OAR 813-110-0021. Reservation in Lieu of Certification

(1) For a reservation granted under OAR 813-110-0025: (a) The reservation is valid for 240 days and is subject to extension by OHCS at its sole discretion; and (b) Is a confirmed reservation unless the lending institution modifies the original letter of intent or there is a failure to comply with material terms of the reservation. (2) A sponsor that furnishes OHCS a firm commitment of financing prior to the expiration of a reservation is eligible, subject to other program requirements, for issuance of a certification. (3) A sponsor that has a reservation issued shall notify OHCS of any change in the lending institution as well as any failure to comply with a material term of the reservation.