reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 66 - MANUFACTURED DWELLING REPLACEMENT PROGRAM › Section 813-066-0025 - Borrower Eligibility and Requirements for Program Loans

Current through Register Vol. 63, No. 7, July 1, 2024
Requirements for borrower eligibility include, but are not
				limited to, the following:
(1) The
			 manufactured dwelling must be the borrower's primary residence throughout the
			 term of the loan.
(2) Homeowner's
			 manufactured dwelling and income meet conditions set forth in ORS
			 458.356.
(3) Homeowner's manufactured dwelling was:
(a) Constructed prior to 1995 and is not
			 being replaced due to total loss incurred through fire damage, water damage,
			 extreme weather, acts of vandalism, or other events commonly covered by
			 homeowner's insurance; or
(b)
			 Constructed on any date, destroyed or lost as a result of a Natural Disaster,
			 was homeowner's primary residence at the time of the Natural Disaster, and
			 homeowner does not receive other natural disaster manufactured dwelling
			 replacement loan or grant funds through OHCS.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 66 - MANUFACTURED DWELLING REPLACEMENT PROGRAM › Section 813-066-0030 - Program Decommissioning and Disposal Grant Terms and Eligibility

Current through Register Vol. 63, No. 7, July 1, 2024
(1) There is no
			 minimum grant amount and the maximum grant amount allowable is the lesser of
			 $15,000 or the cost of decommissioning and disposal of the manufactured
			 dwelling.
(2) Grants will be
			 awarded to an individual or entity that meets the qualifications set forth in
			 ORS 458.358 and applicable
			 administrative rules.
(3) Grants
			 may be awarded if the following requirements are met:
(a) The grant is for the safe remediation of
			 manufactured dwellings with environmental and public health hazards and risks,
			 including asbestos, lead paint, and mold;
(b) The grant is made to homeowners with an
			 adjusted gross annual household income no greater than 100 percent (100%) of
			 statewide or local area median income, whichever is greater, adjusted for
			 household size at the time of application; and
(c) The grant is for the decommissioning of
			 manufactured dwellings that were constructed prior to 1995 and are not being
			 decommissioned due to total loss incurred through fire damage, water damage,
			 extreme weather, acts of vandalism, or other events commonly covered by
			 homeowner's insurance.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 66 - MANUFACTURED DWELLING REPLACEMENT PROGRAM › Section 813-066-0035 - Manufactured Home Replacement Program Energy Grant Terms and Eligibility

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A portion of
			 the grant funds may be used for Manufactured Dwelling Replacement Project
			 completion as a means to deliver energy efficiency, pursuant to OHCS
			 Manufactured Dwelling Replacement Program.
(2) There is no minimum grant amount and the
			 maximum grant amount allowable is up to $25,000.
(3) Grants will be awarded to an individual
			 or entity that meets the qualifications set forth in ORS
			 458.358 and applicable
			 administrative rule.
(4) The
			 primary heating fuel source of the new manufactured dwelling must be electric,
			 and the home site must be located within Portland General Electric or Pacific
			 Power service areas.
(5) An
			 individual or entity that qualifies under ORS
			 458.358 may apply for a grant
			 through a process established by OHCS or an entity authorized by OHCS to
			 administer the program.
(6) An
			 individual must have an adjusted gross annual household income no greater than
			 100 percent (100%) of statewide or local area median household income,
			 whichever is greater, adjusted for household size at the time of
			 application.
(7) The grant must be
			 for the decommissioning and replacement of manufactured dwellings that are the
			 homeowner's primary residence and that were manufactured prior to
			 1995.
(8) New replacement
			 manufactured dwellings must meet minimum Energy Efficiency Standards.
(9) The new manufactured dwelling must have
			 electric heating and cooling systems that meet Energy Efficiency
			 Standards.
(10) A qualified
			 individual or entity may apply for a grant without applying for a program loan
			 when decommissioning a manufactured dwelling older than 1995 and replacing it
			 with a new, like-kind, manufactured dwelling.
(11) Documentation, as outlined in the
			 procurement documents, confirming proper disposal of the replaced manufactured
			 dwelling is required.
Statutory/Other Authority: ORS
				  757.612, ORS
				  458.356 & ORS
				  458.358
Statutes/Other Implemented: ORS
				  456.555, ORS
				  446.003, ORS
				  455.010 & ORS
				  90.100
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 70 - HOME IMPROVEMENT LOAN PROGRAM › Section 813-070-0005 - Purpose and Objectives

