reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 90 - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section 813-090-0040 - Qualified Basis Limited by Application

Current through Register Vol. 63, No. 7, July 1, 2024
The qualified basis established for the project at the time the
				LIHTCs are allocated cannot be increased without the applicant submitting
				another application for an additional LIHTC allocation in accordance with OAR
				813-090-0031  and OHCS's NOFA process and procedures.
Statutory/Other Authority: ORS
				  456.555
Statutes/Other Implemented: ORS
				  456.508,
				  456.510,
				  456.513,
				  456.559,
				  456.605,
				  456.625,
				  456.722  &
				  26 U.S.C. §
											42
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 90 - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section 813-090-0055 - Amount of Low-Income Housing Tax Credits

Current through Register Vol. 63, No. 7, July 1, 2024
OHCS's determination of the amount of LIHTCs for a project
				cannot exceed the amount necessary for the financial feasibility of the
				project's residential rental units that are represented by the applicable
				fraction at the restricted rent requirements specified in the project's REUA.
				The amount of LIHTC available shall be an amount equal to the applicable
				percentage of the qualified basis of each qualified low-income building, as
				defined in IRC Section 42.
Statutory/Other Authority: ORS
				  456.555
Statutes/Other Implemented: ORS
				  456.508,
				  456.510,
				  456.513,
				  456.559,
				  456.605,
				  456.722  &
				  26 U.S.C. §
											42
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 90 - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section 813-090-0064

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  456.555
Stats. Implemented: ORS
				  456.508,
				  456.510,
				  456.513,
				  456.559,
				  456.605 &
				  456.722
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 90 - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section 813-090-0065 - Representations

Current through Register Vol. 63, No. 7, July 1, 2024
OHCS will rely on representations of the applicant, including
				all agents and parties of interest, in reviewing applications and evaluating
				the amount of LIHTCs needed and whether a proposed project qualifies for a
				LIHTC allocation. In so doing, OHCS does not validate the financial feasibility
				of a proposed or established project, credit worthiness of the applicant, or
				tax consequences of the LIHTC allocation for the project, the applicant, or any
				other interested party.
Statutory/Other Authority: ORS
				  456.515  - 456.720
Statutes/Other Implemented: ORS
				  456.559(1)(f)
				  &
				  26 U.S.C. §
											42
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 90 - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section 813-090-0067

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS 183 & ORS
				  456.515 -
				  456.720
Stats. Implemented: ORS
				  456.559(1)(f)
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 90 - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section 813-090-0080 - Revocation or Reduction of Housing Credit

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OHCS, in its sole discretion, reserves
			 the right to refuse to make an offer, revoke an offer for a LIHTC allocation,
			 or terminate a REUA, if OHCS determines that:
(a) The proposed project owner will not
			 obtain a construction loan or building permit, or close its equity agreement
			 for the proposed project in a timely manner;
(b) The proposed project will not be placed
			 in service by the date mutually agreed upon;
(c) The proposed project financing is not
			 committed as indicated; or
(d) The
			 applicant has supplied misleading information.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 90 - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section 813-090-0085 - Procedures for Allocation of Suballocation

Current through Register Vol. 63, No. 7, July 1, 2024
Allocation Requests. CAP amounts allocated to a OHCS on behalf
				of which the State Treasurer may issue bonds may be suballocated by the OHCS,
				at the agency's discretion, through an assignment of the allocation to another
				issuer, provided that the issuer receiving the assignment shall:
(1) Be made for a specific project or for an
			 amount to be further allocated by the requestor among a class of projects or
			 activities that meet the allocation criteria;
(2) Include the name of the governmental bond
			 issuer;
(3) Include the title of
			 the obligation to be issued;
(4)
			 Include the principal amount of the obligation;
(5) Include the amount of the allocation
			 request;
(6) Include the date of
			 any purchase commitment if such commitment has been made;
(7) Include the name and address of the
			 original purchaser(s) of the obligation if such purchase has been
			 made;
(8) Include the name, address
			 and telephone number of the principal user(s) of the proceeds from the
			 issue;
(9) Include the anticipated
			 sale date of the issue;
(10)
			 Include the anticipated closing date of the issue;
(11) Include the name, address and phone
			 number of bond counsel;
(12) Use
			 the allocation during the calendar year of which the allocation was
			 made;
(13) Include the expected
			 number of jobs created or saved as a result of the allocation;
(14) Include the expected number of housing
			 units to be constructed or renovated as a result of the allocation, (describe
			 how the affordability requirements of the Internal Revenue Code and your local
			 requirements, if applicable, are to be met); and
(15) Any other materials to comply with any
			 terms and conditions imposed in connection with the allocation by OHCS listed
			 in the QAP.
Statutory/Other Authority: ORS
				  286A.035, ORS
				  286A.615, ORS
				  286A.620, ORS
				  286A.035, ORS
				  286A.118 & ORS
				  286A.130
Statutes/Other Implemented: ORS
				  286A.035, ORS
				  286A.615, ORS
				  286A.620, ORS
				  286A.035, ORS
				  286A.118 & ORS
				  286A.130
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 90 - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section 813-090-0089 - Transfer of Owner, Tax Credit or Project Ownership

