justicedao/ipfs_state_laws huggingface dataset:
813-070-0045 Mortgage Insurance All Program Loans to be purchased by the Department under the Home Improvement Loan Program shall be insured under the Title I Property Improvement Loan Insurance Program of the Federal Housing Administration (FHA). The designated Trustee, on behalf of the Department, shall be named as the insured. The Approved Lender shall be responsible for reporting the loan to FHA for insurance, and shall originate and process the Program Loan in compliance with the Program’s Procedural Guide, the Program rules, and rules and regulations of FHA to ensure that the Trustee will receive FHA insurance on the Program Loan. [Publications: Publications referenced are available from the agency.] Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.690 History: HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 16-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 1HD 12-1984, f. & ef. 9-4-84 1HD 5-1983, f. & ef. 9-2-83
813-070-0050 Refusal of Program Loans; Disclosure (1) An Approved Lender shall proceed in good faith to process a Program Loan application and make the Program Loan if: (a) Loan funds are available; (b) The application is complete; (c) The application appears to comply with the Program rules, the Program’s Procedural Guide, and the rules and regulations of the Federal Housing Administration; and (d) The applicant appears to be an Eligible Borrower. (2) Any person who is refused a Program Loan by an Approved Lender may, in writing, demand a written explanation as to the specific reasons for the refusal. The Approved Lender shall comply with such demand within thirty business days. [Publications: Publications referenced are available from the agency.] Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.690 History: HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 16-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 1HD 12-1984, f. & ef. 9-4-84 1HD 5-1983, f. & ef. 9-2-83
813-070-0055 Approved Servicer (1) Any commercial bank, savings and loan association, savings bank, mortgage banker or other Person legally authorized to engage in the business of servicing loans for residential housing may apply to become an Approved Servicer. An applicant wishing to become an Approved Servicer shall submit the following information for the Department’s for review: (a) An application in the form prescribed by the Department; (b) Counsel’s opinion regarding power and authority of the applicant to enter into a Loan servicing agreement with the Department; (c) List and signatures of authorized officers; (d) Most recent audited financial statements; (e) Documentation evidencing bond and insurance coverage; and (f) $25 application fee. (2) To qualify as an Approved Servicer and continue as such, a financial institution shall demonstrate to the Department’s satisfaction that: (a) One of its principal functions is servicing loans secured by residential real estate; (b) Such servicing is a customary and regular business activity of the applicant; (c) It holds a valid Title I Contract of Insurance; (d) It will maintain servicing facilities adequately staffed with trained personnel familiar with all rules, regulations and requirements pertaining to or affecting Program Loans; and (e) It deposits funds to accounts in depositories which comply with the requirements of ORS 295.005, 295.015 to 295.018 and 295.025 which are insured to the full extent legally possible by the Federal Deposit Insurance Corporation or other similar federal insuring department. (3) The Department shall adopt uniform servicing rates as specified by the Department in the Procedural Guide which shall apply to the servicing of Program Loans by all Approved Servicers. In setting these rates, the Department shall consider the estimated costs of servicing Program Loans and prevailing rates for similar services. (4) The Department may allocate Program Loans to Approved Servicers after considering the area in which the mortgaged property is located. To encourage participation in the Program and for convenience, the Department ordinarily requests that the Approved Lender originating a Program Loan continue to service the Program Loan for the Department. (5) Approved Servicers shall service Program Loans in accordance with the servicing agreement, the Program rules, and the Program’s Procedural Guide. The servicing agreement is subject to termination as provided for in such agreement. Any compensation for termination will be provided in accordance with the terms of the agreement. [Publications: Publications referenced are available from the agency.] Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 295 & 456.690 History: HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 8-1990, f. & cert. ef. 5-2-90 HSG 16-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 1HD 12-1984, f. & ef. 9-4-84 1HD 5-1983, f. & ef. 9-2-83