Current through Register Vol. 63, No. 7, July 1, 2024
The rules of OAR chapter 813, division 70 are established to
				administer and enforce ORS
				456.515 through
				456.720, specifically ORS
				456.690. These rules, together
				with the
Program's Procedural Guide
, shall implement the Home
				Improvement Loan Program. The Program's objective is to provide funds to
				finance the rehabilitation or improvement of residential housing, thereby
				providing adequate, safe and sanitary residential housing for occupancy by
				moderate and lower-income persons in Oregon. Through the Home Improvement Loan
				Program, the agency increases the availability of funds for such housing by
				making commitments to financial institutions to purchase, and by purchasing
				pursuant to such commitments, loans which meet the standards set forth in these
				rules and the
Program's Procedural Guide
.
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
				  456.690
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 70 - HOME IMPROVEMENT LOAN PROGRAM › Section 813-070-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) All terms are
			 used in OAR Chapter 813, Division 70 as defined in the Act, and as provided in
			 OAR 813-005-0005  or herein.
(2) As
			 used in these rules, unless otherwise indicated by the context:
(a) "Income" means the total of the gross
			 annualized income, from any source and before taxes and withholding, of all
			 non-minor persons who will occupy a Residential Dwelling, except for non-owner
			 occupants of a two-to-four family dwelling;
(b) "Participating Local Government" means
			 the cities and counties located in the state which meet the requirements of the
			 Home Improvement Loan Program and which agree to participate in the Program
			 pursuant to the
Procedural Guide
and the conditions set forth in
			 these rules;
(c) "Reinvestment
			 Neighborhood" means a geographical area in Oregon, as designated by the related
			 Participating Local Government;
(d)
			 "Residential Dwelling" means a residential unit designed for occupancy by one
			 to four households, and the property on which it is located. This shall be real
			 property located in Oregon. This may include a site-built or manufactured
			 detached residence, or one unit in an attached or multi-unit structure. One
			 unit of such dwelling shall be occupied by the owner of the property.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 70 - HOME IMPROVEMENT LOAN PROGRAM › Section 813-070-0015 - Allocation of Funds to Approved Lenders

Current through Register Vol. 63, No. 7, July 1, 2024
Under the Home Improvement Loan Program, the Department may
				rely on a commitment system or a first-come first-served reservation system to
				solicit and monitor participation by Approved Lenders when funds become
				available from the proceeds of Bonds or other sources. The Department solicits
				commitment requests or participation in the Program by Approved Lenders when
				the Department determines that the Home Improvement Loan Program will serve to
				carry out the purposes of the Act and funds may be available.
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
				  456.690
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 70 - HOME IMPROVEMENT LOAN PROGRAM › Section 813-070-0016 - Commitment System

Current through Register Vol. 63, No. 7, July 1, 2024
Under the commitment system, the Department shall solicit
				commitment requests by mailing a commitment invitation form to each Approved
				Lender at the address listed in the records of the Department. The Department
				shall seek commitment requests before the sale of Bonds or when funds are
				otherwise expected to become available.
(1) The commitment invitation form shall
			 specify the terms on which the Department will accept commitment requests from
			 Approved Lenders, including:
(a) The minimum
			 commitment amount, if any, which Approved Lenders may request;
(b) The maximum interest rate applicable to
			 Program Loans under the commitment;
(c) The price the Department shall pay for
			 such Program Loans and the origination fees, discounts, appraisal fees,
			 inspection fees, and other expenses which may be charged in connection with
			 Program Loan origination;
(d) The
			 period during which the Department will purchase Program Loans;
(e) The commitment fee the Department shall
			 charge Approved Lenders in connection with commitment requests;
(f) The servicing fees the Department shall
			 pay for Program Loan servicing; and
(g) Such other similar terms as the
			 Department may deem advisable. The Department shall consider:
(A) The cost of borrowing the funds required
			 to carry out the Home Improvement Loan Program;
(B) The estimated cost of improvements to
			 Residential Dwellings within Oregon;
(C) The interest rates the Department
			 estimates Eligible Borrowers can afford to pay when financing improvements of
			 such Residential Dwellings;
(D) The
			 availability and cost to Eligible Borrowers of alternative borrowing sources;
			 and
(E) Other similar factors the
			 Department considers appropriate to increase the availability of funds for
			 financing improvements of Residential Dwellings by Eligible Borrowers and to
			 ensure the security for and the ability of the State to repay the
			 Bonds.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 70 - HOME IMPROVEMENT LOAN PROGRAM › Section 813-070-0017 - Reservation System

