Or. Admin. Code § 813-110-0040

Current through Register Vol. 63, No. 11, November 1, 2024

Section 813-110-0040 - Monitoring

(1) If the department determines that the owner of a project under the OAHTC program is not complying with any applicable rule, law, document or other OAHTC program requirement, the department may notify the lending institution, the owner and the sponsoring entity. In the notice, the department will describe the matter of noncompliance, the required correction and the date by which correction must be made. The owner and sponsoring entity may comment on the notice within the period specified by the department and submit any accompanying explanation and documentation.

(2) The owner of a project shall correct the noncompliance, if possible, and pay a penalty established by the director for noncompliance under subsection (1) of this section and any further penalties assessed by the department if the noncompliance is not corrected to the satisfaction of the director within the period established by the department. In assessing a penalty under this section, the department shall take into consideration any comments submitted by the owner and sponsoring entity with respect to the noncompliance and their correction efforts, if any.

(3) Penalties assessed under this rule may not exceed three times the amount of the eligible tax credit per year.

(4) Any penalties assessed under this rule are the liability of the owner and not the liability of the lending institution.

Or. Admin. Code § 813-110-0040

HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f. & cert. ef. 2-4-92; HSG 2-1995, f. & cert. ef. 9-25-95; OHCS 7-2006, f. & cert. ef. 5-17-06; OHCS 9-2013(Temp), f. & cert. ef. 6-21-13 thru 12-18-13; OHCS 22-2013, f. & cert. ef. 12-18-13

Stat. Auth.: ORS 317.097

Stats. Implemented: ORS 317.097, 456.508, 456.510, 456.513, 456.559, 456.605, 456.722