813-070-0065 Federal Eligibility Requirements (1) Section 143 of the Internal Revenue Code of 1986, as amended, requires the Department to meet certain requirements in order to preserve the federal tax exemption for Bonds issued to finance Program Loans. These requirements: (a) Require the Residential Dwelling to be improved to be owned and occupied by the Eligible Borrower as a principal residence; (b) Require that the proceeds of a Program Loan be used to finance alterations, repairs and improvements of a Residential Dwelling which substantially protect or improve the basic livability or energy efficiency of such dwelling; and (c) Limit the maximum amount of a Program Loan to $15,000. (2) The Department is required to make available for qualified loans in Targeted Areas a specified portion of the lendable proceeds of Bonds sold. Certain census tracts are designated as Targeted Areas by Section 143 of the Internal Revenue Code of 1986, as amended. The Department may apply for approval of additional or revised Targeted Areas after taking into account certain statutory variables. In designating such areas, the Department shall solicit requests from all cities within the state, and apply certain criteria specified by the United States Department of Housing and Urban Development for such purpose to other urban and non-urban areas. The Housing Division shall submit its findings for approval by the Secretary of the United States Department of Housing and Urban Development and the Secretary of the United States Treasury. The Department shall retain a current list of designated Targeted Areas. (3) The Department is required to establish procedures which ensure compliance with the requirements of Section 143 of the Internal Revenue Code of 1986, as amended. Any failure to meet these requirements shall be corrected within a reasonable time. The Department shall grant no exceptions or waivers unless allowed by federal law. (4) Where required by federal law, the Department shall calculate and rebate certain amounts, if any, to the United States Treasury. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.690 History: HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 16-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 1HD 12-1984, f. & ef. 9-4-84 1HD 5-1983, f. & ef. 9-2-83
813-080-0005 Purpose and Objectives (1) The rules of this division, are established to administer and enforce ORS 456.515 through 456.725, specifically 456.605. These rules, together with the Program’s Procedural Guide, shall implement the Mortgage Credit Certificate Program. The program’s objective is to assist and encourage moderate and lower-income persons in the State of Oregon to purchase, improve, or rehabilitate new and existing single-family residences through the issuance of a Mortgage Credit Certificate. (2) The Mortgage Credit Certificate allows the certificate holder, subject to certain limitations, a federal income tax credit. A Mortgage Credit Certificate is issued in connection with a mortgage that a certificate holder obtains to purchase, improve, or rehabilitate a single-family residence. [Publications: Publications referenced are available from the agency.] Statutory/Other Authority: ORS 456.515 - 456.720 Statutes/Other Implemented: ORS 456.605 History: HSG 5-1994, f. & cert. ef. 8-26-94 Reverted to HSG 8-1991, f. & cert. ef. 12-23-91 HSG 5-1993(Temp), f. & cert. ef. 10-1-93 HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 17-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 1HD 4-1986, f. & ef. 12-3-86 1HD 2-1986(Temp), f. & ef. 6-17-86
813-080-0015 Tax Credit (1) The Mortgage Credit Certificate shall authorize the certificate holder to claim a federal income tax credit in connection with a mortgage loan on a single-family residence which is the certificate holder’s principal residence. The amount of the tax credit is determined by multiplying the amount of the mortgage interest paid or accrued on the principal residence of the certificate holder during the taxable year by the tax credit rate. (2) The issuer shall determine the Tax Credit Rate in accordance with Section 25(d) of the Internal Revenue Code of 1986, as amended, and applicable regulations thereunder. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.605 History: HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 17-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 1HD 4-1986, f. & ef. 12-3-86 1HD 2-1986(Temp), f. & ef. 6-17-86