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Under the
			 reservation system, the Department purchases Program Loans pursuant to
			 first-come first-served reservations made by Approved Lenders, and in
			 compliance with the
Program's Procedural Guide
. The Department
			 shall solicit participation in the Program by mailing a reservation invitation
			 and request form to each Approved Lender at the address listed in the records
			 of the Department. The Department shall solicit participation in the Program
			 before the sale of Bonds or when funds are otherwise expected to become
			 available.
(2) The reservation
			 invitation form specifies the terms on which the Department will accept
			 participation in the Program by Approved Lenders, including:
(a) The date by which requests to participate
			 must be received by the Department;
(b) The term during which Program Loan fund
			 reservations may be placed and during which Program Loans may be purchased by
			 the Department;
(c) The maximum
			 interest rate which Program Loans purchased shall bear;
(d) Any fees payable by an Approved Lender to
			 the Department;
(e) The price the
			 Department shall pay for such Program Loans and the origination fees,
			 discounts, and other expenses which may be charged in connection with Program
			 Loan origination;
(f) The servicing
			 fees the Department shall pay for Program Loan servicing; and
(g) Any special terms or conditions of the
			 Program.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 70 - HOME IMPROVEMENT LOAN PROGRAM › Section 813-070-0020 - Approved Lenders

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Any
			 commercial bank, savings and loan association, savings bank, mortgage banker or
			 other Person legally authorized to engage in the business of making secured
			 loans for residential housing may apply to become an Approved Lender. An
			 applicant wishing to become an Approved Lender shall submit for the
			 Department's 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 purchase agreement with the
			 Department;
(c) List and signatures
			 of authorized officers;
(d) Most
			 recent audited financial statements;
(e) Documentation evidencing applicant's bond
			 and insurance coverage; and
(f) $25
			 application fee.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 70 - HOME IMPROVEMENT LOAN PROGRAM › Section 813-070-0025 - Program Loans

Current through Register Vol. 63, No. 7, July 1, 2024
(1) To be eligible
			 for purchase by the Department pursuant to a commitment to or agreement with an
			 Approved Lender, a Program Loan shall be made by the Approved Lender during the
			 term of the Program. The Program Loan shall comply with the terms of such
			 commitment or agreement, the requirements set forth in the purchase agreement
			 between the Department and the Approved Lender and the conditions set forth in
			 the Program rules and the
Program's Procedural Guide
.
(2)
(a)
			 Each Program Loan shall have a final maturity at least 24 months and not more
			 than fifteen years and 32 days from the date of its making;
(b) The Program Loan shall be secured by a
			 recorded deed of trust granted by the Eligible Borrower and any additional
			 persons in title, on the Residential Dwelling for which improvements are being
			 financed. Title shall be held by the Eligible Borrower in fee simple, life
			 estate or under a contractual interest. Program Loans shall only be made to
			 finance alterations, repairs or improve-ments which substantially protect or
			 improve the basic livability or energy efficiency of a Residential
			 Dwelling;
(c) Such Residential
			 Dwelling shall be used as a permanent, primary residence of the Eligible
			 Borrower; and
(d) No Program Loan
			 shall be made to refinance an existing loan unless such loan was a temporary
			 loan for the improvement of a Residential Dwelling. Such loan shall have been
			 made during the commitment under which the Program Loan is sold to the
			 Department.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 70 - HOME IMPROVEMENT LOAN PROGRAM › Section 813-070-0030 - Permissible Use of Property Improved by a Program Loan

