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HOUSING AND COMMUNITY SERVICES DEPARTMENT
HOUSING AND COMMUNITY SERVICES DEPARTMENT
DIVISION 110
OREGON AFFORDABLE HOUSING TAX CREDITS:
AFFORDABLE HOUSING PROJECT CERTIFICATION
813-110-0005
Purpose and Objectives
The rules of OAR chapter 813, division 110, are established to define and carry out the provisions of ORS 317.097 as amended by 1995 Legislation (the Act) and subsequent changes, as they pertain to the department. The department certifies projects sponsored by government entities, nonprofit corporations and certain persons as identified in 317.097 to allow a lending institution to claim a tax credit against Oregon taxes as provided in the Act. The department also certifies that balances of loans to qualifying projects fall within the cap on outstanding loans identified in 317.097(6), and designates the period, not to exceed 20 years, for which the credit will be allowed. The purpose of the program is to encourage the provision of housing for lower-income Oregonians.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: HSG 1-1990(Temp), f. & cert. ef. 1-5-90; HSG 3-1990(Temp), f. & cert. ef. 3-1-90; HSG 9-1990, f. & cert. ef. 5-11-90; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f. & cert. ef. 2-4-92; HSG 2-1994(Temp), f. & cert. ef. 3-25-94; HSG 7-1994, f. & cert. ef. 9-9-94; HSG 2-1995, f. & cert. ef. 9-25-95; OHCS 7-2006, f. & cert. ef. 5-17-06; OHCS 14-2007(Temp), f. & cert. ef. 10-16-07 thru 4-12-08; OHCS 5-2008, f. & cert. ef. 4-11-08
813-110-0010
Definitions
All terms are used in OAR chapter 813, division 110, as defined in the Act, as provided in 813-005-0005 and herein. As used in these rules, unless the context indicates otherwise:
(1) "Application" means a request signed by a sponsor for certification of a project.
(2) "Cap" means the maximum amount of tax credits as set by the Legislature in ORS 317.097(6).
(3) "Certification" means the written verification by the department to a lender that a project is a qualified project for which the lending institution may claim a tax credit under the provisions of the Act.
(4) "Department" means the Oregon Housing and Community Services Department.
(5) "Firm Commitment of Financing" means an agreement by a lending institution to make a loan to a specific borrower on a specific property and which will contain all of the terms and conditions that the borrower has to 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.
(6) "Housing Payments" as used in the Act means rent or purchase price for a sponsored project.
(7) "Consolidated Plan" means the plan approved by the United States Department of Housing and Urban Development (HUD) which describes the needs, resources, priorities and proposed activities to be undertaken with respect to HUD programs.
(8) "Lending Institution" means any insured institution, as defined in ORS 706.008, any mortgage company that maintains an office in this state, or any community development corporation that is organized under the Oregon Nonprofit Corporation Law.
(9) "Letter of Intent" means a proposal for financing by a lending institution subject to the borrower's compliance with certain terms stipulated by the lending institution.
(10) "Manufactured Dwelling Park" has the meaning given that term in ORS 446.003. It is any place where four or more manufactured dwellings are located within 500 feet of one another on a lot, tract or parcel of land under the same ownership, the primary purpose of which to rent or lease space or keep space for rent or lease to any person for a charge or fee paid or to be paid for the rental or lease or use of facilities or to offer space free in connection with securing the trade or patronage of such person. "Manufactured dwelling park" does not include a lot or lots located within a subdivision being rented or leased for occupancy by no more than one manufactured dwelling per lot if the subdivision was approved by the local government unit having jurisdiction under an ordinance adopted pursuant to 92.010 to 92.190.
(11) "Median Income" shall be the area median family income, adjusted for family size, as published from time to time by HUD.
(12) "Nonprofit Corporation" means a corporation that is exempt from income taxes under section 501(c)(3) or (4) of the Internal Revenue Code, as amended and in effect on December 31, 2006.
(13) "Preservation Project" means housing that was previously developed as affordable housing with a contract for rental assistance from the United States Department of Housing and Urban Development or the United States Department of Agriculture and that is being acquired by a sponsoring entity. The contract for project-based rental assistance must cover at least 25 percent of all units in the project.
(14) "Project," except as defined under "manufactured dwelling park" or "preservation project," means one or more units of housing, that has been 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. The use of a project for eligible occupants shall be maintained for the term of the credit, in accordance with the Act, unless terminated at the discretion of the department. If there is a foreclosure, deed-in-lieu, or an involuntary transfer where title transfers to the lending institution, that lending institution may dispose of the property at its sole discretion.
