OAR 813-080-0015. Tax Credit

(1) The Mortgage Credit Certificate shall authorize the certificate holder to claim a federal income tax credit in connection with a mortgage loan on a single-family residence which is the certificate holder’s principal residence. The amount of the tax credit is determined by multiplying the amount of the mortgage interest paid or accrued on the principal residence of the certificate holder during the taxable year by the tax credit rate. (2) The issuer shall determine the Tax Credit Rate in accordance with Section 25(d) of the Internal Revenue Code of 1986, as amended, and applicable regulations thereunder.