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Borrower shall continuously occupy the
			 Residential Dwelling improved by a Program Loan as a permanent and primary
			 residence during the time the Program Loan is outstanding. Borrower shall not
			 sell, transfer, or otherwise dispose of (and may not be a party to any formal
			 or informal arrangement to sell, transfer or otherwise dispose of) the
			 Residential Dwelling improved by a Program Loan before repaying the Program
			 Loan in full.
(2) Program Loans
			 shall not be assumed by a subsequent purchaser but shall be due upon sale or
			 transfer of the property.
(3) If
			 the Borrower does not comply with the provisions of this rule, at the request
			 of the Department the Approved Servicer may, at any time and without prior
			 notice, accelerate all payments due under the Program Loan and exercise any
			 other remedy allowable by law.
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
				  456.690
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 70 - HOME IMPROVEMENT LOAN PROGRAM › Section 813-070-0035 - Eligible Borrowers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) To be
			 eligible to receive a Program Loan, an Eligible Borrower shall, on the date of
			 application:
(a) Be a resident of Oregon,
			 and, unless otherwise approved by the Department, a resident of a Reinvestment
			 Neighborhood designated by the relevant Participating Local Government, or a
			 resident of a Target Area;
(b) Be a
			 person whose total household Income does not exceed the lesser of:
(A) Median family income in the area where
			 the housing is to be provided, as established by the Department pursuant to the
			 Act; or
(B) The maximum established
			 by the relevant Participating Local Government for Eligible Borrowers residing
			 in a Reinvestment Neighborhood.
(c) Possess the legal capacity to incur the
			 obligations of the Program Loan;
(d) Have a credit standing acceptable to the
			 Department;
(e) Have at least a
			 one-third interest in one of the following types of ownership in the property
			 to be improved:
(A) A fee title;
(B) A life estate;
(C) A fee title or life estate subject to a
			 mortgage, deed of trust, or other lien securing a debt; or
(D) A mutually binding contract for the
			 purchase of the property where the Borrower is rightfully in possession and has
			 the benefits and burdens of ownership of the property, and the purchase price
			 of which is payable in installments.
(f) Agree to occupy the property to be
			 improved as a principal residence by the date of completion of the improvements
			 or 60 days from the date of the note, whichever is earlier;
(g) Meet requirements established by
Section 143
of the
Internal Revenue Code of 1986, as
			 amended
, which requirements are described in OAR 813-070-0065;
			 and
(h) Not have a prior
			 outstanding Program Loan.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 70 - HOME IMPROVEMENT LOAN PROGRAM › Section 813-070-0040 - Eligible Residential Dwellings

Current through Register Vol. 63, No. 7, July 1, 2024
A Residential Dwelling for a Program Loan shall:
(1) Be located in Oregon and, unless
			 otherwise designated by the Department, in a Reinvestment Neighborhood or a
			 Target Area.
(2) Be a permanent
			 structure used primarily for year-round residential use.
(3) If two or more units, have been
			 constructed and initially occupied as a residence five years before the closing
			 of the Program Loan.
(4) Be
			 structurally sound and functionally adequate upon completion of improvements to
			 be financed with the proceeds of a Program Loan, and meet all applicable zoning
			 requirements, rehabilitation codes, housing codes and similar
			 requirements.
(5) 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 208A
of
			 the
Internal Revenue Code
).
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
				  456.690
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 70 - HOME IMPROVEMENT LOAN PROGRAM › Section 813-070-0045 - Mortgage Insurance

Current through Register Vol. 63, No. 7, July 1, 2024
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: 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
				  456.690
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 70 - HOME IMPROVEMENT LOAN PROGRAM › Section 813-070-0050 - Refusal of Program Loans; Disclosure

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 70 - HOME IMPROVEMENT LOAN PROGRAM › Section 813-070-0055 - Approved Servicer

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 70 - HOME IMPROVEMENT LOAN PROGRAM › Section 813-070-0065 - Federal Eligibility Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 80 - MORTGAGE CREDIT CERTIFICATE PROGRAM › Section 813-080-0005 - Purpose and Objectives

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 rules of this division, are established to administer and enforce ORS
			 456.515 through
			 456.725, specifically ORS
			 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: The publication(s) referred to or incorporated
				  by reference in this rule are available from the
				  agency.
Stat. Auth.: ORS
				  456.515 thru ORS
				  456.720
Stats. Implemented: ORS
				  456.605
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 80 - MORTGAGE CREDIT CERTIFICATE PROGRAM › Section 813-080-0015 - Tax Credit

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
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
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 80 - MORTGAGE CREDIT CERTIFICATE PROGRAM › Section 813-080-0020 - Public Notice Requirement

Current through Register Vol. 63, No. 7, July 1, 2024
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: 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
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 80 - MORTGAGE CREDIT CERTIFICATE PROGRAM › Section 813-080-0025 - Targeted Area Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 80 - MORTGAGE CREDIT CERTIFICATE PROGRAM › Section 813-080-0035 - Mortgage Credit Certificate Lender

