Or. Admin. Code § 813-110-0015

Current through Register Vol. 63, No. 12, December 1, 2024

Section 813-110-0015 - Application Requirements

(1) For the purpose of enabling a lending institution to obtain a reservation of OAHTC under ORS 317.097, a sponsoring entity may apply to OHCS for certification of a qualified loan for the allocation of OAHTC consistent with OAR chapter 813 division 110 through the Oregon Centralized Application (ORCA) process.

(2) The application shall provide information satisfactory to OHCS including but not limited to:

(a) The name, address and contact6 information of the sponsoring entity;

(b) Proof as required by OHCS that the sponsoring entity is a qualified borrower;

(c) The relevant background of the qualified borrower and its management agent and their expertise with housing for low-income persons;

(d) A firm commitment of financing by the lending institution to the sponsoring entity for the project containing all of the terms and conditions that the sponsoring entity has to satisfy before the loan will be funded and including an estimated comparable market interest rate for the proposed loan, the estimated reduced interest rate and the estimated amount of savings or a letter of intent for the purpose of a reservation under OAR 813-110-0030;

(e) The name, address and contact person of the lending institution making the loan;

(f) A description of the project, including the type of housing or program involved, the 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;

(h) An agreement by the sponsoring entity to execute restrictive covenants satisfactory to OHCS, which will be recorded at the time of loan closing;

(i) A demonstration relating to occupancy of the units in the project, as required by subsection (2) of this section;

(j) A demonstration that the project meets the minimum requirements of any other OHCS program used by the project, as required by subsection (3) of this section;

(k) Any additional information or actions requested by OHCS; and

(l) A certification by the sponsoring entity that includes, at a minimum, the statement that all information in the application is true, complete, and accurately describes the project.

(3) The following provisions apply to the demonstration relating to occupancy of units that is required in subsection (1) of this section:

(a) A demonstration for a project (other than a manufactured dwelling park) that units constructed or rehabilitated with OAHTC will be occupied by households earning 80 percent or less of adjusted area median income at the time of initial occupancy.

(b) In the case of projects falling under OAR 813-110-0013(2), (3), and (4), pass-through is not required for a certification.

(c) For a project other than a project to which paragraph (b) of this subsection applies, the demonstration must show that at the time the project is initially rented or purchased, and thereafter for the term of the OAHTC, the sponsor will pass the benefits of the project's reduced loan interest rate to tenant or Limited Equity Cooperative (LEC) households whose earnings are 80 percent or less of area median income at the time of initial tenant or LEC qualification.

(d) A demonstration for a manufactured dwelling park must show that the project meets the occupancy requirements applicable to manufactured dwelling parks in ORS 317.097.

(4) A project that uses one or more other OHCS programs must demonstrate that the project meets or will meet the requirements of those other programs before application of the OAHTC subsidy rent reduction or housing payment reduction.

(5) Rental units covered by Section 8 project-based assistance are not eligible to be used to demonstrate pass-through savings for the OAHTC program.

(a) Projects that are partially covered with project-based assistance may qualify to use OAHTC on the remaining units by demonstrating pass-through interest savings that result in appropriate rent reductions or housing payments to the OAHTC qualified tenants.

(b) To the degree this can be achieved in conjunction with tenant vouchers not targeted for pass-through, it is encouraged to be targeted to non-voucher units in the Project.

(6) OHCS may require a non-refundable application charge and may assess such other charges as it deems reasonable to cover anticipated costs of processing the application, coordinating with other funding or project partners, negotiating, and recording required documents or additional administration. Certain other charges are identified later in these rules.

Or. Admin. Code § 813-110-0015

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 9-2013(Temp), f. & cert. ef. 6-21-13 thru 12-18-13; OHCS 22-2013, f. & cert. ef. 12-18-13; OHCS 36-2014, f. & cert. ef. 12/2/2014; OHCS 4-2016(Temp), f. & cert. ef. 5-5-16 thru 10-31-16; OHCS 12-2016, f. & cert. ef. 10/13/2016; OHCS 21-2022, amend filed 08/30/2022, effective 9/9/2022; OHCS 20-2024, temporary amend filed 05/31/2024, effective 5/31/2024 through 11/26/2024; OHCS 27-2024, amend filed 08/27/2024, effective 9/2/2024

Statutory/Other Authority: ORS 317.097 & ORS 456.515-456.725

Statutes/Other Implemented: ORS 317.097