(15) "Qualified Borrower" means any borrower that is a sponsoring entity that has a controlling interest in the real property that is financed by the loan. Such a controlling interest includes, but is not limited to, a controlling interest in the general partner of a limited partnership that owns the real property.
(16) "Rents Charged at the Market Interest Rate" means the rents that would be required, if the lender charged the market interest rate, in order to make the project financially feasible.
(17) "Rent Reduction" means the amount rents are reduced from the rents charged at the market interest rate as a result of the Oregon Affordable Housing Tax Credit (OAHTC) subsidy.
(18) "Rent Pass Through" means the amount of rent reduction made available to the tenants because of the reduced interest rate attributable to the OAHTC subsidy.
(19) "Sponsor" and 'Sponsoring Entity" is a nonprofit corporation, nonprofit cooperative, state governmental entity, local unit of government as defined in ORS 466.706, housing authority or any other person, provided that the person has agreed to restrictive covenants imposed by a nonprofit corporation, nonprofit cooperative, state governmental entity, local unit of government or housing authority.
(20) "Tenant" means a renter who occupies or will occupy a unit in a project, or a homeowner who is the borrower in an owner-occupied community rehabilitation program.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: HSG 1-1990(Temp), f. & cert. ef. 1-5-90; HSG 3-1990(Temp), f. & cert. ef. 3-1-90; HSG 9-1990, f. & cert. ef. 5-11-90; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f. & cert. ef. 2-4-92; HSG 2-1994(Temp), f. & cert. ef. 3-25-94; HSG 7-1994, f. & cert. ef. 9-9-94; HSG 2-1995, f. & cert. ef. 9-25-95; OHCS 7-2006, f. & cert. ef. 5-17-06; OHCS 11-2006(Temp), f. & cert. ef. 8-4-06 thru 1-30-07; OHCS 9-2007, f. & cert. ef. 1-11-07; OHCS 14-2007(Temp), f. & cert. ef. 10-16-07 thru 4-12-08; OHCS 5-2008, f. & cert. ef. 4-11-08; OHCS 1-2009(Temp), f. & cert. ef. 2-9-09 thru 8-7-09; OHCS 2-2009, f. & cert. ef. 8-5-09
813-110-0012
Sponsor Criteria
(1) A Sponsor may be any Person, subject to the approval of the Department and including a nonprofit or local government entity but not limited to a housing authority, that enters into restrictive covenants regarding the rents on the property and eligibility of occupants.
(2) A Sponsor may be an authorized agent of a Lending Institution in a local owner-occupied community rehabilitation program.
(3) A Sponsor may be a borrower that reloans the proceeds of a loan to participating individuals in a community rehabilitation program.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: OHCS 7-2006, f. & cert. ef. 5-17-06
813-110-0013
Loan Requirements
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) Full amount of the savings, from the reduced interest rate provided by the lending institution, is or will be passed on to the tenants in the form of reduced housing payments, regardless of other subsidies provided to the housing project, 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.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: OHCS 14-2007(Temp), f. & cert. ef. 10-16-07 thru 4-12-08; OHCS 5-2008, f. & cert. ef. 4-11-08
813-110-0015
Application Requirements
(1) The Department may provide tax credits from the Oregon Affordable Housing Tax Credit (OAHTC) Program subject to the availability of credits in the program through a process which may include, but is not limited to, a first-come first-reviewed or competitive review process. At the time credits are made available, the sponsor shall submit a written application for certification to the department. The application shall provide information that includes, but is not limited to:
(a) Name, address and telephone number of the sponsor;
(b) Proof of eligible nonprofit corporation or governmental organizational status, if applicable;
(c) Background and experience of sponsor and management agent with housing for low-income persons, if applicable;
(d) A firm commitment of financing including an estimated comparable market interest rate for the proposed loan, the estimated reduced interest rate, and the estimated amount of savings;
(e) Name, address and contact person of the eligible lending institution making the loan;
(f) A description of the project, including the type of housing or program involved; 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; and,
(h) The sponsor shall agree to execute restrictive covenants to be recorded at the time of loan closing. The OAHTC certificate and declaration of restrictive covenants may be processed concurrently at closing.
