Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 80 - MORTGAGE CREDIT CERTIFICATE PROGRAM › Section 813-080-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
All terms are used in this Division, as defined in the Act, and
				as provided in OAR 813-005-0005  and herein. As used in these rules, unless
				otherwise indicated by the context:
(1) "Acquisition Cost" has the meaning given
			 that term under
Section 143(k)(3)
of the
Internal Revenue
			 Code of 1986
, as amended and applicable regulations thereunder. This
			 includes but is not limited to the cost of acquiring a residence (purchase
			 price) from the seller as a completed residential unit.
(2) "Adjusted Basis" has the meaning given
			 that term under
Section 1221
of the
Internal Revenue Code of
			 1986
, as amended, and applicable regulations thereunder in effect on
			 December 2, 1986. It is determined in the same manner as a capital asset: The
			 original cost of a property plus the value of any capital expenditures for
			 improvements to the property, minus any depreciation taken.
(3) "Affidavit" means a sworn statement in
			 writing made under oath and subject to the penalties of perjury.
(4) "Certificate" means a written document
			 authorizing and verifying the amount of the tax credit allowed under the
			 Mortgage Credit Certificate Program. The document shall include the information
			 required by the
Internal Revenue Code of 1986
, as amended, and
Section 1.25-6T(b)(1)
through
(20)
of the regulations
			 thereunder.
(5) "Certificate
			 Holder" means an eligible borrower(s) meeting the criteria and requirements set
			 forth in these rules and to whom a Mortgage Credit Certificate has been
			 issued.
(6) "Certification" means a
			 signed written statement confirming the truth and accuracy of the information
			 provided.
(7) "Certified
			 Indebtedness Amount" means the amount of indebtedness incurred by the taxpayer
			 to acquire the principal single-family residence, or as a Qualified Home
			 Improvement Loan, or as a Qualified Rehabilitation Loan, and is specified in
			 the Mortgage Credit Certificate.
(8) "Eligible Borrower" means any person
			 meeting the criteria set fourth in OAR 813-080-0040  who has been determined to
			 be eligible but has not been issued a Mortgage Credit Certificate.
(9) "Existing Home" means a single-family
			 residence that has been occupied previously.
(10) "Household" mean any person or persons
			 living together in a single-family residence (e.g., married couples,
			 two-unmarried persons sharing the same single-family residence, a single
			 person, etc.).
(11) "Income" means
			 the total of the gross annualized income, from any source and before taxes and
			 withholding, of all non-minor persons who will reside in the single-family
			 residence.
(12) "Issuer" means the
			 agency of the State of Oregon.
(13)
			 "Lender" means 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, and who has entered
			 into a Mortgage Credit Certificate Lender Agreement with the
			 Department.
(14) "Mortgage" means
			 any instrument which evidences the conveyance of an interest in a single-family
			 residence as defined under these rules. This includes but is not limited to
			 mortgages, deeds of trust, land sale contracts, pledges, agreements to hold
			 title in escrow, and any other form of owner financing.
(15) "New Home" means a single-family
			 residence which has not been occupied previously.
(16) "Principal Residence" means the primary
			 dwelling in which one lives.
(17)
			 "Qualified Home Improvement" means financing (whether or not secured by a
			 mortgage), in an amount which does not exceed $15,000 in relation to any
			 residence, of alterations, repairs, and improvements by the owner on or in
			 connection with an existing owner-occupied single-family residence, but only if
			 such items substantially protect or improve the basic livability or energy
			 efficiency of the residence. It does not include financing of luxury items such
			 as swimming pools, saunas, hot tubs, or hobby shops.
(18) "Qualified Rehabilitation" means
			 financing of any rehabilitation of a residence if there is a period of at least
			 20 years between the date on which the building was first used and the date
			 physical work on the rehabilitation begins; if in the rehabilitation process,
			 50 percent or more of the existing external walls of such building are retained
			 in place as external walls, 75 percent or more of the existing external walls
			 of the building are retained in place as internal or external walls, 75 percent
			 or more of the existing internal structural framework of such building is
			 retained in place; and the expenditures of such rehabilitation are 25 percent
			 or more of the mortgagor's adjusted basis in the single-family residence
			 (including the land on which the residence is located). It does not include
			 financing of luxury items such as swimming pools, saunas, hot tubs or hobby
			 shops.
(19) "Related Person" has
			 the meaning given that term under
Section 144(a)(3)
of the
Internal Revenue Code of 1986
, as amended, and
Section
			 1.103-10(e)(1)
of the regulations thereunder. This includes, but is not
			 limited to, mother; father; son; daughter; grandmother; grandfather; brother;
			 sister; other lineal descendants by full or partial blood, marriage, or
			 contract of law; or persons with an ownership interest in a business.
(20) "Single-Family Residence" means a
			 housing unit intended and used for occupancy by one household. This shall be
			 real property or manufactured housing located in Oregon. A single-family
			 residence may include a single-family residence, condominium unit, a dwelling
			 in a Planned Unit Development (PUD), a mobile or manufactured home which has a
			 minimum of 400 square feet of living space and a minimum width in excess of 102
			 inches and is of a kind customarily used at a fixed location, or a unit in a
			 housing cooperative.
(21) "Tax
			 Credit Rate" means the percentage rate specified by the issuer on the Mortgage
			 Credit Certificate which the certificate holder shall use in calculating the
			 allowable tax credit.
(22) "Total
			 Proceeds" means the sum of the products determined by multiplying the certified
			 indebtedness amount of each Mortgage Credit Certificate issued pursuant to such
			 issue by the tax credit rate specified in such
			 certificate.
Publications: The publication(s) referred to or incorporated
				  by reference in this rule are available from the
				  agency.
Stat. Auth.: ORS
				  90.800 - ORS
				  90.840, ORS
				  91.886, ORS 183, ORS
				  456.515 - ORS
				  456.723 & ORS
				  458.210 - ORS
				  458.650
Stats. Implemented: ORS
				  456.605