Or. Admin. Code § 813-041-0026 - Requirements for Obtaining a Letter of Credit Approval
(1) After issuance
of a reservation letter for AWHTC Program credits and satisfactory completion
of reservation requirements by applicant, OHCS will issue of a Letter of Credit
Approval (LOCA). The LOCA amount cannot exceed fifty percent (50%) of final
eligible costs of the project. If final eligible costs do not support the AWHTC
Program credit amount in the reservation letter, the AWHTC Program credit award
will be reduced from the amount requested to the minimum amount required to
make the project financially viable (as determined by OHCS)
(2) OHCS will release a Letter of Credit
Approval (LOCA) provided the taxpayer or contributor has met the following
criteria:
(a) OHCS has issued a reservation of
AWHTC;
(b) The local planning
authority has issued a Certificate of Occupancy or similar official declaration
that the project is ready for residents; and
(c) OHCS has verified final eligible costs
for the project.
Notes
Statutory/Other Authority: ORS 315.167 - 315.171 & 456.555
Statutes/Other Implemented: ORS 315.167
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