OAR 813-037-0010: Definitions

The following words and terms have the following meanings unless the context would clearly indicate otherwise. (1) “Affordable Housing” means housing that is affordable to households with incomes less than or equal to 80 percent of the area median income for the county in which the housing is built. (2) “Current Market Rate” means the ten- year constant treasury maturity year rate, as determined at the time the individual loan is closed upon, plus two- and one-half percent. (3) “Eligible Organization” means local governments, local housing authorities, nonprofit community or neighborhood-based organizations, federally recognized Indian tribes in Oregon and regional or statewide nonprofit housing assistance organizations. (4) “Eligible Purpose” means the development of affordable housing and/or facilities intended to provide supportive services to affordable housing residents and low-income households in the nearby community. (5) “Extenuating Circumstances” means extreme or unusual conditions that resulted in an inability to repay the loan and that were unknowable at the time of the loan. (6) “Identity of Interest” means any relationship where the purchaser and seller are related, affiliated through a business relationship, or both. (7) “Land Acquisition Revolving Loan Program Manual” or “LAP Manual” or “Manual” means the program manual for the Land Acquisition Revolving Loan Program, as described in OAR 813-037-0012. (8) “Loan Recipient” means the eligible organization that has applied for and received financial assistance under the LAP. (9) “Local Government” means a county, city, district or other public corporation, commission, authority, or entity organized and existing under statute or city or county charter. (10) “Low Income Household” means a household with income less than or equal to 80 percent of the area median income as defined in ORS 456.270. (11) “Substantially Completed” means that OHCS has determined that enough project milestones have been achieved to reasonably conclude that additional time will result in LAP compliance.