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The sponsor of a project to which
			 low-income housing tax credits are allocated under the Low-Income Housing Tax
			 Credit Program and an owner of such project may not transfer or allow any
			 transfer of any interest in itself, the tax credits or the project or otherwise
			 encumber the project, or any portion or interest therein, unless the department
			 first approves the transfer or encumbrance in writing. Any such transfer or
			 encumbrance is subject to payment to the department by the sponsor or owner of
			 a transfer or encumbrance charge as required by the department. The owner shall
			 notify in writing and obtain the agreement of any buyer or successor or other
			 person acquiring the project or any interest therein that such acquisition is
			 subject to declaration requirements. If the sponsor or owner effects or allows
			 a transfer or encumbrance without prior written approval by the department, the
			 transfer or encumbrance is voidable and remains subject to the approval or
			 disapproval of the department and the sponsor or owner and transferees, jointly
			 and severally, are subject to a transfer or encumbrance review charge by the
			 department. The owner agrees that the department may, in addition to the
			 exercise of other remedies, void any sale, transfer, or exchange of the project
			 found in noncompliance.
(2) The
			 department may condition its approval upon such terms and conditions as it, in
			 its sole discretion, may require. Factors the department may consider in
			 determining whether to give approval to a transfer or encumbrance include but
			 are not limited to:
(a) The financial
			 investment of the department in the project;
(b) Preservation of existing
			 housing;
(c) The proposed
			 transferee's ability to maintain and manage the project property for the needs
			 of the residents, the integrity of the housing and as security for any
			 financing;
(d) The effect of the
			 transfer or encumbrance upon the financial integrity of the project, the tax
			 credits, the repayment of project financing, use of the project for its
			 intended purposes, and continuity of the program; and
(e) Continued compliance with applicable
			 program requirements including, but not limited to terms and conditions of
			 applicable funding documents, resultant restrictive covenants and equitable
			 servitudes, and state and federal laws, rules and regulations.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 90 - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section 813-090-0095

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  456.515 -
				  456.720
Stats. Implemented: ORS
				  456.559(1)(f)
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 90 - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section 813-090-0110 - Remedies

