OAR 813-110-0013
Loan Requirements
(1)
Made to an individual or individuals who own the dwelling, who participate in an owner-occupied community rehabilitation program, and are certified by the local government or its designated agent as having an income level at the time the loan is made of less than 80 percent of the area median income.(2)
Made to a qualified borrower;(a)
Used to finance construction, development, acquisition, or rehabilitation of housing; and,(b)
Accompanied by a written certification by the department that the:(A)
Housing created by the loan is or will be occupied by households earning less than 80 percent of the area median income; and,(B)
The full amount of the savings, from the reduced interest rate provided by the lending institution, is or will be passed through to the qualified tenants in the form of a rent reduction , regardless of other subsidies provided directly to the housing project,(C)
In satisfying the foregoing pass-through requirement, project owners may only assign up to the maximum of the estimated annual average per-unit pass through to units whose qualified tenants are using a tenant based Section 8, or Housing Choice Voucher,(D)
The estimated annual average per-unit pass through for the projects is to be calculated by dividing the annual loan interest savings, divided by twelve months, and then by dividing the number of affordable units occupied or held vacant for occupancy by qualified tenants, or(3)
Made to a qualified borrower;(a)
Used to finance construction, development, acquisition, or acquisition and rehabilitation of housing consisting of a manufactured dwelling park;(b)
The housing created by the loan is or will be occupied by a significant number of households, defined as more than 30% of all households at initial tenant qualification, earning less than 80 percent of the area median income; and,(c)
Accompanied by a written certification by the department that the housing will continue to be operated as a manufactured dwelling park during the period for which the tax credit is allowed, or(4)
Made to a qualified borrower;(a)
Used to finance acquisition, or acquisition and rehabilitation, of housing consisting of a preservation project; and,(b)
Accompanied by a written certification by the department that the housing preserved by the loan:(A)
Is or will be occupied by households earning less than 80 percent of the area median income; and(B)
Has a rent assistance contract with the United States Department of Housing and Urban Development (HUD) or the United States Department of Agriculture that will be maintained by the qualified borrower. The contract must provide rental assistance to households in at least 25% of the project units.
Source:
Rule 813-110-0013 — Loan Requirements, https://secure.sos.state.or.us/oard/view.action?ruleNumber=813-110-0013.