OAR 813-140-0096: Application Process for Funding from Housing Preservation Community Incentive Fund

(1) All housing projects financed by OHCS with HUD Section 8 rental assistance contracts that have been renewed or will be renewed are eligible to apply for funding from the Community Development Incentive Project Fund. (2) An applicant for funding from the fund shall submit an application for funding to the Department on the form provided by the Department. (3) If the Department determines that funding is needed for financing developments because other state or private financing sources are inadequate or unavailable, unless the Department determines that financing is needed for the purpose of preserving affordable housing, the Department shall submit a funding application under section (2) of this rule to the Community Development Incentive Advisory Board for its review and recommendation. (4) An application for funding that has been reviewed by the board under section (3) of this rule is subject to the Department’s approval or disapproval after the Director has reviewed the Board’s recommendation. The Department’s determination under this section is subject to its evaluation of the application on the basis of applicable statutory criteria.