813-080-0020 Public Notice Requirement The issuer shall issue Mortgage Credit Certificates only after making generally available a notice of the proposed plan of distribution of the certificates at least 90 days before the Mortgage Credit Certificates are made available. The notice shall include all information required by Section 25 of the Internal Revenue Code of 1986, as amended, and Section 1.25-7T of the regulations thereunder. The notice shall also provide a brief description of the methods by which the certificates are to be issued and the address and telephone number for obtaining further information. [Publications: Publications referenced are available from the agency.] Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.605 History: HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 17-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 1HD 4-1986, f. & ef. 12-3-86 1HD 2-1986(Temp), f. & ef. 6-17-86
813-080-0025 Targeted Area Requirements (1) A portion of the total proceeds of any issue shall be reserved for one year after the date on which Mortgage Credit Certificates are first made available to provide Mortgage Credit Certificates in connection with financing of Targeted Area single-family residences. (2) Mortgage Credit Certificates shall be considered first made available on the date the issuer first begins to accept applications for Mortgage Credit Certificates provided under that issue. (3) The reserved portion of the total proceeds of an issue shall be the lesser of: (a) Twenty percent of the total proceeds; (b) Eight percent of the average annual aggregate principal amount of Mortgages executed during the immediately preceding three calendar years for owner-occupied single-family residences in Targeted Areas within the jurisdiction of the issuing authority; or (c) To compute the required portion of the total proceeds, the issuer may rely on the formulas provided in Section 143(h) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.605 History: HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 17-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 1HD 4-1986, f. & ef. 12-3-86 1HD 2-1986(Temp), f. & ef. 6-17-86
813-080-0035 Mortgage Credit Certificate Lender (1) A lender may be any person, including an issuer of Mortgage Credit Certificates, who provides financing for the acquisition, Qualified Rehabilitation, or Qualified Home Improvement of a single-family residence. This includes, but is not limited to, any commercial bank, savings and loan association, savings bank, mortgage banker, credit union, finance company or other person. A lender shall not provide financing under this program to any certificate holder who is a related person to that lender. (2) A person wishing to become a lender shall sign and agree to the terms of the Department’s Mortgage Credit Certificate Lender Agreement. A lender who has signed this Mortgage Credit Certificate Lender Agreement may provide financing for the purchase, improvement, or rehabilitation of a single-family residence in connection with the issuance of a Mortgage Credit Certificate to an eligible borrower. (3) A lender shall agree to provide financing to the eligible borrower in accordance with the following criteria: (a) The mortgage shall not be used for the acquisition or replacement of an existing mortgage unless such mortgage was a construction loan, bridge loan, or similar temporary financing of 24 months or less; (b) The mortgage may not have any portion of the financing from the proceeds of a tax-exempt mortgage bond or a tax-exempt veteran’s mortgage bond; (c) The purchaser shall not, directly or indirectly, be prohibited or required to obtain financing from one or more lenders; (d) There shall not be any interest on the certified indebtedness amount paid to a related person to the eligible borrower; (e) A Mortgage Credit Certificate shall not be transferable. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.605 History: HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 17-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 1HD 4-1986, f. & ef. 12-3-86 1HD 2-1986(Temp), f. & ef. 6-17-86
