Current through Register Vol. 63, No. 9, September 1, 2024
(1) To be eligible to occupy a Project, a
household shall:
(a) Be a Resident of the
state;
(b) At least one member of
the household must meet the definition of Disabled Person as provided in OAR
813-060-0010;
(c) Have an annualized Gross Household Income
which does not exceed the income limit as established by the Department from
time to time in compliance with the Act;
(d) The project shall conform to the maximum
income requirement of ORS
456.620(4). A
maximum of one-third of the units in a housing project, housing development or
other residential housing financed by the Department may be rented to
households with an income level exceeding 120 percent of the median family
income level as determined by the Department.
(e) Relating specifically to
acquisition/rehabilitation projects only, where tenants already reside in the
project, the Department, at its sole discretion, may allow up to a one (1) year
grace period for implementation of the standards identified in subsection (d)
above in order to reduce the impact of displacement for over-income
residents.
(2) Where the
Project has a Regulatory Agreement and Declaration of Restrictive Covenants
which was signed after June 16, 1982, have an annualized Gross Household
Income, which does not exceed the income limit as established by the Department
from time to time in compliance with the Act.
(3) Where the Project will be financed with
proceeds of Bonds issued after August 15, 1986, have an annualized Gross
Household Income which does not exceed such other income limit as may be
required to assure compliance with Section
142(d)(1) of the
Internal Revenue Code of 1986, as amended.
(a) If Section
142(d)(1) of the
Internal Revenue Code so requires, the Borrower shall elect at Commitment to
apply either the "20-50" or "40-60" income requirement under Section 142(d)(1)
of the Code, as summarized below, to the Project during the qualified Project
period:
(b) If the Borrower elects
to meet the "20-50" requirement under Section
142(d)(1) of the
Internal Revenue Code, at all times during the qualified Project period at
least 20 percent (20%) of the completed residential units in the Project shall
be rented to and occupied by (or held available for rent by) Persons whose
annualized Gross Household Income is 50 percent (50%) or less of area median
income, adjusted for family size; and
(c) If the Borrower elects to meet the
"40-60" requirement under Section
142(d)(1) of the
Internal Revenue Code, at all times during the qualified Project period at
least 40 percent (40%) of the completed residential units in the Project shall
be rented to and occupied by (or held available for rent by) Persons whose
annualized Gross Household Income is 60 percent (60%) or less of area median
income, adjusted for family size.
(4) The Borrower shall conduct annual income
certifications of all residents to assure compliance with Section
142(d) of the
Internal Revenue Code, and shall, where necessary, hold units vacant and
available for occupancy by persons meeting the income requirements elected
pursuant to Section 142(d).
(5) The
Department may waive the Department's income limits for an elderly household
seeking residence in a Disabled Housing Project if a Person in the household is
a Disabled Person requiring special housing provisions to accommodate the
impairment and whose disability arises from a physical or mental impairment
that substantially limits one or more Major Life Activity. However, no such
waiver shall be made of the requirements of Section
142(d) of the
Internal Revenue Code.
Publications: Publications referenced are available from the
agency.
Stat. Auth.: ORS
456.555
Stats. Implemented: ORS
456.555 &
456.625
