Terms used throughout OAR chapter 813, division 110 may be
defined in Oregon Revised Statute (ORS or statute), or in the Affordable Rental
Housing Division Definitions (OAR
813-002-0010), or in the OHCS
General Definitions (OAR
813-005-0005). Terms used within
this division observe those definitions except as defined below. All words and
terms used in OAR chapter 813, division 110 are as provided in statute, OAR
813-005-0005, or herein. As used
in these rules:
(1) "Certification"
means the written verification by OHCS to a lender that a project is a
qualified project for which the lending institution may claim a OAHTC program
tax credit under the provisions of the statute.
(2) "Firm commitment of financing" means an
agreement by a lending institution or their intermediary to make a loan to a
specific borrower on a specific property and which will contain all the terms
and conditions that the borrower must satisfy before said loan can be funded.
Payment of a commitment charge by the borrower to the lending institution may
be required as a condition precedent to issuance of such an
agreement.
(3) "Limited Equity
Cooperative (LEC)" is defined in ORS
317.097(1)(e)
(4) "Housing Payment Reduction" means the
amount an eligible household's housing payment is reduced from housing payments
charged at the market interest rate because of the OAHTC subsidy.
(5) "Oregon Affordable Housing Tax Credit
Program Manual" or "OAHTC Manual" or "Manual" means the program manual for the
Oregon Affordable Housing Tax Credit Program dated June 2016, as described in
OAR
813-110-0011. The manual may be
accessed online at OHCS's website.
(6) "Project" means one or more units of
affordable housing, that has been or will be acquired, constructed, developed,
or rehabilitated, including refinanced housing, which will be rented to or
owned by households whose incomes are less than 80 percent of area median
income.
(7) "Rent Pass-through" or
"pass-through" means the savings realized through the OAHTC loan rate discount
that is used by the project owner to reduce tenant housing payments except in
the case of projects falling under OAR
813-110-0013 (2, (3), and (4)
which do not have a pass-through requirement.
(8) "Rent reduction" means the amount rents
are reduced from the rents charged at the market interest rate because of the
OAHTC subsidy.
Notes
Or. Admin. Code
§
813-110-0010
HSG
1-1990(Temp), f. & cert. ef. 1-5-90; HSG 3-1990(Temp), f. & cert. ef.
3-1-90; HSG 9-1990, f. & cert. ef. 5-11-90; HSG 2-1991(Temp), f. &
cert. ef. 8-7-91; HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f.
& cert. ef. 2-4-92; HSG 2-1994(Temp), f. & cert. ef. 3-25-94; HSG
7-1994, f. & cert. ef. 9-9-94; HSG 2-1995, f. & cert. ef. 9-25-95; OHCS
7-2006, f. & cert. ef. 5-17-06; OHCS 11-2006(Temp), f. & cert. ef.
8-4-06 thru 1-30-07; OHCS 9-2007, f. & cert. ef. 1-11-07; OHCS
14-2007(Temp), f. & cert. ef. 10-16-07 thru 4-12-08; OHCS 5-2008, f. &
cert. ef. 4-11-08; OHCS 1-2009(Temp), f. & cert. ef. 2-9-09 thru 8-7-09;
OHCS 2-2009, f. & cert. ef. 8-5-09; OHCS 9-2013(Temp), f. & cert. ef.
6-21-13 thru 12-18-13; OHCS 22-2013, f. & cert. ef. 12-18-13;
OHCS
6-2015, f. & cert. ef.
7/9/2015; OHCS 4-2016(Temp), f. & cert. ef.
5-5-16 thru 10-31-16;
OHCS
12-2016, f. & cert. ef.
10/13/2016;
OHCS
21-2022, amend filed 08/30/2022, effective ;
OHCS
20-2024, temporary amend filed 05/31/2024, effective
5/31/2024 through
11/26/2024;
OHCS
27-2024, amend filed 08/27/2024, effective
9/2/2024
Statutory/Other Authority: ORS
317.097 & ORS
456.555
Statutes/Other Implemented: ORS
317.097