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 80 - MORTGAGE CREDIT CERTIFICATE PROGRAM › Section 813-080-0040 - Borrower Eligibility

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 borrower, to be eligible to receive a Mortgage Credit Certificate, shall, on
			 the date of application:
(a) Be a resident of
			 Oregon;
(b) If acquiring a
			 single-family residence, be a person who has had no present ownership interest
			 in a principal residence at any time during the three-year period prior to the
			 execution date of the mortgage in connection with the Mortgage Credit
			 Certificate. A principal residence, as used in this subsection, includes a
			 single-family residence, condominium unit, a dwelling in a Planned Unit
			 Development (PUD), a mobile or manufactured home, a unit in a housing
			 cooperative, or occupancy of a unit in a multifamily building owned by the
			 applicant. This requirement does not apply to any residence located in a
			 Targeted Area:
(A) Examples of interests that
			 are considered present ownership interest in a principal single-family
			 residence:
(i) Fee simple interest;
(ii) As an individual (in
			 severalty);
(iii) Tenants by the
			 entirety (husband and wife);
(iv)
			 Tenants in common (each has an undivided interest whose portion of ownership
			 will revert to their heirs);
(v)
			 With the right of survivorship (each has an undivided interest whose portion of
			 ownership will revert to the other owners in the property);
(vi) Interest of a tenant shareholder in a
			 cooperative;
(vii) Life
			 estate;
(viii) Land sales contract
			 (i.e., a contract pursuant to which possession and the benefits and burden of
			 ownership are transferred although legal title is not transferred until some
			 later date);
(ix) Interest in a
			 mobile or a manufactured home located on land owned by the borrower and
			 considered part of the real property;
(x) Interest in a mobile or manufactured home
			 located on leased or rented land.
(B) Examples of interests that are
not
considered present ownership interests:
(i) Applicants who have had an ownership
			 interest in, but not occupied, a residential property for the three years prior
			 to executing a mortgage in connection with the Mortgage Credit
			 Certificate;
(ii) Remainder
			 interest;
(iii) Lease with or
			 without an option to purchase;
(iv)
			 Mere expectancy to inherit an interest in a principal residence;
(v) Interest that a purchaser of a residence
			 acquires upon execution of a purchase or sales agreement;
(vi) Interest in unimproved land or business
			 property.
(c)
			 Be a person who in good faith intends to use or continues to use the
			 single-family residence for a Principal Residence;
(d) Be a person whose total Household Income,
			 as defined in
Section 143(f)
of the
Internal Revenue Code of
			 1986
, as amended, and the regulations thereunder, does not exceed the
			 limit established by the issuer pursuant to the Act.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 80 - MORTGAGE CREDIT CERTIFICATE PROGRAM › Section 813-080-0045 - Eligible Single-Family Residence

Current through Register Vol. 63, No. 7, July 1, 2024
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.
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
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 80 - MORTGAGE CREDIT CERTIFICATE PROGRAM › Section 813-080-0050 - Lender Reporting and Record Keeping

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 80 - MORTGAGE CREDIT CERTIFICATE PROGRAM › Section 813-080-0055 - Revocation

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
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
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 80 - MORTGAGE CREDIT CERTIFICATE PROGRAM › Section 813-080-0060 - Penalties for Misstatement

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
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
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 90 - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section 813-090-0005 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Publications: Publications referenced are available from the
				  agency.
Statutory/Other Authority: ORS 183 & 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 813-090-0015 - Qualified Allocation Plan; Allocation of Credit Authority

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The 2022
			 Qualified Allocation Plan (referred to hereafter as QAP) with the requirements
			 and standards therein, dated November January 31, 2022, is incorporated into
			 and adopted as part of this division of administrative rules, by
			 reference.
(2) The 2022 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' Notice of
			 Funding Availability. 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.
Publications: The publication(s) referred to or incorporated
				  by reference in this rule are available from the
				  agency.
Statutory/Other Authority: ORS
				  456.515-456.720
Statutes/Other Implemented: ORS
				  456.508,
				  456.510,
				  456.513,
				  456.559,
				  456.605,
				  456.626,
				  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 813-090-0027 - Repealed

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS 183 & ORS
				  456.515 - ORS
				  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 813-090-0035 - Applications for Low-Income Housing Tax Credits