813-080-0045 Eligible Single-Family Residence A single-family residence, to be eligible for the program, shall: (1) Be located in Oregon. (2) Consist of only one residential unit. (3) Have no more than 15 percent of the total living area of the residence be of a character subject to being rented for or used in the operation of a trade or business conducted on any part of the land or improvements (i.e., any use which would qualify as a deduction for federal income tax purposes under Section 280A of the Internal Revenue Code). (4) Have an acquisition cost (purchase price) which does not exceed the limit established by the issuer pursuant to the latest average purchase price limitations for mortgage subsidy bonds published by the Internal Revenue Service. The issuer shall publish these acquisition costs annually. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.605 History: HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 17-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 1HD 4-1986, f. & ef. 12-3-86 1HD 2-1986, f. & ef. 6-17-86
813-080-0050 Lender Reporting and Record Keeping (1) The following are the Internal Revenue Service regulations in effect on the effective date of these rules. (2) Any lender who makes a mortgage that is a certified indebtedness amount with respect to a Mortgage Credit Certificate is required by the Internal Revenue Service to file an annual report with the Internal Revenue Service on their Form 8329: (a) This report shall be filed on or before January 31 for the year following the calendar year to which the report relates; (b) A separate Internal Revenue Service Form 8329 shall be filed for each issue of Mortgage Credit Certificates with respect to which the lender made mortgages during the preceding calendar year. (3) Any lender who makes a mortgage that is a certified indebtedness amount with respect to any Mortgage Credit Certificate shall retain the following information for six years following the year in which the mortgage was made: (a) The name, address, and Tax Identification Number (TIN) of each Certificate Holder; (b) The name, address, and TIN of the issuer of the Mortgage Credit Certificate; and (c) The date the mortgage for the certified indebtedness amount closed, the certified indebtedness amount, and the certificate credit rate. (4) Any person required to file a report with respect to any Mortgage Credit Certificate who fails to file the report at the time and in the manner required may be subject to a penalty imposed by the Internal Revenue Service of $200 for each Mortgage Credit Certificate not reported. This penalty shall not apply if failure is due to reasonable cause and not willful neglect: (a) The aggregate amount of the penalty shall not exceed $2,000 for any one report; (b) The required reports shall be filed at the Internal Revenue Service Center, Philadelphia, Pennsylvania 19225. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.605 History: HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 17-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 1HD 4-1986, f. & ef. 12-3-86 1HD 2-1986(Temp), f. & ef. 6-17-86
813-080-0055 Revocation (1) The issuer may revoke a Mortgage Credit Certificate when the certificate holder no longer occupies the single-family residence to which the Mortgage Credit Certificate relates as a Principal Residence. Mortgage Credit Certificates shall not transfer with the property. (2) A Mortgage Credit Certificate may be revoked if it is found the certificate Holder did not meet the program requirements for a Mortgage Credit Certificate when certified. (3) Upon revocation the issuer shall notify the certificate holder and the Internal Revenue Service in writing of the revocation. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.605 History: HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 Reverted to 1HD 4-1986, f. & ef. 12-3-86 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 1HD 4-1986, f. & ef. 12-3-86 1HD 2-1986(Temp), f. & ef. 6-17-86
813-080-0060 Penalties for Misstatement (1) If any person makes a material misstatement in any affidavit or certification made in connection with the application for, or the issuance of, a Mortgage Credit Certificate and such misstatement is due to negligence of that person, that person shall be subject to a fine of $1,000, imposed by the Internal Revenue Service for each Mortgage Credit Certificate for which a misstatement was made. (2) If any person makes a material misstatement in any affidavit or certification made in connection with application for, or issuance of, a Mortgage Credit Certificate and such misstatement is due to fraud, then that person shall be subject to a penalty imposed by the Internal Revenue