OAR 813-080-0005. Purpose and Objectives

(1) The rules of this division, are established to administer and enforce ORS 456.515 through 456.725, specifically 456.605. These rules, together with the Program’s Procedural Guide, shall implement the Mortgage Credit Certificate Program. The program’s objective is to assist and encourage moderate and lower-income persons in the State of Oregon to purchase, improve, or rehabilitate new and existing single-family residences through the issuance of a Mortgage Credit Certificate. (2) The Mortgage Credit Certificate allows the certificate holder, subject to certain limitations, a federal income tax credit. A Mortgage Credit Certificate is issued in connection with a mortgage that a certificate holder obtains to purchase, improve, or rehabilitate a single-family residence. [Publications: Publications referenced are available from the agency.]