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
Universal Citation: OR Admin Rules 813-110-0021
Current through Register Vol. 63, No. 9, September 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.
(2) A sponsor that furnishes OHCS a firm commitment of financing prior to the expiration of a reservation is eligible, subject to other program requirements, for issuance of a certification.
(3) A sponsor that has a reservation issued shall notify OHCS of any change in the lending institution as well as any failure to comply with a material term of the reservation.
Statutory/Other Authority: ORS 317.097 & ORS 456.515-456.725
Statutes/Other Implemented: ORS 317.097
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