Service of $10,000 for each Mortgage Credit Certificate with respect to which the fraudulent misstatement was made. (3) A lender shall inform any applicant required to sign a Program Affidavit or certification that any fraudulent statement may result in the revocation of the individual’s Mortgage Credit Certificate and a $10,000 penalty imposed by the Internal Revenue Service. Other persons required by a lender to provide affidavits or certifications must receive a similar notice. (4) The above-described penalties shall be imposed in addition to any other criminal penalty provided by the law. Statutory/Other Authority: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650 Statutes/Other Implemented: ORS 456.605 History: HSG 8-1991, f. & cert. ef. 12-23-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 Reverted to 1HD 4-1986, f. & ef. 12-3-86 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 1HD 4-1986, f. & ef. 12-3-86 1HD 2-1986(Temp), f. & ef. 6-17-86
813-090-0005 Purpose OAR 813-090 provides specific guidance pursuant to ORS 456.515 through 456.720, specifically 456.559(1)(f). These statutes designate Oregon Housing and Community Services (OHCS) as the state agency responsible for administering the federally-subsidized Low-Income Housing Tax Credit (LIHTC) Program. The purpose of the LIHTC Program is to provide a federal income tax incentive to assist and encourage the development of affordable rental housing units for low-income households through the allocation of housing tax credits as provided by Section 42 of the Internal Revenue Code of 1986, as amended (“IRC”) and corresponding Treasury Regulations, as amended. Statutory/Other Authority: ORS 183 & 456.515 - 456.720 Statutes/Other Implemented: ORS 456.559(1)(f) & 26 U.S.C. § 42 History: OHCS 3-2020, amend filed 02/27/2020, effective 02/27/2020 OHCS 38-2014, f. & cert. ef. 12-2-14 OHCS 27-2014(Temp), f. & cert. ef. 6-5-14 thru 12-2-14 Reverted to HSG 7-1991, f. & cert. ef. 12-19-91 OHCS 10-2013(Temp), f. & cert. ef. 6-21-13 thru 12-18-13 HSG 7-1991, f. & cert. ef. 12-19-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 14-1990, f. & cert. ef. 10-26-90 HSG 12-1990(Temp), f. & cert. ef. 5-29-90 HSG 18-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 HSG 1-1988, f. & cert. ef. 3-8-88 HSG 13-1987(Temp), f. & ef. 9-28-87
813-090-0015 Qualified Allocation Plan; Allocation of Credit Authority (1) The 2025 Qualified Allocation Plan (referred to hereafter as QAP) with the requirements and standards therein, dated February 25, 2025, is incorporated into and adopted as part of this division of administrative rules, by reference. (2) The 2025 QAP may be accessed online at OHCS’ website. (3) OHCS, as the authorized state housing credit agency, develops and maintains a Qualified Allocation Plan for the allocation of both, or 4%, and, or 9%, LIHTC. (4) OHCS may, to the extent of its credit authority, allocate LIHTCs pursuant to the current QAP approved by executive order and then in effect. (5) OHCS will allocate the LIHTCs in compliance with the program requirements. Applications will be solicited during specified periods within OHCS’ Oregon Centralized Application "ORCA" process. OHCS can also select from a pool of qualified applicants, or such other process as OHCS deems appropriate. (6) OHCS shall maintain a record of allocations and the balance of credit authority remaining for each calendar year. [ED. NOTE: To view attachments referenced in rule text, click here to view rule.] Statutory/Other Authority: ORS 456.515-456.720 Statutes/Other Implemented: ORS 456.508, 456.510, 456.513, 456.722 & 26 U.S.C. § 42 History: OHCS 47-2025, amend filed 11/21/2025, effective 11/25/2025 OHCS 30-2025, temporary amend filed 07/09/2025, effective 07/09/2025 through 01/04/2026 OHCS 19-2022, amend filed 08/09/2022, effective 08/12/2022 OHCS 2-2022, temporary amend filed 02/11/2022, effective 02/11/2022 through 08/09/2022 OHCS 2-2021, temporary amend filed 01/25/2021, effective 01/25/2021 through 07/19/2021 OHCS 3-2020, amend filed 02/27/2020, effective 02/27/2020 OHCS 38-2014, f. & cert. ef. 12-2-14 OHCS 27-2014(Temp), f. & cert. ef. 6-5-14 thru 12-2-14 Reverted to HSG 7-1991, f. & cert. ef. 12-19-91 OHCS 10-2013(Temp), f. & cert. ef. 6-21-13 thru 12-18-13 HSG 7-1991, f. & cert. ef. 12-19-91 HSG 2-1991(Temp), f. & cert. ef. 8-7-91 HSG 14-1990, f. & cert. ef. 10-26-90 HSG 12-1990(Temp), f. & cert. ef. 5-29-90 HSG 18-1989, f. & cert. ef. 11-3-89 HSG 3-1989(Temp), f. & cert. ef. 6-8-89 HSG 1-1988, f. & cert. ef. 3-8-88 HSG 13-1987(Temp), f. & ef. 9-28-87