Or. Admin. Code § 813-090-0035

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

Section 813-090-0035 - Applications for Low-Income Housing Tax Credits

(1) Applicants must submit an application along with any applicable fees to qualify for an allocation of LIHTCs. The application required by OHCS may request, among other information, the following:

(a) The amount of LIHTCs requested;

(b) Building(s) location: state, county or counties, city or cities, street address(es) and legal description;

(c) An initial statement based on waiting list information from the local public housing authority indicating whether or not there is a need for the proposed project;

(d) The qualified basis as defined in IRC Section 42, including the amount of substantial rehabilitation, if any;

(e) What elections under IRC Section 42 the proposed project owner will be making or has made to qualify for an allocation of LIHTCs, and when the residential units will be or were placed in service;

(f) Complete financial information about the proposed project showing all sources and uses of funds;

(g) Operating pro forma statement on a cash flow basis showing net operating income before debt service;

(h) Evidence of a commitment for financing, federal loan insurance, or other major source of funds;

(i) A detailed summary of the proceeds or receipts expected to be generated by reason of tax benefits; and

(j) Other financial information regarding grants, subsidies, or tax-exempt financing for the proposed project.

(2) Before OHCS makes an offer of a LIHTC allocation to a proposed project owner it will:

(a) Review all applications;

(b) Determine the amount of LIHTCs each proposed project needs to receive to be financially feasible;

(c) Rank the applications pursuant to OHCS' QAP and IRC Section 42;

(d) Notify the chief executive officer (or the equivalent) of the local jurisdiction with in which the proposed project is located and provide such individual a reasonable opportunity to comment to OHCS on the proposed project. When a proposed project is located outside an incorporated community, the county commissioners for the county of jurisdiction will be contacted; and

(e) Notify applicants whether or not they will receive an offer to execute a REUA with OHCS.

Or. Admin. Code § 813-090-0035

HSG 13-1987(Temp), f. & ef. 9-28-87; HSG 1-1988, f. & cert. ef. 3-8-88; HSG 3-1989(Temp), f. & cert. ef. 6-8-89; HSG 18-1989, f. & cert. ef. 11-3-89; HSG 12-1990(Temp), f. & cert. ef. 5-29-90; HSG 14-1990, f. & cert. ef. 10-26-90; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 7-1991, f. & cert. ef. 12-19-91; OHCS 9-2006(Temp), f. & cert. ef. 8-4-06 thru 1-30-07; OHCS 8-2007, f. & cert. ef. 1-11-07; OHCS 3-2020, amend filed 02/27/2020, effective 2/27/2020

Publications: Publications referenced are available from the agency.

Statutory/Other Authority: ORS 456.555

Statutes/Other Implemented: ORS 456.508, 456.510, 456.513, 456.559, 456.605, 456.625, 456.722 & 26 U.S.C. § 42