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If the
			 Department determines that there has been any material failure or default with
			 respect to any term, covenant or condition of the applicable solicitation or
			 funding documents, applicable rules, directives, other program requirements, or
			 otherwise, it (or as applicable, the IRS) may exercise any remedy available
			 under OAR chapter 813 (including remedies available in the 9 % LIHTC Program
			 Manual and General Policy and Guideline Manual), relevant solicitation or
			 funding documents, or applicable law. Remedies include, but are not limited to
			 corrective orders or directives, recapture of LIHTC, recovery for damages,
			 specific performance, injunctive relief, declaratory actions, appointment of a
			 receiver for the project, foreclosure of lien interests, debarment from other
			 Department funding, and other remedies available at law.
(2) The remedies set forth in this section
			 are cumulative and not exclusive and are in addition to any other rights and
			 remedies provided in this Division, other Department rules, the solicitation
			 and funding documents, or otherwise available at law or otherwise. The
			 Department may exercise any or all remedies available to it, and in such manner
			 as it, in its sole discretion, determines appropriate.
Stat. Auth.: ORS 456.55
Stats. Implemented: ORS
				  456.508,
				  456.510,
				  456.513,
				  456.559,
				  456.605,
				  456.625,
				  456.722
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0005 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
OAR chapter 813, division 110 provides specific guidance
				pursuant to ORS 317.097 under which OHCS
				certifies affordable housing development projects sponsored by government
				entities, nonprofit corporations, and certain persons ("sponsoring entities" or
				"sponsors") so as to enable a lending institution to claim Oregon affordable
				housing tax credits ("OAHTC" or "tax credits") against Oregon taxes with
				respect to loans for the construction, acquisition, rehabilitation, or
				refinancing of such projects. The purpose of the tax credits is to encourage
				the creation or preservation of safe, sanitary, and affordable housing for
				lower-income Oregonians.
Statutory/Other Authority: ORS
				  317.097, ORS
				  456.555 & ORS
				  317.991
Statutes/Other Implemented: ORS
				  317.097 & ORS
				  317.991
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0005 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
OAR chapter 813, division 110, is promulgated to carry out the
				provisions of ORS
				317.097 under which the department certifies affordable multifamily rental housing
				development projects sponsored by government entities, nonprofit corporations
				and certain persons ("sponsoring entities" or "sponsors") so as to enable a
				lending institution to claim Oregon affordable housing tax credits ("OAHTC" or
				"tax credits") against Oregon taxes with respect to loans for the construction
				or acquisition, and rehabilitation of such projects. The purpose of the tax
				credits is to encourage the creation or preservation of safe, sanitary and
				affordable housing for lower-income Oregonians. Additional policies and
				instructions are outlined in the Oregon Affordable Housing Tax Credits (OAHTC)
				Manual dated June 2, 2014 (the "OAHTC Manual" or "Manual"), incorporated herein
				by reference. The manual may be accessed online at the department's
				website.
Statutory/Other Authority: ORS
				  317.097  & 456.555
Statutes/Other Implemented: ORS
				  317.097,
				  456.508,
				  456.510,
				  456.513,
				  456.559,
				  456.605,
				  456.625  & 456.722
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
Terms used throughout OAR chapter 813, division 110 may be
				defined in Oregon Revised Statute (ORS or statute), or in the OHCS General
				Definitions (OAR 813-005-0005). Terms used within this division observe those
				definitions except as defined below. All words and terms used in OAR chapter
				813, division 110 are as provided in statute, OAR 813-005-0005, or herein. As
				used in these rules:
(1)
			 "Certification" means the written verification by OHCS to a lender that a
			 project is a qualified project for which the lending institution may claim a
			 OAHTC program tax credit under the provisions of the statute.
(2) "Firm commitment of financing" means an
			 agreement by a lending institution or their intermediary to make a loan to a
			 specific borrower on a specific property and which will contain all the terms
			 and conditions that the borrower must 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.
(3) "Limited Equity
			 Cooperative (LEC)" is defined in ORS
			 317.097(1)(e)
(4) "Housing Payment Reduction" means the
			 amount an eligible household's housing payment is reduced from housing payments
			 charged at the market interest rate because of the OAHTC subsidy.
(5) "Oregon Affordable Housing Tax Credit
			 Program Manual" or "OAHTC Manual" or "Manual" means the program manual for the
			 Oregon Affordable Housing Tax Credit Program dated June 2016, as described in
			 OAR 813-110-0011. The manual may be accessed online at OHCS's
			 website.
(6) "Project" means one or
			 more units of affordable housing, that has been or will be 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.
(7) "Rent
			 Pass-through" or "pass-through" means the savings realized through the OAHTC
			 loan rate discount that is used by the project owner to reduce tenant housing
			 payments except in the case of projects falling under OAR 813-110-0013  (2, (3),
			 and (4) which do not have a pass-through requirement.
(8) "Rent reduction" means the amount rents
			 are reduced from the rents charged at the market interest rate because of the
			 OAHTC subsidy.
Statutory/Other Authority: ORS
				  317.097 & ORS
				  456.555
Statutes/Other Implemented: ORS
				  317.097
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0011 - Oregon Affordable Housing Tax Credit Manual

