Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
Certain terms used in this division are defined in ORS chapter
				317, the Act, OAR 813-005-0005, and herein. Other terms may be identified in
				the text of this division (including by incorporation), otherwise in chapter
				813, or applicable law.
(1) "Cap"
			 means the maximum amount of tax credits as set by the Legislature in ORS
			 317.097(6).
			 The department will calculate tax credit availability based on the actual
			 number of tax credits allocated at any given time.
(2) "Certification" means the written
			 verification by the department to a lender that a project is a qualified
			 project for which the lending institution may claim a tax credit under the
			 provisions of the Act.
(3) "Firm
			 commitment of financing" means an agreement by a lending institution to make a
			 loan to a specific borrower on a specific property and which will contain all
			 of the terms and conditions that the borrower has to satisfy before said loan
			 can be funded. Payment of a commitment charge by the borrower to the lending
			 institution may be required as a condition precedent to issuance of such an
			 agreement.
(4) "Lending
			 institution" means any insured institution, as defined in ORS
			 706.008,
			 any mortgage company that maintains an office in this state, or any community
			 development corporation that is organized under the Oregon Nonprofit
			 Corporation Law.
(5) "Preservation
			 project" means housing that was previously developed as affordable housing with
			 a contract for rental assistance from the United States Department of Housing
			 and Urban Development or the United States Department of Agriculture and that
			 is being acquired by a sponsoring entity. The contract for project-based rental
			 assistance must cover at least 25 percent of all units in the
			 project.
(6) "Project," except as
			 defined under "manufactured dwelling park" or "preservation project," means one
			 or more units of housing, that has been acquired, constructed, developed, or
			 rehabilitated, including refinanced housing, which will be rented to or owned
			 by households whose incomes are less than 80 percent of area median income. The
			 use of a project for eligible occupants shall be maintained for the term of the
			 credit, in accordance with the Act, unless terminated at the discretion of the
			 department. If there is a foreclosure, deed-in-lieu, or an involuntary transfer
			 where title transfers to the lending institution, that lending institution may
			 dispose of the property at its sole discretion.
(7) "Rent reduction" means the amount rents
			 are reduced from the rents charged at the market interest rate as a result of
			 the Oregon Affordable Housing Tax Credit (OAHTC) subsidy.
(8) "Rent Pass through" means the value of
			 the tax credits loan rate discount that is extended by the project owner to the
			 tenants in the form of reduced rents.
Statutory/Other Authority: ORS
				  317.097  & 456.555
Statutes/Other Implemented: ORS
				  317.097  & 456.625