OAR 813-012-0170. Disposal of Department-Owned Projects

(1) The Department may transfer ownership of projects acquired through foreclosure or deed in lieu of foreclosure through sale, gift or other lawful manner to a person, persons, or entity whom the Department determines 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 determined 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 new owner’s ability to manage, market, maintain and protect the project and any property used as security for the program loan or program contribution relating to the project; (d) Proposed new owner’s capacity to preserve or improve upon the project’s safety, sanitation, durability and livability; (e) Proposed new owner’s ability to preserve units that are affordable and meet the needs of current and future tenants; (f) Continued compliance with state or federal laws, rules and regulations, as applicable to the financing or operation of the project.