Or. Admin. Code § 813-135-0030 - [Effective until 7/1/2025] Eligibility
(1) OHCS may use
funds available pursuant to Article XI-Q of the Oregon Constitution for the
LIFT Housing Program to acquire, construct, remodel, repair, equip, or furnish
qualified property that is or will be owned or operated by the State of Oregon
for the purpose of providing affordable housing in Oregon for low-income
households. Resources may be used for both construction and permanent
financing, as applicable and described in the ORCA for rental and NOFA for
homeownership. Eligible uses for resources include initial funding or will be
described in the LIFT manuals, NOFA, and ORCA documents. Eligible activities to
expand affordable housing include:
(a) New
Construction.
(b) Conversion of
existing non-residential structures to be used for affordable
housing.
(c) Acquisition of
like-new market rate affordable rental housing.
(A) Where LIFT resources are used for an
acquisition where all units may not have income eligible tenants, all LIFT
funded units must convert to units affordable to households earning at or below
60% area median income (AMI) within 36 months of acquisition.
(B) LIFT funding will be released over the
36-month conversion period in equal proportion to the conversion of units to
affordable households earning at or below 60% AMI.
(2) Ownership interests in real
property acquired by OHCS are documented in ORS
458.485(3).
(3) Operational interests by OHCS are
allowable as documented in an Operating Agreement approved by the Oregon
Department of Justice.
Notes
Statutory/Other Authority: ORS 456.515 - 456.725
Statutes/Other Implemented: ORS 456.559(1)(f) & ORS 458.480 - 458.490
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