Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 90 - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section 813-090-0031 - Application Requests and Charges

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 OHCS may periodically solicit applications or select projects from a pool of
			 qualified applications for the allocation of LIHTCs pursuant to OHCS' program
			 requirements. Applications will be evaluated consistent with IRC Section 42,
			 ORS
			 456.559(1)(f),
			 the rules of this division and other applicable program requirements including
			 procedures consistent with OHCS goals to provide long term affordable
			 housing.
(2) OHCS may solicit
			 applications for an allocation of LIHTCs from interested parties when such
			 credits are available.
(3) OHCS may
			 require a non-refundable application charge from any applicant requesting
			 LIHTCs.
(4) OHCS may require a
			 supplemental application charge from applicants requesting additional resources
			 for projects that have already been funded by OHCS.
(5) OHCS may require a transfer application
			 charge from project owners that receive state grants or tax credits through
			 OHCS and who request OHCS' approval of a change in project ownership. Exempt
			 from this is an initial transfer of ownership occurring in the first year after
			 the date the project is placed in service. OHCS may assess a transfer review
			 charge to project owners and transferees who effect a change in project
			 ownership without prior written approval from OHCS.
(6) OHCS may require a recipient charge from
			 any applicant prior to the execution of a REUA.
(7) OHCS may assess additional late charges
			 to an applicant if its LIHTC final application is received by OHCS after
			 established deadlines. OHCS also may assess a supplemental charge to an
			 applicant if OHCS determines that a re-evaluation of the applicant's final
			 application is necessary or warranted.
(8) If the LIHTCs awarded to a project cannot
			 be used by the end of the calendar year of the LIHTCs allocation and the
			 project owner is expected to incur 10% of project costs, an application for a
			 carryover allocation of housing credits must be made by the deadline
			 established by OHCS for the credit year or the credits will be lost. OHCS may
			 require a supplemental application charge from an applicant who submits a LIHTC
			 carryover application after the deadline established by OHCS. OHCS also may
			 assess a supplemental charge to an applicant if OHCS determines that a
			 re-evaluation of the applicant's carryover application is necessary or
			 warranted.
(9) The carryover
			 requirements do not apply to projects using tax-exempt bond
			 financing.
(10) The applicant must
			 submit an application for final allocation of LIHTCs when the project is placed
			 in service. OHCS will prescribe the period for submitting a final application.
			 OHCS may assess a late charge for applicants that submit applications after the
			 prescribed deadline. OHCS may also assess a supplemental charge to an applicant
			 if OHCS determines that a re-evaluation of the applicant's final application is
			 necessary or warranted.
(11) OHCS
			 may charge the project owner reasonable fees for OHCS' costs of monitoring the
			 project owner's compliance with restrictions established by OHCS program
			 requirements.
(12) OHCS will
			 evaluate completed applications based on a ranking system consistent with IRC
			 Section 42(m)(l), established by OHCS and set forth in the QAP.
Publications: Publications referenced are available from the
				  agency.
Statutory/Other Authority: ORS
				  456.515  - 456.720
Statutes/Other Implemented: ORS
				  456.559(1)(f)
				  &
				  26 U.S.C. §
											42