OAR 813-405-0005: Purpose and Objectives

(1) The rules of OAR 813, division 405, are established to accomplish the general purpose of House Bill 3395 Sections 44 to 47 from the 2023 Legislative Session, which authorizes the Department to provide grants to a Community Development Financial Institution for the purpose of establishing a fund to guarantee the repayment of loans to finance the construction of housing subject to an affordable housing covenant for low or moderate income households, as described in ORS 456.270 to 456.295. (2) These rules describe requirements for the Construction Loan Guarantee program and its objective to provide loan guarantees to construct new housing or to rehabilitate existing structures for housing.