OAR 813-038-0005. Purpose and Objectives

OAR chapter 813, division 038 is intended to accomplish the general purposes of the department’s Predevelopment Loan Program (the “Program”) as authorized in ORS 456.515 to 456.725. The Program is designed to assist in the financing of costs (planning) incurred prior to the actual development of low-income housing projects. It is intended to facilitate the development of high quality, affordable housing by providing below market financing and flexible terms for typical predevelopment expenses, not including site acquisition and land costs. The Department has no obligation to approve any Loan or to issue a Commitment Letter in response to any Program application or otherwise.