(2) Except for manufactured dwelling parks, demonstration that units will be occupied by households earning less than 80 percent of area median income at the time of initial occupancy. In the case of preservation projects and manufactured dwelling parks awarded after September 27, 2007, no pass-through is required for certifications produced on or after September 27, 2007. For all other projects, the sponsor shall demonstrate in writing that at the time the project is initially rented or purchased, and thereafter for the term of the credit, the sponsor will pass the benefits of the project's reduced loan interest rate to tenant households whose earnings are less than 80 percent of area median income at the time of initial tenant qualification. Manufactured dwelling parks shall meet occupancy requirements found in 813-110-0013(3).
(a) The program must be used to lower rents after all other subsidies have been applied. A project utilizing other department programs must meet the minimum requirements of those programs before the tax credits will be considered. For example, if an applicant applies for Low Income Housing Tax Credits (LIHTC) and indicates they are targeting 60% of area median income rents, the application must show the project is feasible at the targeted 60% median rents without the tax credit subsidy. The tax credit subsidy is applied to reduce rents below the 60% level. This subsidy, which in effect is the savings generated by the lower interest rate, must be passed on directly to the tenants in its entirety. However, such pass-through need not be distributed evenly among the units. Some units may receive more of a reduction than others, subsequently driving those rents down to even deeper levels.
(b) Rental units covered by Section 8 Project Based Assistance (PBA) are not eligible to be used to demonstrate pass-through savings for the program. The rent reductions are not passed on to the tenants in the form of a rent reduction from what the tenant would otherwise pay, and therefore, would not achieve pass-through savings. Projects that are partially covered with PBA may choose to use program tax credits on the remaining units to meet pass-through of interest savings as rent reductions to the tenants.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: HSG 1-1990(Temp), f. & cert. ef. 1-5-90; HSG 3-1990(Temp), f. & cert. ef. 3-1-90; HSG 9-1990, f. & cert. ef. 5-11-90; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f. & cert. ef. 2-4-92; HSG 2-1994(Temp), f. & cert. ef. 3-25-94; HSG 7-1994, f. & cert. ef. 9-9-94; HSG 2-1995, f. & cert. ef. 9-25-95; OHCS 7-2006, f. & cert. ef. 5-17-06; OHCS 11-2006(Temp), f. & cert. ef. 8-4-06 thru 1-30-07; OHCS 9-2007, f. & cert. ef. 1-11-07; OHCS 14-2007(Temp), f. & cert. ef. 10-16-07 thru 4-12-08; OHCS 5-2008, f. & cert. ef. 4-11-08
813-110-0020
Application Review
(1) The department shall review the application and decline or certify the project, request additional information, or reserve tax credits by timelines outlined in the various department application materials.
(2) In reviewing applications for certification, the department, as appropriate, may consider, but is not limited to, the following:
(a) Sponsor, property management agent and other involved person's experience in providing low-income housing;
(b) Estimated rents charged at the market interest rate or purchase price at market interest rate for the type and location of housing to be provided;
(c) Dollar amount of estimated savings from the rent reduction;
(d) Estimated rent reduction or purchase price;
(e) How long the tax credits are needed to meet the sponsor's goals of long term affordable housing;
(f) Except for manufactured dwelling park or preservation projects awarded after September 27, 2007, the sponsor's statement that proposed rent reduction or reduced purchase price will be maintained for or offered to households whose annual incomes are less than 80 percent of area median income;
(g) Restrictive covenants which provide for, but are not limited to, affordability, income and rent restrictions; and
(h) A certifying statement from the agent for the lending institution of a local owner-occupied community rehabilitation program, if applicable.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: HSG 1-1990(Temp), f. & cert. ef. 1-5-90; HSG 3-1990(Temp), f. & cert. ef. 3-1-90; HSG 9-1990, f. & cert. ef. 5-11-90; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f. & cert. ef. 2-4-92; HSG 7-1994, f. & cert. ef. 9-9-94; HSG 2-1995, f. & cert. ef. 9-25-95; OHCS 7-2006, f. & cert. ef. 5-17-06; OHCS 14-2007(Temp), f. & cert. ef. 10-16-07 thru 4-12-08; OHCS 5-2008, f. & cert. ef. 4-11-08
813-110-0021
Reservation in Lieu of Certification
(1) In place of a firm commitment of financing, the applicant may submit a letter of intent to lend.
(2) An application acceptable under OAR 813-110-0015 substituting a letter of intent for a firm commitment of financing which passes the department review under 813-110-0020 may, subject to the availability under the cap, receive a reservation of tax credits.
(3) A reservation shall be valid for 180 days.
