OAR 813-040-0010: Definitions

(1) The meanings of words and terms used in OAR 813, division 040, are consistent with definitions in the Act, and as provided in OAR 813-005-0005 and herein. As used in these rules, unless otherwise indicated by the context: (2) "Approval Letter" means a letter from the Department to the proposed prospective Borrower or Sponsor which provides notification of the Department's approval of the Seed Money Advance. The letter also requires the prospective Borrower’s agreement to repay the Seed Money Advance at the time of land acquisition or with the first construction draw, but no later than permanent loan closing. (3) "Borrower" means, subject to the approval of the Department, a Person, including a Qualified Housing Sponsor, who satisfies the legal, financial and credit criteria as set forth in the applicable Program rules, and who has received a Program Loan. (4) "Nonprofit Borrower" means, subject to the approval of the Department, a Qualified Housing Sponsor who is a non-profit housing corporation, a housing authority created by ORS 456.075, an urban renewal department created by 457.035, and any city or county governing body or department or department designated by the governing body, who satisfies the legal, financial and credit criteria as set forth in the applicable Program rules, and who has received a Program Loan. (5) "Predevelopment Costs" means expenses for architectural design, legal fees, survey and soils boring, appraisal, consultant fees, land option carrying charges, land acquisition costs, federal or state application fees or other recoverable development costs approved by the Department. (6) "Proposal" means an application or other documentation submitted to the Department which describes the proposed housing Project and provides information which enables the Department to assess the probability of the Seed Money Advance being repaid. (7) "Seed Money Advance Agreement" means the agreement between the Department and a Qualified Nonprofit Borrower or other Borrower which establishes the terms, conditions and procedures governing the Seed Money Advance.