Or. Admin. Code § 813-090-0036 - Procedures for Allocation of Low-Income Housing Tax Credit (the "Carryover Allocation")

(1) Applicants of projects selected for an offer of LIHTC allocation must execute with OHCS a REUA in a form satisfactory to OHCS (see 813-090-0039). The REUA will include, among other things, a provision for financial evaluation of the project based on cost certification and will incorporate a Declaration of Land Use Restrictive Covenants to be executed and recorded prior to OHCS completing an IRS Form 8609 and delivering a copy thereof to the applicant.

(2) If the LIHTCs cannot be used in the year of allocation but the proposed project in the next calendar year is expected to be over 10% completed, a carryover allocation can be made. If a carryover allocation has been made, the owner will submit the application for final allocation of LIHTCs when the project is placed in service. OHCS will limit at the time of the extension/provision of a carryover allocation, the maximum annual allocation of credit which the proposed project can receive.

(3) Upon receipt of a certified copy of the recorded Declaration of Land Use Restrictive Covenants in a form satisfactory to OHCS, OHCS will complete and issue Part I of IRS Form 8609 to confirm final allocation of LIHTCs.

(4) The project owner, and not OHCS, shall be responsible for filing the required IRS Form(s) with the owner's tax returns.

(5) An allocation cannot be rescinded or reduced by OHCS except as provided under OAR 813-090-0080. Project owners can return unneeded LIHTCs by completing and filing with OHCS, forms supplied by OHCS.

Notes

Or. Admin. Code § 813-090-0036

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 38-2014, f. & cert. ef. 12/2/2014; OHCS 3-2020, amend filed 02/27/2020, effective 2/27/2020

Statutory/Other Authority: ORS 456.515 - 456.720

Statutes/Other Implemented: ORS 456.559(1)(f) & 26 U.S.C. § 42