(a) An owner of historic property.

(b) A city or county having jurisdiction over the historic property for which the application is being filed.

(c) A nonprofit corporation organized for the purpose of owning, managing or rehabilitating historic property.

(d) A business association organized, in whole or part, for the purpose of historic preservation.

(e) A neighborhood organization representing a neighborhood in which historic property is located.

(f) An economic development agency of this state or of a political subdivision of this state.

(2) A person or other entity described in subsection (1) of this section that intends to rehabilitate historic property and that seeks a loan from the Historic Preservation Revolving Loan Fund to pay for the rehabilitation shall file an application for the loan with the State Historic Preservation Officer. The application shall be on a form prescribed by the State Historic Preservation Officer and shall include or be accompanied by:

(a) The name and address of the loan applicant and of the property owner;

(b) The address and historic name, if any, of the property;

(c) Evidence that the property is historic property;

(d) A description of the proposed rehabilitation project;

(e) Architectural plans, specifications and other materials that facilitate the evaluation of the proposed rehabilitation project for conformance with standards and guidelines for the rehabilitation of historic property;

(f) Color photographs, at least four inches by six inches in size, that depict that portion of the property that is the subject of the application, and duplicates in color slide format or digital or other computer imaging format;

(g) A statement of financial need to complete the project;

(h) An estimate of the eligible costs to be incurred in completing the rehabilitation project;

(i) A schedule setting forth when the rehabilitation project is to be commenced and completed; and

(j) Any other information that the State Historic Preservation Officer may require.

(3) The application shall be accompanied by a fee established pursuant to ORS 358.676 (2).

(4) Upon receipt of a complete application, the State Historic Preservation Officer shall forward the application to the Historic Preservation Revolving Loan Fund Review Committee. The review committee shall review the application and make a recommendation to approve or disapprove the loan being sought. The recommendation of the review committee shall be based on the extent to which:

(a) The project meets the standards and guidelines for the rehabilitation of historic property;

(b) The proposed rehabilitation project is feasible;

(c) The requested loan would constitute no more than a reasonable risk and for which there would be a reasonable likelihood of repayment;

(d) The applicant has a financial need for the requested loan;

(e) The applicant’s financial resources are adequate to ensure success of the project; and

(f) There are moneys available in the Historic Preservation Revolving Loan Fund.

(5) The Historic Preservation Revolving Loan Fund Review Committee shall make its recommendation to the State Historic Preservation Officer. The review committee shall include an interest rate for the loan if the loan is issued. The State Historic Preservation Officer must consider the review committee’s recommendation but need not accept the recommendation of the review committee in accepting or disapproving the application. The State Historic Preservation Officer shall consider the factors set forth in subsection (4) of this section in determining whether to approve or disapprove the loan application. If the State Historic Preservation Officer decides to approve the loan, the interest rate for the loan shall be that prescribed by the review committee.

(6) A loan may not be approved in an amount that exceeds the lesser of the applicant’s estimate of eligible costs for the project or the State Historic Preservation Officer’s determination of the expected estimated costs to complete the project.

(7) The State Historic Preservation Officer may request modifications to the rehabilitation project as a condition to loan approval or may approve a loan that is less than the amount requested in the application.

(8) The decision of the State Historic Preservation Officer to disapprove a loan application or reduce the amount of the loan may not be appealed.

(9) If the State Historic Preservation Officer approves a loan application, the approval shall be conditioned on the borrower and the owner of historic property agreeing to the terms of the loan contract set forth in ORS 358.670.

(10) The State Historic Preservation Officer shall notify the applicant of the State Historic Preservation Officer’s decision to approve, modify and approve or disapprove a loan application. [2001 c.540 §32]