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Additional policies and instructions are
			 outlined in the OAHTC Manual dated August 2022, incorporated into and adopted
			 as part of this division of administrative rules by reference.
(2) The manual may be accessed online at
			 OHCS's website.
Statutory/Other Authority: ORS
				  317.097,
				  ORS
				  456.515-456.725
Statutes/Other Implemented: ORS
				  317.097
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0013 - Loan Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
To be eligible for the OAHTC program tax credit, the loan shall
				be:
(1) Made to a qualified borrower
			 who;
(a) Uses the proceeds to finance
			 construction, development, acquisition, or rehabilitation of housing;
			 and,
(b) Provides a written
			 declaration to OHCS that the:
(A) Housing
			 created by the loan is or will be occupied by households earning 80 percent or
			 less of the area median income; and,
(B) The full amount of the savings, from the
			 reduced interest rate provided by the lending institution, is or will be passed
			 through to the qualified tenants in the form of a rent reduction or housing
			 payment reduction, regardless of other subsidies provided directly to the
			 housing project,
(C) In satisfying
			 the pass-through requirement in OAR 813-110-0013(B), project sponsors may not
			 assign pass-through to units whose qualified tenants are benefitting from a
			 project-based voucher,
(D) In
			 satisfying the pass through requirement in OAR 813-110-0013(B), may not assign
			 more than the estimated prorated annual per unit pass-through to units whose
			 qualified tenants benefit from a tenant-based voucher.
(E) Limited Equity Cooperative projects
			 satisfy the pass-through requirement in OAR 813-110-0013(B)  by passing through
			 the full amount of the savings to households in the Limited Equity Cooperative
			 in the form of reduced housing payments,
(F) The estimated annual average per-unit
			 pass-through for the projects is to be calculated by dividing the annual loan
			 interest savings, divided by twelve months, and then by dividing the number of
			 affordable units occupied or held vacant for occupancy by qualified tenants,
			 or
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0013 - Loan Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
In order to be eligible for the tax credit, the loan shall
				be:
(1) Made to an individual or
			 individuals who own the dwelling, who participate in an owner-occupied
			 community rehabilitation program, and are certified by the local government or
			 its designated agent as having an income level at the time the loan is made of
			 less than 80 percent of the area median income.
(2) Made to a qualified borrower;
(a) Used to finance construction,
			 development, acquisition, or rehabilitation of housing; and,
(b) Accompanied by a written certification by
			 the department that the:
(A) Housing created
			 by the loan is or will be occupied by households earning less than 80 percent
			 of the area median income; and,
(B)
			 The full amount of the savings, from the reduced interest rate provided by the
			 lending institution, is or will be passed through to the qualified tenants in
			 the form of a rent reduction, regardless of other subsidies provided directly
			 to the housing project,
(C) In
			 satisfying the foregoing pass-through requirement, project owners may only
			 assign up to the maximum of the estimated annual average per-unit pass through
			 to units whose qualified tenants are using a tenant based Section 8, or Housing
			 Choice Voucher,
(D) The estimated
			 annual average per-unit pass through for the projects is to be calculated by
			 dividing the annual loan interest savings, divided by twelve months, and then
			 by dividing the number of affordable units occupied or held vacant for
			 occupancy by qualified tenants, or
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0015 - Application Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For the purpose of enabling a lending
			 institution to obtain a reservation of OAHTC under ORS
			 317.097, a sponsoring entity may
			 apply to OHCS for certification of a qualified loan for the allocation of OAHTC
			 consistent with OAR chapter 813 division 110 through the Oregon Centralized
			 Application (ORCA) process.
(2) The
			 application shall provide information satisfactory to OHCS including but not
			 limited to:
(a) The name, address and
			 contact6 information of the sponsoring entity;
(b) Proof as required by OHCS that the
			 sponsoring entity is a qualified borrower;
(c) The relevant background of the qualified
			 borrower and its management agent and their expertise with housing for
			 low-income persons;
(d) A firm
			 commitment of financing by the lending institution to the sponsoring entity for
			 the project containing all of the terms and conditions that the sponsoring
			 entity has to satisfy before the loan will be funded and including an estimated
			 comparable market interest rate for the proposed loan, the estimated reduced
			 interest rate and the estimated amount of savings or a letter of intent for the
			 purpose of a reservation under OAR 813-110-0030;
(e) The name, address and contact person of
			 the lending institution making the loan;
(f) A description of the project, including
			 the type of housing or program involved, the number and type of housing units
			 to be provided, the number of bedrooms, the address where the project is or
			 will be located, and the federal, state, and local agencies or organizations
			 involved in financing or managing the project;
(g) A certification that includes, at a
			 minimum, the statement that all information in the application is true,
			 complete and accurately describes the project;
(h) An agreement by the sponsoring entity to
			 execute restrictive covenants satisfactory to OHCS, which will be recorded at
			 the time of loan closing;
(i) A
			 demonstration relating to occupancy of the units in the project, as required by
			 subsection (2) of this section;
(j)
			 A demonstration that the project meets the minimum requirements of any other
			 OHCS program used by the project, as required by subsection (3) of this
			 section;
(k) Any additional
			 information or actions requested by OHCS; and
(l) A certification by the sponsoring entity
			 that includes, at a minimum, the statement that all information in the
			 application is true, complete, and accurately describes the project.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0015 - Application Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For the purpose of enabling a lending
			 institution to obtain a reservation of OAHTC under ORS
			 317.097,
			 a sponsoring entity may apply to the department for certification of a
			 qualified loan for the allocation of OAHTC consistent with OAR chapter 813
			 pursuant to relevant solicitation documents issued by the department including,
			 but not limited to a Notice of Funding Availability ("NOFA"), or as otherwise
			 determined by the department. The application shall provide information
			 satisfactory to the department including but not limited to:
(a) The name, address and telephone number of
			 the sponsoring entity;
(b) Proof as
			 required by the department that the sponsoring entity is a qualified
			 borrower;
(c) The relevant
			 background of the qualified borrower and its management agent and their
			 expertise with housing for low-income persons, if applicable;
(d) A firm commitment of financing by the
			 lending institution to the sponsoring entity for the property that is the
			 subject of the tax credits claim containing all of the terms and conditions
			 that the sponsoring entity has to satisfy before the loan will be funded and
			 including an estimated comparable market interest rate for the proposed loan,
			 the estimated reduced interest rate and the estimated amount of savings or a
			 letter of intent for the purpose of a reservation under OAR
			 813-110-0021;
(e) The name, address
			 and contact person of the lending institution making the loan;
(f) A description of the project, including
			 the type of housing or program involved, the number and type of housing units
			 to be provided, the number of bedrooms, the address where the project is or
			 will be located, and the federal, state and local agencies or organizations
			 involved in financing or managing the project;
(g) A certification that includes, at a
			 minimum, the statement that all information in the application is true,
			 complete and accurately describes the project;
(h) An agreement by the sponsoring entity to
			 execute restrictive covenants satisfactory to the department to which covenants
			 will be recorded at the time of loan closing;
(i) A demonstration relating to occupancy of
			 the units in the project, as required by subsection (2) of this
			 section;
(j) A demonstration that
			 the project meets the minimum requirements of any other department program used
			 by the project, as required by subsection (3) of this section;
(k) Any additional information or actions
			 requested by the department; and
(l) A certification by the sponsoring entity
			 that includes, at a minimum, the statement that all information in the
			 application is true, complete and accurately describes the project.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0020 - Application Review

