OAR 695-045-0195: Director Funding Approval and Distribution of Funds

(1) The Director may approve the distribution of grant funds when: (a) The funding conditions, if any, imposed by the Board are satisfied to the full satisfaction of the Director; (b) The legal and financial terms of the proposed real estate transaction are approved by the Director; (c) The title restrictions required under ORS 541.960 are approved by the Director; (d) A grant agreement is executed by the Director and the grant applicant; (e) The Director has reconciled conditionally approved funding with actual Project costs; and (f) The grant applicant has satisfied the match requirements under OAR 695-045-0175 and OAR 695-005-0060(2). (2) For grants established under these rules the Director is authorized to reimburse the grant applicant for allowable costs identified in OAR 695-045-0170 and to recognize matching contributions under OAR 695-045-0175 that were incurred no earlier than 18 months before the applicable grant application deadline. (3) Notwithstanding OAR 695-045-0195(1)(a), funds may be distributed prior to transaction closing for due diligence activities specified in OAR 695-045-0170(4) and included in the application budget.