Or. Admin. Code § 813-135-0030
Current through Register Vol. 63, No. 9, September 1, 2024
Section 813-135-0030 - [Effective 11/24/2024] Eligibility(1) OHCS may use funds available pursuant to Article XI-Q of the Oregon Constitution for the LIFT Housing Program to acquire, construct, remodel, repair, equip, or furnish qualified property that is or will be owned or operated by the State of Oregon for the purpose of providing affordable housing in Oregon for low-income households. Resources may be used for both construction and permanent financing, as applicable and described in the ORCA. Eligible uses for resources include initial funding or will be described in the LIFT manual and ORCA document. Eligible activities to expand affordable housing include: (b) Conversion of existing non-residential structures to be used for affordable housing.(c) Acquisition of like-new market rate affordable rental housing. (A) Where LIFT resources are used for an acquisition where all units may not have income eligible tenants, all LIFT funded units must convert to units affordable to households earning at or below 60% area median income (AMI) within 36 months of acquisition.(B) LIFT funding will be released over the 36-month conversion period in equal proportion to to the conversion of units to affordable households earning at or below 60% AMI.(2) Ownership interests in real property acquired by OHCS are documented in ORS 458.485(3).(3) Operational interests by OHCS are allowable as documented in an Operating Agreement approved by the Oregon Department of Justice.Or. Admin. Code § 813-135-0030
OHCS 9-2016(Temp), f. & cert. ef. 9-12-16 thru 3-10-17; OHCS 1-2017, f. & cert. ef. 3/9/2017; OHCS 17-2022, amend filed 07/29/2022, effective 7/31/2022; OHCS 15-2024, temporary amend filed 05/29/2024, effective 5/29/2024 through 11/24/2024; OHCS 31-2024, amend filed 08/28/2024, effective 9/2/2024Statutory/Other Authority: ORS 456.515 - 456.725
Statutes/Other Implemented: ORS 456.559(1)(f) & ORS 458.480-458.490