Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 5 - GENERAL RULES › Section 813-005-0005 - General Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
The following definitions and those in ORS Chapters 456 and 458 apply to OAR Chapter 813, unless the context indicates otherwise or the term is otherwise defined in a subsequent division:
(1) "Acquisition loan" means a loan for the purpose of financing the purchase of an existing Project.
(2) "Administrative costs" means all costs incurred throughout the administration of a program that are not directly related to the delivery of program services or projects.
(3) "Approved lender" means any person authorized to engage in the business of making loans of the general character of program loans, who meets the qualifications for an approved lender set forth in the applicable program rules and who contracts with OHCS to make program loans.
(4) "Approved servicer" means any person authorized to engage in the business of servicing loans of the general character of program loans, who meets the qualifications for an approved servicer set forth in the applicable program rules and who contracts with OHCS to service program loans.
(5) "Bond" means any bond, note or other evidence of indebtedness issued to obtain funds to provide financing for a program of OHCS as provided in the Act or as further defined by statute.
(6) "Borrower" means an eligible borrower who has received a program loan.
(7) "Break-even occupancy" means the point in time when a project's monthly rental income meets its monthly operating expenses and debt service.
(8) "Commitment" means the written conditional obligation of OHCS to make, purchase, service or sell a program loan or other funding award.
(9) "Community Action Agency" or "CAA" means a private, nonprofit corporation organized under ORS chapter 65, or an office, division or agency of a political subdivision designated as a community action agency pursuant to the Economic Opportunity Act of 1964 by the U.S. Department of Health and Human Services, which meets the requirements outlined in ORS 458.505.
(10) "Community service programs" means activities of OHCS involving the regulation, support, or direct or indirect operation of temporary or permanent placement of individuals into housing, housing stabilization, or that are otherwise defined in statute or described in subsequent divisions in this chapter.
(11) "Conditional" means subject to relevant conditions and documents required for the reservation or award of OHCS funding.
(12) "Construction" has the meaning provided in ORS 456.515.
(13) "Contingency escrow account" means an account generally not to exceed 3% of the initial principal amount of the program loan, established by the sponsor in the form of a savings account, time certificate of deposit, or irrevocable letter of credit assigned to OHCS.
(14) "Contractor" means a person or entity that is held under contract with a hiring entity, including OHCS, to provide prescribed materials, labor, or services.
(15) "Cooperative" is a consumer housing entity formed according to the provisions of ORS Chapter 62, as amended.
(16) "Custodian" has the meaning provided in ORS 192.311.
(17) "Director" means the chief administrative officer of OHCS as defined in ORS 456.515 and described in ORS 456.555.
(18) "Division" means an organizational component or operating unit of Oregon Housing and Community Services. Organizational components within each division include:
(a) "Section"
(b) "Unit"