Payment of advances
- • use thereof
- • limitations
(1) The Housing and Community Services Department may use moneys in the revolving account to make noninterest-bearing advances to qualified nonprofit housing sponsors or interest-bearing advances to other qualified housing sponsors for use in payment by such sponsors of the development costs of proposed housing units or projects. The department may not make any advance under this subsection unless the department may reasonably anticipate that a residential, manufactured dwelling, manufactured dwelling park or manufactured dwelling park nonprofit cooperative loan may be obtained by the qualified housing sponsor for the permanent financing of the proposed housing unit or project.
(2) The proceeds of any advance granted by the department under subsection (1) of this section may be used by the qualified housing sponsor only for the development costs of a proposed housing unit or project or housing development. Each advance so granted shall be repaid in full, by the qualified housing sponsor for which the advance was granted, to the department at the time of the receipt by the housing sponsor of the portion of the loan paid under the initial indorsement of the loan, unless the department extends the repayment period. The department may not extend the repayment period past the date the qualified housing sponsor receives the portion of the loan paid on final indorsement of the loan. [1973 c.828 §24; 1979 c.60 §9; 1981 c.691 §5; 2007 c.607 §22]
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