SECTION 330:30-2-8.1. Eligible Developments

(a)   The AP, as approved by the Trustees may modify, expand, or clarify the following criteria.

(b)   In order to qualify for MF Bond financing, a proposed Development must be multifamily (in excess of one unit) housing. The Development must comply with all applicable federal, State and local laws. A Development may consist of detached housing, row houses, high-rises, or the residential portion of a mixed-use Development.

(c)   The economic feasibility of the Development and the independent creditworthiness of the Borrower must demonstrate that the OHFA MF Bonds can reasonably be expected to be paid in full in accordance with the terms of the Bond Documents.

(d)   The Development has or will have, a remaining useful life at least equal to the term of the regulatory agreement(s) and/or the Bond Documents.

(e)   If a Development is funded in whole or in part by other federal or State programs the Development must meet all requirements and qualifications of those programs.

[Source: Added at 20 Ok Reg 2411, eff 7-11-03; Amended at 30 Ok Reg 23, eff 8-23-12 (emergency); Amended at 30 Ok Reg 1973, eff 7-31-13; Amended at 33 Ok Reg 1549, eff 10-1-16]