Current through Register Vol. 61, No. 4, April 1, 2022
Definitions, as used in ORS
(a) Community Rehabilitation Program. A
"community rehabilitation program" is a program sponsored by a nonprofit
corporation or local government unit for the rehabilitation of low income
(b) Project. A "project"
is one or more units of housing that will be sold or rented to households whose
incomes are less than 80 percent of the area median income.
(c) Time the qualified loan for housing
construction, development, acquisition or rehabilitation is made. The "time the
qualified loan for housing construction, development, acquisition or
rehabilitation is made" is the date a note is signed for a loan and the
interest rate becomes effective with the closing of the loan, or the date a
conversion loan becomes a permanent loan. Either date may be used to determine
the interest rate on nonsubsidized loans made under like terms and conditions
as the qualifying affordable housing loan.
(2) If a qualifying loan is transferred by a
lending institution to another entity, the transferee's credit must be computed
in the same way and subject to the same limitations as the prior lending
institution's credit. The transferee cannot claim a credit on the loan beyond
the 20 year period that started with the date the loan was originally made.
(3) Unused credits from tax years
starting before January 1, 1995 may be carried forward 15 years. Unused credits
from tax years starting on or after January 1, 1995 may be carried forward 5
See OAR 813-110-0005
for Housing and Community Development Department rules
relating to the Oregon Affordable Housing Tax Credit Program.
Admin. R. 150-317-0190
RD 1-1990, f.
& cert. ef. 3-15-90; RD 7-1991, f. 12-30-91, cert. ef. 12-31-91; RD 6-1996,
f. 12-23-96, cert. ef. 12-31-96; REV 7-1999, f. 12-1-99, cert. ef. 12-31-99;
REV 3-2005, f. 12-30-05, cert. ef. 1-1-06; REV 10-2009, f. 12-21-09, cert. ef.
1-1-10; Renumbered from 150-317.097,
67-2016, f. 8-15-16, cert. ef.
Stat. Auth.: ORS
Stats. Implemented: ORS