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
(a)
			 Applications for a reservation of OAHTC, or for an OAHTC certification of award
			 if conditions are met as required under OAR 813-110-0020, are subject to OHCS
			 review:
(b) Any resulting
			 reservation or certification of award may include modifications to the
			 application and may be rescinded if conditions are not satisfied.
(c) OHCS will not issue a reservation of
			 OAHTC program tax credits to an applicant who has not identified a qualified
			 lender who has provided a Letter of Intent to the applicant.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0020 - Application Review

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
(a) Applications for a reservation of OAHTC,
			 or for an OAHTC certification of award if conditions are met as required under
			 OAR 813-110-0015, are subject to department review:
(b) Any resulting reservation or
			 certification of award may include modifications to the application and may be
			 rescinded if conditions subsequent are not satisfied, including but not limited
			 to the requirement to timely acquire a qualified funder who will appropriately
			 use the tax credits.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0021 - Reservation in Lieu of Certification

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For a reservation granted under OAR
			 813-110-0025:
(a) The reservation is valid
			 for 240 days and is subject to extension by OHCS at its sole discretion;
			 and
(b) Is a confirmed reservation
			 unless the lending institution modifies the original letter of intent or there
			 is a failure to comply with material terms of the reservation.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0021 - Reservation in Lieu of Certification

