Commitment is the last step of submitting and Oregon Centralized Application (ORCA). The Commitment step requires applicants to submit final architectural plans, a final proforma, final cost estimates, permit approval, and secured investor commitments.
The commitment step should be initiated no more than 9 months before closing.This step results in a Reservation Letter for projects that are be ready to proceed within 6 months of project award.
Adherence to proposed timelines and plans is crucial. A significant deviation from the proposed timeline, project design, policy priorities, or costs described in previous steps will result in the loss of the commitment of resources and require the project to return to a previous step. Failure to close within 6 months will void the funding award and cause the project to return to a previous step.
Commitment evaluation standards
The commitment step will gather information and consists of the following evaluation standards:
Architectural plans (final)
All applicants will submit drawings and specifications identical to the package being submitted to the local permitting authority.
U.S. Housing and Urban Development (HUD) HOME/Housing Trust Fund (HTF) subsidy layering
In adherence to HUD regulations, OHCS will evaluate HOME funded projects to ensure their financial viability. The project must offer a reasonable level of profit or return on the owner's or developer's investment. Applicants must show that a HOME investment, whether alone or with other governmental assistance, must be enough funding to keep the property affordable over the set affordability period.
Financial closing date commitment (final)
Applicants will be required to upload a financial closing date commitment letter.
Financial proforma (final)
Applicants will submit a proforma representing their project’s final budget and form. The proforma is considered final. There will be no further adjustments to the budget, design, or other materials that have been submitted to OHCS.
Financial Proforma Template - This template is for modeling potential projects. Please note that database connections are turned off, so do not use this template for your actual application. It is only for modeling purposes.
What happens next
Once a project meets all evaluation standards, it is ready to receive a funding award. Successful applicants will receive a Reservation Letter that provides a formal commitment of funding for projects ready to reach financial closing within six months of award. If your project is unable to close in six months, requests for extensions will be reviewed on a case-by-case basis with OHCS discretion.
Congratulations on receiving a funding award. At this point, the project will have officially completed their Oregon Centralized Application.