Or. Admin. R. 123-630-0050 - Application and Fees
(1) An
applicant seeking to have an equity investment or long-term debt security
certified as a qualified equity investment and eligible for a tax credit under
ORS 285C.650 and OAR 123-630-0080
must submit an application to the department on a form that the department
provides. A complete application must include all of the following:
(a) The entity's name, address, tax
identification number and evidence of certification as a qualified community
development entity.
(b) A copy of
an allocation agreement executed by the entity, or its controlling entity, and
the Community Development Financial Institutions Fund that includes the State
of Oregon in its service area.
(c)
A certificate executed by an executive officer of the entity attesting that the
allocation agreement remains in effect and has not been revoked or canceled by
the Community Development Financial Institutions Fund.
(d) A description of the proposed purchase
price, structure and purchaser of the equity investment or long-term debt
security.
(e) The name and tax
identification number of any person eligible to claim a tax credit, under ORS
285C.650-285C.656, and ORS
315.526-315.536, allowed as a result of
the certification of the qualified equity investment.
(f) Information regarding the proposed use of
proceeds from the issuance of the qualified equity investment on a form
provided by the department. If the information described in the previous
sentence is not submitted with the application, the applicant shall, at least
20 days prior to the date of the applicant proposes to make a qualified
low-income community investment, submit to the department for review and
approval of the qualified low-income community investment, an updated qualified
low-income community investment certification on a form provided by the
department. The information will include but is not limited to the following
for each proposed qualified low-income community investment:
(A) Location;
(B) Sources and uses of funds;
(C) Impacts to communities;
(D) Revenues;
(E) Number of jobs created and/or retained;
and
(F) Economic impacts
(G) Name and contact information
for: the investor making the qualified equity investment(s), the investor
making the qualified low-income community investment(s), and all qualified
active low-income community business receiving the qualified low-income
community investment(s).
(g) A nonrefundable application fee of
$20,000. This fee shall be paid to the department and shall be required for
each application submitted.
(2) In addition to what is required by the
application or in this division of administrative rules, the applicant will
submit any information requested by the department for purposes of evaluating
the application.
(3) A qualified
community development entity submitting an application for certification of an
additional equity investment or long-term debt security as a qualified equity
investment and eligible for a tax credit under ORS
315.533, must demonstrate to the
satisfaction of the department that all previous equity investments and
long-term debt securities certified as qualified equity investments have been
fully committed and used in compliance with the requirements of the Oregon Low
Income Community Jobs Initiative.
(4) A qualified community development entity
that is certified under ORS
285C.650 and OAR 123-630-0080
shall pay an annual evaluation fee of $1,000 to the department with the
submission of each report described in OAR 123-630-0070.
(5) Applications will be processed on a first
come, first serve basis.
(6)
Supplemental documentation or attachments submitted to the department by the
applicant along with the application form and required materials are not
considered part of the application and will be considered to be separate and
distinct information submitted to the department. The department will provide
approval or consent only with regard to those submissions for which approval or
consent is required from the department by statute or rule. If the department
does not provide explicit approval in writing for any supplemental information
or documentation submitted by the applicant, then the information or
documentation is not approved.
Notes
Stat. Auth.: ORS 285C.650 & 315.526 - 315.536
Stats. Implemented: ORS 285C.650 & 315.526 - 315.536
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