(4) If a firm commitment of financing is received by the department prior to the expiration of a reservation, a certification may be issued. Once the reservation is issued, it is a confirmed reservation unless the lending institution modifies the original letter of intent. The department must be notified of the changes in lending institutions.
(5) A reservation may be extended by the department at its sole discretion.
(6) A reservation may be made for a local government entity providing a community rehabilitation program or rental project for the period of proposed financing with extensions granted at the discretion of the department.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f. & cert. ef. 2-4-92; HSG 7-1994, f. & cert. ef. 9-9-94; HSG 2-1995, f. & cert. ef. 9-25-95; OHCS 7-2006, f. & cert. ef. 5-17-06; OHCS 14-2007(Temp), f. & cert. ef. 10-16-07 thru 4-12-08; OHCS 5-2008, f. & cert. ef. 4-11-08
813-110-0022
Set-Aside
(1) The department may set aside a portion of the cap for projects that meet department identified goals.
(2) The department, if directed by the State Housing Council, shall establish other set-asides to meet housing needs in various economic or geographic regions of the state from time to time.
(3) The department may request input from sponsors of projects not meeting priority standards to show cause for prioritizing tax credits, including criteria similar to that used in the needs assessment of Oregon's consolidated plan.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f. & cert. ef. 2-4-92; HSG 7-1994, f. & cert. ef. 9-9-94; HSG 2-1995, f. & cert. ef. 9-25-95; OHCS 7-2006, f. & cert. ef. 5-17-06; OHCS 14-2007(Temp), f. & cert. ef. 10-16-07 thru 4-12-08; OHCS 5-2008, f. & cert. ef. 4-11-08
813-110-0023
Standby Applications
The Department may, at its discretion, establish a standby list and criteria relating to it for Applications which are in excess of the Cap or a set-aside amount.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f. & cert. ef. 2-4-92; HSG 2-1994(Temp), f. & cert. ef. 3-25-94; HSG 7-1994, f. & cert. ef. 9-9-94; HSG 2-1995, f. & cert. ef. 9-25-95; OHCS 7-2006, f. & cert. ef. 5-17-06
813-110-0025
Certification of Eligible Projects
(1) When the requirements of OAR 813-110-0015 are met and the total outstanding tax credits do not exceed the cap, the department shall provide certification to a lending institution that:
(a) The proposed borrower is an eligible sponsor;
(b) The proposed borrower has met the requirements of the Act and these rules to demonstrate the required benefits will be passed on to households earning less than 80 percent of area median income, except for manufactured dwelling park projects;
(c) The length of the period eligible for tax credits; and
(d) The loan does not exceed the maximum limitation for total loan balances.
(2) Such certification shall be based on the information provided by the sponsor in the application and accumulated from lender's annual reports as required by OAR 813-110-0030. The certification shall be valid only if such information, other than estimates based on interest rates and other changes made with the approval of the department, is unchanged at the time of loan closing for the project and documentation that OAHTC restrictive covenants have been recorded.
(3) To establish the use of a certificate for a fixed rate term loan, a lender shall complete the loan closing information section of the certificate and send the original to the department along with evidence that OAHTC restrictive covenants have been recorded against the project property.
(4) If OAHTC's are approved for a construction loan, a lender shall complete the loan closing information section of the certificate and send the original to the department, and may record OAHTC restrictive covenants.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: HSG 1-1990(Temp), f. & cert. ef. 1-5-90; HSG 3-1990(Temp), f. & cert. ef. 3-1-90; HSG 9-1990, f. & cert. ef. 5-11-90; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f. & cert. ef. 2-4-92; HSG 7-1994, f. & cert. ef. 9-9-94; HSG 2-1995, f. & cert. ef. 9-25-95; OHCS 7-2006, f. & cert. ef. 5-17-06; OHCS 14-2007(Temp), f. & cert. ef. 10-16-07 thru 4-12-08; OHCS 5-2008, f. & cert. ef. 4-11-08
813-110-0030
Reporting Requirements
Lending institutions claiming the state tax credit shall be sent a report form by the department annually to assist the lending institution in notifying the department by May 1 of each year that the lending institution has met all requirements imposed by law to qualify for tax credits under the Act. Such notification shall not include any representation as to the performance by the sponsor. Such report shall be signed by an officer of the lending institution, and shall include, at a minimum, the name and address of the institution, 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.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: HSG 1-1990(Temp), f. & cert. ef. 1-5-90; HSG 3-1990(Temp), f. & cert. ef. 3-1-90; HSG 9-1990, f. & cert. ef. 5-11-90; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f. & cert. ef. 2-4-92; HSG 7-1994, f. & cert. ef. 9-9-94; HSG 2-1995, f. & cert. ef. 9-25-95; OHCS 7-2006, f. & cert. ef. 5-17-06; OHCS 11-2006(Temp), f. & cert. ef. 8-4-06 thru 1-30-07; OHCS 9-2007, f. & cert. ef. 1-11-07; OHCS 14-2007(Temp), f. & cert. ef. 10-16-07 thru 4-12-08; OHCS 5-2008, f. & cert. ef. 4-11-08
813-110-0033
Charges
(1) The Department may require a non-refundable application charge from any applicant requesting Oregon Affordable Housing Tax Credits through the Consolidated Funding Cycle or otherwise.