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For a reservation granted under OAR
			 813-110-0020:
(a) Except as provided in
			 subsection (2) of this section, the reservation is valid for 240 days and is
			 subject to extension by the department at its sole discretion; and
(b) Is a confirmed reservation unless the
			 lending institution modifies the original letter of intent or there is a
			 failure to comply with material terms of the reservation.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0022 - Set-Aside

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A portion of
			 the maximum amount of tax credits established in ORS
			 317.097 is subject to either or both of the following:
(a) A set-aside by the department for
			 projects that meet department identified goals under the OAHTC
			 program.
(b) One or more set-asides
			 established by the department from time to time, when directed by the Housing
			 Stability Council, to meet housing needs in various economic or geographic
			 regions of the state.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0025 - Certification of Eligible Projects

Current through Register Vol. 63, No. 7, July 1, 2024
(1) When OHCS determines that it may issue a
			 certification to a lending institution as authorized by ORS
			 317.097, the certification will
			 include the following as applicable:
(a) The
			 proposed borrower is a qualified borrower;
(b) The qualified borrower has demonstrated
			 that the required benefits will be passed on to households earning less than 80
			 percent of area median income, except for projects falling under OAR
			 813-110-0013 (2), (3), and (4), according to program requirements including,
			 but not limited to those in ORS
			 317.097 and this
			 division;
(c) The length of the
			 period eligible for OAHTC program tax credits; and
(d) The loan does not exceed the maximum
			 limitation for total loan balances.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0025 - Certification of Eligible Projects

Current through Register Vol. 63, No. 7, July 1, 2024
(1) When the department determines that it
			 may issue a certification to a lending institution as authorized by ORS
			 317.097,
			 the certification will include, inter alia, the following as applicable:
(a) The proposed borrower is an eligible
			 sponsor;
(b) The proposed borrower
			 has demonstrated that the required benefits will be passed on to households
			 earning less than 80 percent of area median income, except for manufactured
			 dwelling park projects, according to program requirements including, but not
			 limited to those in ORS
			 317.097 and this division.
(c) The length
			 of the period eligible for tax credits; and
(d) The loan does not exceed the maximum
			 limitation for total loan balances.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0026 - Reservations, Certifications and Other Commitments Subject to Housing Stability Council Approval

Current through Register Vol. 63, No. 7, July 1, 2024
If OHCS provides a reservation, certification of award or
				otherwise commits to an award of OAHTC under this division and if the amount of
				any related tax credits or any other OHCS funding approved by OHCS that was
				considered by OHCS in setting the amount of the tax credits ("complementary
				funding") meets or exceeds the threshold amount established in OAR
				813-001-0007(1)  for review by the Housing Stability Council, the reservation,
				certification or other commitment is subject to review and approval by the
				council of such tax credit assistance and any such complementary funding. The
				council may approve, deny, modify or further condition funding assistance
				subject to its review. Based upon any relevant council determination, including
				with respect to complementary funding, any subject reservation, certification
				or other commitment may be deemed revoked, be modified or be further
				conditioned.
Statutory/Other Authority: ORS
				  317.097 & ORS
				  456.515-456.725
Statutes/Other Implemented: ORS
				  317.097
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0026 - Reservations, Certifications and Other Commitments Subject to Housing Stability Council Approval

Current through Register Vol. 63, No. 7, July 1, 2024
If the department provides a reservation, certification of
				award or otherwise commits to an award of OAHTC under this division and if the
				amount of any related tax credits or any other department funding approved by
				the department that was considered by the department in setting the amount of
				the tax credits ("complementary funding") meets or exceeds the threshold amount
				established in OAR 813-001-0007(1)  for review by the Housing Stability Council,
				the reservation, certification or other commitment is subject to review and
				approval by the council of such tax credit assistance and any such
				complementary funding. The council may approve, deny, modify or further
				condition funding assistance subject to its review. Based upon any relevant
				council determination, including with respect to complementary funding, any
				subject reservation, certification or other commitment may be deemed revoked,
				be modified or be further conditioned.
Statutory/Other Authority: ORS
				  317.097
Statutes/Other Implemented: ORS
				  317.097,
				  456.508,
				  456.510,
				  456.513,
				  456.559,
				  456.605,
				  456.625  & 456.722
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0027 - Certification Request by Lending Institution

