OAR 813-037-0035. Loan & Project Oversight

(1) Within five years of receiving a loan, a loan recipient must present OHCS with an updated development plan if the development has not been completed and placed into service. (a) The development plan must include a current development design, committed, and anticipated financial resources dedicated to the project, and an estimated development schedule that includes completion of the project within eight years. (b) The updated development plan must be substantially consistent with the original development plan. (2) Within eight years of receiving a loan under the LAP, the project must be completed and placed into service, or the loan interest rate limit will be reestablished at the current market rate. Failure to place a project in service within eight years of receiving a loan under LAP may also be deemed by OHCS to be an event of default.