OAR 813-041-0026: Requirements for Obtaining a Letter of Credit Approval

(1) After issuance of a reservation letter for AWHTC Program credits and satisfactory completion of reservation requirements by applicant, OHCS will issue of a Letter of Credit Approval (LOCA). The LOCA amount cannot exceed fifty percent (50%) of final eligible costs of the project. If final eligible costs do not support the AWHTC Program credit amount in the reservation letter, the AWHTC Program credit award will be reduced from the amount requested to the minimum amount required to make the project financially viable (as determined by OHCS) (2) OHCS will release a Letter of Credit Approval (LOCA) provided the taxpayer or contributor has met the following criteria: (a) OHCS has issued a reservation of AWHTC; (b) The local planning authority has issued a Certificate of Occupancy or similar official declaration that the project is ready for residents; and (c) OHCS has verified final eligible costs for the project.