Or. Admin. Code § 813-080-0045 - Eligible Single-Family Residence

A single-family residence, to be eligible for the program, shall:

(1) Be located in Oregon.

(2) Consist of only one residential unit.

(3) Have no more than 15 percent of the total living area of the residence be of a character subject to being rented for or used in the operation of a trade or business conducted on any part of the land or improvements (i.e., any use which would qualify as a deduction for federal income tax purposes under Section 280A of the Internal Revenue Code).

(4) Have an acquisition cost (purchase price) which does not exceed the limit established by the issuer pursuant to the latest average purchase price limitations for mortgage subsidy bonds published by the Internal Revenue Service. The issuer shall publish these acquisition costs annually.

Notes

Or. Admin. Code § 813-080-0045

1HD 2-1986, f. & ef. 6-17-86; 1HD 4-1986, f. & ef. 12-3-86; HSG 3-1989(Temp), f. & cert. ef. 6-8-89; HSG 17-1989, f. & cert. ef. 11-3-89; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 8-1991, f. & cert. ef. 12-23-91

Stat. Auth.: ORS 90.800 - ORS 90.840, ORS 91.886, ORS 183, ORS 456.515 - ORS 456.723 & ORS 458.210 - ORS 458.650

Stats. Implemented: ORS 456.605