OAR 813-012-0115. Project Requirements

(1) All developments must meet the following requirements: (a) Units financed by the Department must satisfy applicable IRS tax-exempt bond requirements, including either reserving at least 40 percent of units for households at or below 60 percent of area median income (AMI) or reserving at least 20 percent of units for households at or below 50 percent of AMI. (b) For projects involving the acquisition or rehabilitation of existing multifamily housing in which tenants are residing at the time of program loan closing, the Department, at its sole discretion, may allow up to a one (1) year grace period for implementation of the resident eligibility standards identified in the Multifamily Rental Financing: Permanent Loan program manual in order to reduce the impact of displacement for over-income residents. (2) For projects being financed with proceeds from bonds (as defined in 813-005-0005(6)) issued on a federally tax-exempt basis, tenants must have an annualized gross household income not exceeding the income limit required to ensure compliance with Section 142(d)(1) and Section 145 of the code, as applicable: (3) The borrower shall conduct annual income certifications of all residents to ensure compliance with this section and, as applicable, with Section 142(d) and Section 145 of the code, and shall, where necessary, hold units vacant and available for occupancy by persons meeting the income requirements elected pursuant to Section 142(d) and Section 145 of the code, as applicable.