(2) The Department may require a supplemental application charge from applicants requesting additional resources for projects that have already been funded by the Department.
(3) The Department may require a transfer application charge from owners of projects that receive grants or tax credits through the Department, who request the Department's approval of a change in project ownership. The Department may assess a transfer review charge to project owners and transferees who effect a change in project ownership without prior written Department approval.
(4) 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.
(5) On Projects certified prior to September 29, 1991, all annual charges required in OAR 813-110-0033, except for any charges for delayed reports, shall be waived.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f. & cert. ef. 2-4-92; HSG 7-1994, f. & cert. ef. 9-9-94; HSG 2-1995, f. & cert. ef. 9-25-95; OHCS 7-2006, f. & cert. ef. 5-17-06; OHCS 11-2006(Temp), f. & cert. ef. 8-4-06 thru 1-30-07; OHCS 9-2007, f. & cert. ef. 1-11-07
813-110-0035
Community Rehabilitation Project Certification
(1) OAR chapter 813, division 110, does not establish requirements for certifications to households participating in a community rehabilitation program as provided in ORS 317.097(4)(b). The department does not establish rules for local governments or their designated agents for certifying participants in a community rehabilitation program under their jurisdiction.
(2) A participant in a community rehabilitation program includes both individuals and nonprofit corporations or units of local government which reloan proceeds to individuals participating in a community rehabilitation program. When a local government or its designated agent certifies a participant in a community rehabilitation program, a copy shall be sent to the department certifying that the loans included in a loan certification fall within the cap.
(3) The local government entity shall certify to the department that the local community rehabilitation standards will be met for all loans that will be included in the certified loan.
(4) A separate application is required to be submitted for each lender certification form requested.
(5) Charges as outlined in OAR 813-110-0033 will apply for each such application accompanied by the designated agent's certification and preferred listing for multiple lenders, if applicable.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: HSG 9-1990, f. & cert. ef. 5-11-90; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f. & cert. ef. 2-4-92; OHCS 7-2006, f. & cert. ef. 5-17-06; OHCS 11-2006(Temp), f. & cert. ef. 8-4-06 thru 1-30-07; OHCS 9-2007, f. & cert. ef. 1-11-07; OHCS 14-2007(Temp), f. & cert. ef. 10-16-07 thru 4-12-08; OHCS 5-2008, f. & cert. ef. 4-11-08
813-110-0040
Monitoring
(1) If the owner of a Project is found to be out of compliance, the Department shall promptly notify the Lending Institution, the owner and its Sponsor, if applicable, and stipulate the problem, the required correction to the problem, and the date by which the problem shall be corrected.
(2) The Director of the Department shall determine the penalty to be paid by the owner and the date upon which further penalties may be further assessed if the problem is not corrected to the satisfaction of the Director.
(3) Penalties shall not exceed three times the eligible tax credit per year.
(4) Reports of misconduct shall be available to the owner/Sponsor for their review and comment within a reasonable time and further assessed following receipt of written explanation and documentation.
(5) Any penalties assessed shall be the liability of the owner and not the liability of the Lending Institution, a successor or assignee.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f. & cert. ef. 2-4-92; HSG 2-1995, f. & cert. ef. 9-25-95; OHCS 7-2006, f. & cert. ef. 5-17-06
813-110-0050
Waiver
The Director may waive or modify any requirements of these Program rules, unless such waiver or modification would violate applicable state statute or federal regulations.
Stat. Auth.: ORS 317.097 & 456.515 - 456.720
Stats. Implemented: ORS 317.097
Hist.: OHCS 7-2006, f. & cert. ef. 5-17-06
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