OAR 123-046-0110: Loan and Grant Information

(1) The Department may award financing in a manner that maximizes the use of available resources and maintains the desired credit standards of the fund. The Department shall determine the amount, type, interest rate and terms of any financing awarded. It may offer an alternate mix or lower amount of assistance than requested. The amount of the award may be the minimum amount that the DTepartment determines is necessary to enable the project to proceed, and the Department may investigate and recommend other sources of funds for all or part of a proposed project. Projects that the Department determines are not financially feasible will not be funded. (2) Loans for tide gate projects: (a) The term of a loan for a tide gate construction project is limited to the usable life of the contracted project, or 30 years from the year of project completion, whichever is less; (b) The term of a loan for a tide gate planning project shall not exceed 7 years from the year of project completion; (c) A below market interest rate as determined by the Department shall be offered to eligible borrowers; and (d) Security pledges shall be required for all approved financing with the form and amount of security determined by the Department consistent with the nature of the project and the creditworthiness of the borrower.