OAR 813-012-0020: Temporary rule language in effect until 01/08/2027. Definitions

(1) All capitalized terms used in OAR chapter 813, division 012, not defined below have the same meaning as defined in the Act and in OAR 813-005-0005. (2) As used in OAR chapter 813, division 012, unless the context indicates otherwise: (a) “Code” means the Internal Revenue Code of 1986, as amended. (b) “Firm commitment” means a document outlining the terms and conditions of a program loan that has received Housing Stability Council approval, and will be funded subject to the successful completion of the conditions therein. (c) "Gross household income" means the anticipated total income from all sources received by the head of household and by each additional member of the household 18 years of age and over, including all net income derived from assets for the twelve-month period following the date of certification of income, in accordance with regulations promulgated by the U.S. Department of Housing and Urban Development (HUD) at 24 CFR 813, or successor regulation. (d) “HUD” means U.S. Department of Housing and Urban Development. (e) “Program beneficiary” means a Borrower or any entity receiving a program contribution. (f) “Program contribution” means program funding provided to a project in a form other than a program loan, including a subordinate loan or other contribution of funds to a project. (g) “Program loan” means a senior secured loan to a borrower made in compliance with applicable program rules, statutes, Oregon Housing & Community Services (OHCS) orders and federal tax requirements, as applicable. (h) “Rental housing project” or “project” means an application for funding received by OHCS through its Oregon Centralized Application (ORCA) process that includes the following characteristics: (A) Includes 5 or more rental housing units that will have affordability restrictions tied to the funding request. (B) Project sponsor agrees to all applicable OHCS funding specific underwriting, architectural and regulatory requirements as applicable. (C) The development meets all federal, state and local laws and requirements.