OAR 813-010-0036: Eligible Multi-Unit Projects

(1) The Department shall evaluate each Project for consistency with the Department's interpretation of sound architectural and planning principles and underwriting standards. (2) In order to qualify for a loan, a Project shall: (a) Be approved by the Department with respect to site; location; market demand; financial feasibility; qualifications of general contractor, management agent, and developer; appraisal; financial strength and credit worthiness of the prospective Borrower; management plan; final architectural package; prospective Borrower’s organizational documents; title report; and any other information the Department shall prescribe; (b) If subject to a Federal Housing Assistance Payments contract, comply at least with any standards required by the U.S. Department of Housing and Urban Development (HUD); (c) Meet all applicable state and local land use and zoning requirements, housing codes, and similar requirements; (d) Be located in the State of Oregon; and (e) Meet all applicable HUD regulations provided for in the Code of Federal Regulations Part 24 Section 883, and all applicable State statutes and Program rules.