OAR 813-005-0008: Cost Thresholds for Housing Stability Council Review and Approval

(1) Pursuant to ORS 456.555, OHCS must establish, by administrative rule, the threshold property purchase price at which a single-family home ownership loan on property must be submitted by OHCS to the Housing Stability Council for approval as well as the threshold value for a housing grant or other housing funding award for multifamily housing that must be submitted by OHCS to the Housing Stability Council for review and approval. (2) The threshold property purchase price for single-family home ownership that obligates OHCS to obtain Housing Stability Council review and approval of a proposed single-family loan is that purchase price which, when reduced by costs of purchase other than OHCS loan, is equal to or greater than 95% of the applicable area program purchase price limit. (3) Other than funding awards described in OAR 813-005-0008(4), the threshold value with respect to the awards of funds by the Affordable Rental Housing Division for the development or preservation of a multifamily housing development (project) that obligates OHCS to obtain Housing Stability Council review and approval is: Loans, grants, and other funding award proposals arising under ORS 456. 515 to 456.725 concerning a particular multifamily housing project that, in the aggregate: (a) Are equal to or greater than $1,000,000, (b) Constitute more than 50% of the total development budget for such project, provided that the total development budget of such project is $1,000,000 or greater, or (c) Are outside of applicable OHCS guidelines. (4) The threshold value that obligates OHCS to obtain Housing Stability Council review and approval with respect to the award of funds deployed by the Affordable Rental Housing Division through programs arising under ORS 456.515 to 456.725 that are deliberately aligned with market responsiveness to address unforeseen shifts in market costs, such as a market cost offset fund or the Land Acquisition Program (LAP), is: (a) An increase in the amount of loans, grants, or other funding awards to a multifamily housing project in an aggregate amount that is greater than or equal to 25% of the originally approved total development budget or initial Housing Stability Council approval for the project; or (b) In the case of LAP, a property purchase price above $5,000,000 where the project is otherwise consistent with ORS 456.502 and OAR 813-037-0005 through 813-037-0040.