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Applicants must submit an application
			 along with any applicable fees to qualify for an allocation of LIHTCs. The
			 application required by OHCS may request, among other information, the
			 following:
(a) The amount of LIHTCs
			 requested;
(b) Building(s)
			 location: state, county or counties, city or cities, street address(es) and
			 legal description;
(c) An initial
			 statement based on waiting list information from the local public housing
			 authority indicating whether or not there is a need for the proposed
			 project;
(d) The qualified basis as
			 defined in IRC Section 42, including the amount of substantial rehabilitation,
			 if any;
(e) What elections under
			 IRC Section 42 the proposed project owner will be making or has made to qualify
			 for an allocation of LIHTCs, and when the residential units will be or were
			 placed in service;
(f) Complete
			 financial information about the proposed project showing all sources and uses
			 of funds;
(g) Operating pro forma
			 statement on a cash flow basis showing net operating income before debt
			 service;
(h) Evidence of a
			 commitment for financing, federal loan insurance, or other major source of
			 funds;
(i) A detailed summary of
			 the proceeds or receipts expected to be generated by reason of tax benefits;
			 and
(j) Other financial information
			 regarding grants, subsidies, or tax-exempt financing for the proposed
			 project.
Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 90 - LOW-INCOME HOUSING TAX CREDIT PROGRAM › Section 813-090-0036 - Procedures for Allocation of Low-Income Housing Tax Credit (the "Carryover Allocation")

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Applicants of projects selected for an offer of LIHTC allocation must execute
			 with OHCS a REUA in a form satisfactory to OHCS (see 813-090-0039). The REUA
			 will include, among other things, a provision for financial evaluation of the
			 project based on cost certification and will incorporate a Declaration of Land
			 Use Restrictive Covenants to be executed and recorded prior to OHCS completing
			 an IRS Form 8609 and delivering a copy thereof to the applicant.
(2) If the LIHTCs cannot be used in the year
			 of allocation but the proposed project in the next calendar year is expected to
			 be over 10% completed, a carryover allocation can be made. If a carryover
			 allocation has been made, the owner will submit the application for final
			 allocation of LIHTCs when the project is placed in service. OHCS will limit at
			 the time of the extension/provision of a carryover allocation, the maximum
			 annual allocation of credit which the proposed project can receive.
(3) Upon receipt of a certified copy of the
			 recorded Declaration of Land Use Restrictive Covenants in a form satisfactory
			 to OHCS, OHCS will complete and issue Part I of IRS Form 8609 to confirm final
			 allocation of LIHTCs.
(4) The
			 project owner, and not OHCS, shall be responsible for filing the required IRS
			 Form(s) with the owner's tax returns.
(5) An allocation cannot be rescinded or
			 reduced by OHCS except as provided under OAR 813-090-0080. Project owners can
			 return unneeded LIHTCs by completing and filing with OHCS, forms supplied by
			 OHCS.
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 813-090-0037

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 813-090-0039 - Reservation and Extended Use Agreement; Low-Income Commitment

Current through Register Vol. 63, No. 7, July 1, 2024
(1) No LIHTC
			 allocation will be made by OHCS to a proposed project until or unless OHCS and
			 the applicant enter into a REUA. The REUA will specify, among other things, a
			 minimum applicable unit fraction, as defined by IRC Section 42(c)(1)(B), and
			 the income-restricted rent formula to be maintained for the project to continue
			 to qualify for LIHTCs.
(2) An
			 executed REUA shall be enforceable in any state court by any individual who
			 qualified for occupancy by virtue of the income limitations set for the
			 project, will be binding on all successors of the project owner, and the
			 Declaration of Land Use Restrictive Covenants incorporated within the REUA must
			 be recorded against the property as a restrictive covenant pursuant to state
			 law.
(3) The LIHTC allocation will
			 not exceed the amount necessary to satisfy the financial feasibility standards
			 for the development of the project, as represented by the applicable fraction
			 specified in the REUA, and may be reduced in accordance with the Code at OHCS'
			 determination and sole discretion.
(4) The REUA shall include a commitment to
			 meet the applicable fraction and restricted rent requirements for each building
			 of the project for 15 years or more beyond the initial 15-year compliance
			 period.
Statutory/Other Authority: ORS
				  456.515  - 456.720
Statutes/Other Implemented: ORS
				  456.559(1)(f)
				  &
				  26 U.S.C. §
											42