OAR 695-048-0160: Distribution of Funds

(1) The Director may approve the distribution of grant funds. Funds may be distributed throughout the time between approval by the Board and transaction closing as the following conditions are met: (a) A grant agreement is executed by the Director and the Grantee ; (b) The funding conditions applicable to the allowable cost , if any, imposed by the Board are satisfied to the full satisfaction of the Director; (c) The legal and financial terms of the proposed real estate transaction are approved by the Director; (d) The Protective Instrument and any required title restrictions are approved by the Director; (e) The Director has reconciled conditionally approved funding with actual P roject costs; and (f) The G rantee has satisfied the match requirements under OAR 695-048-00 8 0 . (2) For grants established under these rules, the Director is authorized to reimburse the G rantee for allowable costs as identified in OAR 695-048-0 10 0 . Costs incurred in a Project by a Holder may be reimbursed if they have a Partnership established with the Grantee and reimbursements are requested through the Grantee. ( 3 ) Notwithstanding OAR 6 95-048 -01 6 0 (1) ( c)-( f), funds may be distributed prior to transaction closing for staff costs and due diligence activities specified in OAR 695-048-0 10 0 and included in the application budget.