OAR 813-020-0000: Purpose and Objectives

The rules of OAR Chapter 813, Division 20 (this “Division”) establish and implement the Oregon Bond Residential Loan Program & Flex Lending FirstHome Product (the “Program”). Under the Program, Oregon Housing and Community Services (the “Department” or “OHCS”) purchases loans issued by Approved Lenders (described below) for acquisition of single-family homes to encourage and assist moderate- and lower-income persons in Oregon to purchase, improve and rehabilitate owner-occupied new and existing residential housing (the “Mortgage Loans,” described below).