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A sponsor shall submit on behalf of the
			 lending institution a separate request for each certification of a sponsoring
			 entity requested under the Oregon Affordable Housing Tax Credits
			 program.
(2) A sponsor shall pay a
			 charge as assessed by the department for each request for a
			 certification.
Statutory/Other Authority: ORS
				  317.097
Statutes/Other Implemented: ORS
				  317.097,
				  456.508,
				  456.510,
				  456.513,
				  456.559,
				  456.605  & 456.722
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0029 - Supplemental Application Charge

Current through Register Vol. 63, No. 7, July 1, 2024
A sponsoring entity of a project under the OAHTC program shall
				pay a supplemental application charge, as established by the department from
				time to time, when the sponsoring entity requests additional resources for a
				project that has already been funded under the program.
Statutory/Other Authority: ORS
				  317.097
Statutes/Other Implemented: ORS
				  317.097,
				  456.508,
				  456.510,
				  456.513,
				  456.559,
				  456.605  & 456.722
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0030 - Monitoring and Reporting Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
A lending institution claiming OAHTC program tax credits under
				ORS 317.097 is subject to monitoring
				by OHCS. A lending institution shall submit to the OHCS by May 31 of each year
				a report satisfactory to OHCS in which the lending institution affirms that the
				lending institution has met all requirements imposed by law to qualify for the
				OAHTC program tax credits. The report must be submitted on a form furnished by
				OHCS and signed by an officer of the lending institution, and:
(1) Shall not include any representation as
			 to the performance by the sponsoring entity; and
(2) Shall include, at a minimum, the name and
			 address of the institution, the name and contact information of a contact
			 person, the number of loans for which OAHTC program tax credits will be
			 claimed, the amount of credit claimed, the annual charge payment, the dates the
			 loans were closed, the name and location of the projects financed by those
			 loans, the amount loaned for each project, the outstanding balances of all
			 loans, and the average annual balance for each loan.
Statutory/Other Authority: ORS
				  317.097 & ORS
				  456.515-456.725
Statutes/Other Implemented: ORS
				  317.097
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0030 - Monitoring and Reporting Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
A lending institution claiming state tax credits under ORS
				317.097 is subject to monitoring by the department. A lending institution shall submit
				to the department by May 1 of each year a report satisfactory to the department
				in which the lending institution affirms that the lending institution has met
				all requirements imposed by law to qualify for the tax credits. The report must
				be submitted on a form furnished by the department and signed by an officer of
				the lending institution, and:
(1) May
			 not include any representation as to the performance by the sponsoring entity;
			 and
(2) Shall include, at a
			 minimum, the name and address of the institution, the name and phone number of
			 a contact person, the number of loans for which tax credits will be claimed,
			 the amount of credit claimed, the annual charge payment, the dates the loans
			 were closed, the location of the projects financed by those loans, the amount
			 loaned for each project, the outstanding balances of all loans, and the average
			 annual balance for each loan.
Statutory/Other Authority: ORS
				  317.097
Statutes/Other Implemented: ORS
				  317.097,
				  456.508,
				  456.510,
				  456.513,
				  456.559,
				  456.605  & 456.722
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0031 - Charges

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A lending institution claiming OAHTC
			 program tax credits under ORS
			 317.097 shall pay a base charge
			 of 5 percent of the annual tax credits claimed to OHCS annually.
(2) The Annual Report for the preceding year
			 is due by May 31st.
(3) OHCS may
			 assess a $100 per month charge for each full month the annual report is delayed
			 after the due date.
Statutory/Other Authority: ORS
				  317.097 & ORS
				  456.515 - 456.725
Statutes/Other Implemented: ORS
				  317.097
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0031 - Charges

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A base
			 charge of 5 percent of the annual tax credits claimed by an eligible lending
			 institution plus $100 per month for each full month the annual report is
			 delayed shall be paid by the lending institution to the department.
(2) On projects certified prior to September
			 29, 1991, all annual charges required in OAR 813-110-0031, except for any
			 charges for delayed reports, shall be waived.
Statutory/Other Authority: ORS
				  317.097  & 456.515 - 456.720
Statutes/Other Implemented: ORS
				  317.097
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0034 - Transfer of Loan, Owner, or Project

