Or. Admin. Code § 813-110-0025

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

Section 813-110-0025 - Certification of Eligible Projects

(1) When OHCS determines that it may issue a certification to a lending institution as authorized by ORS 317.097, the certification will include the following as applicable:

(a) The proposed borrower is a qualified borrower;

(b) The qualified borrower has demonstrated that the required benefits will be passed on to households earning less than 80 percent of area median income, except for projects falling under OAR 813-110-0013 (2), (3), and (4), according to program requirements including, but not limited to those in ORS 317.097 and this division;

(c) The length of the period eligible for OAHTC program tax credits; and

(d) The loan does not exceed the maximum limitation for total loan balances.

(2) A certification is based on information provided by the sponsoring entity in the application and as updated by the eligible borrower and the lending institution at loan close, and conditioned upon the accuracy of such information.

(3) A certification is valid for the purpose of the OAHTC program tax credit only if the information on which the certification is based, other than estimates based on interest rates and other changes made with the approval of OHCS, is unchanged when the loan is closed for the project and when funding documents satisfactory to OHCS including, but not limited to an appropriate declaration of restrictive covenants have been executed and, as required by OHCS, recorded in the official records of the appropriate county.

(4) To establish the use of a certificate for a fixed rate term loan, a lending institution shall complete the loan closing information section of the certificate and send the original to OHCS along with evidence satisfactory to OHCS that an appropriate declaration of restrictive covenants has been recorded or will be recorded at the close of permanent financing (as required by OHCS) against the project property.

(5) When OHCS approves a OAHTC program tax credit for a construction loan, the lending institution shall complete the loan closing information section of the certificate and send the original to OHCS and shall record the restrictive covenants along with evidence satisfactory to OHCS that an appropriate declaration of restrictive covenants has been recorded or will be recorded at the close of construction financing (as required by OHCS) against the project property.

Or. Admin. Code § 813-110-0025

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; OHCS 9-2013(Temp), f. & cert. ef. 6-21-13 thru 12-18-13; OHCS 22-2013, f. & cert. ef. 12-18-13; 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