OAR 813-110-0025
Certification of Eligible Projects
(1)
When the department determines that it may issue a certification to a lending institution as authorized by ORS 317.097 (Lending institution loans for housing), the certification will include, inter alia, the following as applicable:(a)
The proposed borrower is an eligible sponsor;(b)
The proposed borrower has demonstrated that the required benefits will be passed on to households earning less than 80 percent of area median income, except for manufactured dwelling park projects, according to program requirements including, but not limited to those in ORS 317.097 (Lending institution loans for housing) and this division.(c)
The length of the period eligible for tax credits; and(d)
The loan does not exceed the maximum limitation for total loan balances.(2)
A certification is based on information provided by the sponsoring entity in the application and accumulated from the lending institution’s annual reports required by OAR 813-110-0030 (Monitoring and Reporting Requirements) and conditioned, inter alia, upon the accuracy of such information.(3)
A certification is valid for the purpose of the tax credit only if the information on which the certification is based, other than estimates based on interest rates and other changes made with the approval of the department, is unchanged when the loan is closed for the project and when funding documents satisfactory to the department including, but not limited to an appropriate declaration of restrictive covenants have been executed and, as required by the department, recorded in the official records of the appropriate counties.(4)
To establish the use of a certificate for a fixed rate term loan, a lending institution shall, inter alia, complete the loan closing information section of the certificate and send the original to the department along with evidence satisfactory to the department that an appropriate declaration of restrictive covenants has been recorded or will be recorded at the close of permanent financing (as required by the department) against the project property.(5)
When the department approves a tax credit for a construction loan, the lending institution shall complete the loan closing information section of the certificate and send the original to the department, and may record the restrictive covenants.
Source:
Rule 813-110-0025 — Certification of Eligible Projects, https://secure.sos.state.or.us/oard/view.action?ruleNumber=813-110-0025.