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
Universal Citation: OR Admin Rules 813-110-0013
Current through Register Vol. 63, No. 3, March 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
(3) Made to a qualified borrower;
(a) Used to finance construction,
development, acquisition, or acquisition and rehabilitation of housing
consisting of a manufactured dwelling park;
(b) The housing created by the loan is or
will be occupied by a significant number of households, defined as more than
30% of all households at initial tenant qualification, earning less than 80
percent of the area median income; and,
(c) Accompanied by a written certification by
the department that the housing will continue to be operated as a manufactured
dwelling park during the period for which the tax credit is allowed,
or
(4) Made to a qualified borrower;
(a) Used to finance
acquisition, or acquisition and rehabilitation, of housing consisting of a
preservation project; and,
(b)
Accompanied by a written certification by the department that the housing
preserved by the loan:
(A) Is or will be
occupied by households earning less than 80 percent of the area median income;
and
(B) Has a rent assistance
contract with the United States Department of Housing and Urban Development
(HUD) or the United States Department of Agriculture that will be maintained by
the qualified borrower. The contract must provide rental assistance to
households in at least 25% of the project units.
Statutory/Other Authority: ORS 317.097 & 456.515 - 456.720
Statutes/Other Implemented: ORS 317.097
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