OAR 172-005-0060: Definition of Low Income

For purposes of bonds issued to finance any housing project, the term "low income" shall mean persons or families whose household income is not greater than eighty percent of the median income for the relevant area in which the project is to be located, with the relevant area to be determined by the Authority based upon such factors as it deems appropriate. A housing project shall be considered to be a low income housing project if, at all times during the period commencing on the later to occur of the date of issuance of the related bonds or the date of completion of the project and ending on the later to occur of fifteen years following such commencement date or the date of the final stated maturity of the bonds, not less than twenty percent of the units in the project are occupied by, or set aside and reserved for occupancy by, persons or families of low income (determined as of the date upon which such persons or families first occupy such units). It is the policy of the Authority in issuing bonds to finance low income housing projects to take such steps as shall be reasonable to maximize the number of low income housing units in each project without jeopardizing the economic viability of such project. Therefore in connection with the financing of any low income housing project, the Authority, in its discretion, may modify the requirements of this section.