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An owner of a project that has received
			 OAHTC assistance or recipient of a loan subsidized by such assistance shall not
			 transfer or allow any transfer of any interest in itself, the loan or the
			 project or otherwise encumber the project, or any portion or interest therein,
			 unless the department first approves the transfer or encumbrance in writing.
			 Any such transfer is subject to payment to the department by the borrower or
			 owner, as applicable, of a transfer charge as required by the department. If
			 the borrower or owner effects or allows a transfer without prior written
			 approval by the department, the transfer is voidable and remains subject to the
			 approval or disapproval of the department and the borrower or owner and
			 transferees, jointly and severally, are subject to a transfer review charge by
			 the department.
(2) The department
			 may condition its approval upon such terms and conditions as it, at its sole
			 discretion, may require. Factors the department may consider in determining
			 whether or not to give approval to a transfer include but are not limited to:
(a) The financial investment of the
			 department in the project;
(b)
			 Preservation of existing housing;
(c) The proposed owner's ability to maintain
			 and manage the property for the needs of the residents, the integrity of the
			 housing and as security for the loan;
(d) The effect of the transfer upon the
			 financial integrity of the project, repayment of the loan, use of the project
			 for its intended purposes, and continuity of the program; and
(e) Continued compliance with applicable
			 program requirements including, but not limited to terms and conditions of
			 funding documents and state and federal laws, rules and regulations.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0035 - Community Rehabilitation Project Certification

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A local government or its designated
			 agent that certifies a participant in a community rehabilitation program shall
			 certify to the department that the tax credits for the community rehabilitation
			 program fall within the maximum amount of tax credits authorized in ORS
			 317.097.
(2) A participant in a community
			 rehabilitation program includes any individual, nonprofit corporation or unit
			 of local government that re-loans proceeds to an individual participating in
			 the community rehabilitation program.
(3) A local government entity shall certify
			 to the department that the local community rehabilitation standards will be met
			 for all relending of proceeds from a certified loan.
Statutory/Other Authority: ORS
				  317.097  & 456.515 - 456.720
Statutes/Other Implemented: ORS
				  317.097
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0037 - Use of Project; Transfer of Title

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The sponsoring entity and the owner of a
			 project, including legally registered owners of a manufactured dwelling park,
			 any successors, assigns or transferees shall operate and maintain the project
			 in a manner consistent with program requirements including, but not limited to
			 its use for eligible occupants, for the term of the OAHTC program credits, up
			 to twenty years.
(2) The sponsoring
			 entity and the owner of a project with USDA RD rent assistance and/or financing
			 attached, including any successors, assigns or transferees shall operate and
			 maintain the project in a manner consistent with program requirements
			 including, but not limited to its use for eligible occupants, for the term of
			 the OAHTC program credits, up to thirty tax years.
(3) If the title to a project transfers to
			 the lending institution because of a foreclosure, a deed-in-lieu of foreclosure
			 or an involuntary transfer under a bankruptcy proceeding, the lending
			 institution may dispose of the property at its sole discretion.
(4) In the event of a title transfer as
			 described in OAR 813-110-0075(3), the lending institution cedes any rights to
			 any remaining OAHTC program credits.
(5) Early payoff of the loan generating the
			 OAHTC Program tax credits will result in the termination of any future credits
			 not yet claimed by the lender.
Statutory/Other Authority: ORS
				  317.097 & ORS
				  456.515-456.725
Statutes/Other Implemented: ORS
				  317.097
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 110 - OREGON AFFORDABLE HOUSING TAX CREDITS: AFFORDABLE HOUSING PROJECT CERTIFICATION › Section 813-110-0037 - Use of Project; Transfer of Title

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The sponsoring entity and the owner of a
			 project, including any successors, assigns or transferees shall maintain
			 operate and maintain the project in a manner consistent with program
			 requirements including, but not limited to its use for eligible occupants, for
			 the term of the tax credits or twenty years, whichever is longer.
(2) If the title to a project transfers to
			 the lending institution because of a foreclosure, a deed-in-lieu of foreclosure
			 or an involuntary transfer under a bankruptcy proceeding, the lending
			 institution may dispose of the property at its sole discretion.
Statutory/Other Authority: ORS
				  317.097
Statutes/Other Implemented: ORS
				  317.097,
				  456.508,
				  456.510,
				  456.513,
				  456.559,
				  456.605  & 456.722