requirements and other conditions of
			 the Loan.
(4) "Eligible Borrower"
			 or "Borrower" means a for-profit, non-profit or governmental entity who
			 satisfies the legal, financial, and other criteria of the Department for
			 receipt of a Loan and who has or will make a Loan request that will qualify for
			 approval by the Department.
(5)
			 "Eligible Predevelopment Costs" means costs associated with predevelopment
			 activities including but not limited to architectural design, legal fees, land
			 surveys, soils reports, environmental reports, appraisals, market studies, land
			 option carrying charges, land acquisition costs, federal/state application
			 fees, and other recoverable development costs approved by the Department at its
			 sole discretion.
(6) "Eligible
			 Project" means the new construction or acquisition and rehabilitation of
			 affordable multi-family rental housing with a minimum of five (5) units that
			 comply with Program requirements as determined by the Department. A
			 single-family housing subdivision may qualify as an Eligible Project if there
			 are five (5) or more lots that will be for sale to home owners who meet the
			 Department's Single-Family Loan Program requirements. Income limits and home
			 prices in the Single-Family Loan Program typically are established in
			 consideration of the County in which the subdivision is located.
(7) "Funds" means the funds the Department
			 makes available for predevelopment activities through this Predevelopment Loan
			 Program.
(8) "Predevelopment Loan"
			 or "Loan" means a loan made by the Department to a Eligible Borrower in order
			 to finance Eligible Predevelopment Costs for an Eligible Project.
Stat. Auth.: ORS Ch. 183,
				  456.555(2),
				  456.625(12)
Stats. Implemented: ORS
				  456.561;
				  456.574;
				  456.620;
				  456.625