OAR 813-030-0047. Project Requirements

(1) In addition to meeting the definition of an elderly housing project or a disabled housing project, all developments must meet the following requirements; (a) Projects financed by the Department must satisfy applicable IRS tax-exempt bond requirements as referenced above in section 0015. (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 standards identified in 813-030-0046 (4) above in order to reduce the impact of displacement for over-income residents. (2) For projects that will be financed with proceeds of 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 Internal Revenue Code of 1986, as amended (for purposes of this section, 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, as applicable.