OAR 274-020-0381: Rental

The Director may approve the rental of a security, defined as a first lien interest of a home or farm, that has been occupied by the veteran as long as the rental shall not affect the tax exempt status of bonds issued by the Department. The Director, when determining whether to approve the rental of a home or farm that serves as security for a Department Loan, may consider the following factors including but not limited to the following: (1) The effect on the tax-exempt status of bonds issued under Article XI-A of the Oregon Constitution. (2) Whether the home or farm was and is appropriately used as the principal residence of the borrower(s). (3) The financial integrity of the loan program. (4) Any potential decrease in the value of the security. (5) The impact on remedies available under the loan documents. (6) Whether or not there has been or will be any material change in the borrower’s/spouse’s employment. (7) The dissolution or annulment of the borrower’s marriage. (8) A significant geographical relocation by the borrower. (9) Any unusual hardship for the borrower(s). (10) The borrower(s) ability to maintain the home or farm as his or her principal residence.