OAR 813-030-0014. Elderly and Disabled Housing Designation

(1) To be eligible for Elderly & Disabled Housing Program funds, a project must qualify as an elderly housing project or a disabled housing project, as defined in OAR 813-030-0010. Eligible projects may meet either or both definitions. (2) Projects receiving Elderly and Disabled Housing Program funds, whether in the form of a program loan or a program contribution, must agree to a minimum affordability period of not less than the greater of (a) the period the program loan is outstanding, (b) fifteen (15) years from the date of the initial funding of the program loan or the program contribution, or (c) the qualified project period required to maintain the tax-exempt status of the interest on any bonds issued on a federally tax-exempt basis to provide Elderly and Disabled Program funds to the project. (3) Projects financed by the department must satisfy applicable Internal Revenue Service tax-exempt bond requirements, including either reserving at least 40 percent of the project units for households at or below 60 percent of Area Median Income (AMI) or reserving at least 20 percent of the project units for households at or below 50 percent of AMI. Remaining units may be rented to persons at any AMI level, unless otherwise restricted by other program requirements or financing sources. Projects that include both restricted and unrestricted units must comply with the department’s shared cost allocation rules as set forth in OAR chapter 813, division 380.