When there is a transfer of ownership involving a property that has received OHCS resources, there are specific processes that owners and management agents must follow. There are three types of ownership‑related changes:
- A full transfer of ownership, in which the current owner sells the property and legally conveys the deed and all associated rights to the new owner.
- An underlying transfer of ownership, in which a partner leaves the partnership and transfers their rights and interests to a new partner.
- Program‑specific assumptions, applicable only to designated OHCS programs when a buyer will assume the existing OHCS loan (Direct Lending, Elderly and Disabled, and Risk Share).
OHCS Portfolio Support is the primary contact for all ownership‑related changes across all OHCS funding sources, including grants, tax credits, and multifamily loan programs. If you transfer of ownership questions, please contact
arh.portfolio@hcs.oregon.gov.
The following documents govern the transfer of any ownership interests in the property or in collateral securing an OHCS funding source:
- Oregon Administrative Rules (OAR)
- Program documents such as:
- Regulatory Agreement (Direct Lending, Elderly Bond, Risk Share)
- Assignment of Leases and Rents
- Declaration of Restrictive Covenants (including Project Use Agreements)
- Grant Agreement
Transfer of Ownerships Materials
Transfer of Ownership: Assumption of Loan for Risk Sharing and Elderly/Disabled Programs
When a multifamily property with state tax‑exempt bond financing is sold, the buyer must take over the existing loan and follow all compliance requirements. The seller and buyer must submit all documents listed in the Transfer of Ownership and Assumption Application. OHCS must review and approve the application before the sale can move forward.
Once OHCS approves the application, the agency will prepare the standard assumption documents, along with any additional required documents, and will invoice the buyer for applicable processing and legal fees.
Access the
Transfer of Ownership: Assumption of Loan application for Risk Sharing and Elderly/Disabled Programs. If you need an organizational chart template, please email
arh.portfolio@hcs.oregon.gov.