ORS 458.735¹

Department review of projects

• • lending criteria

The Housing and Community Services Department shall:

(1) Administer the Community Development Incentive Project Fund in accordance with rules adopted by the department. Notwithstanding ORS 456.555 (Housing and Community Services Department established), department administration of the fund is not subject to State Housing Council policy, rules or standards.

(2) Verify documentation and approve or disapprove funding recommended by the Community Development Incentive Advisory Board under ORS 458.715 (Advisory board duties).

(3) Seek to leverage local, federal and private financial resources for use in conjunction with fund expenditures.

(4) Emphasize use of the fund to fill funding gaps in projects identified by the advisory board that are designed to achieve the objectives of the fund.

(5) If making a fund expenditure as a loan, establish lending criteria that allow the fund to create quality development patterns and produce a sound loan portfolio. In establishing the criteria, the department shall permit the assumption of an appropriate level of risk, maintain a reserve for losses and provide for the periodic monitoring of reserve adequacy. Loan repayments may be used by the department in any financially prudent manner consistent with fund goals. [1999 c.956 §8]

Note: See note under 458.705 (Legislative findings).