OAR 813-070-0040: Eligible Residential Dwellings

A Residential Dwelling for a Program Loan shall: (1) Be located in Oregon and, unless otherwise designated by the Department, in a Reinvestment Neighborhood or a Target Area. (2) Be a permanent structure used primarily for year-round residential use. (3) If two or more units, have been constructed and initially occupied as a residence five years before the closing of the Program Loan. (4) Be structurally sound and functionally adequate upon completion of improvements to be financed with the proceeds of a Program Loan, and meet all applicable zoning requirements, rehabilitation codes, housing codes and similar requirements. (5) Have no more than 15 percent of the total living area of the residence be of a character subject to being rented for or used in the operation of a trade or business conducted on any part of the land or improvements (i.e., any use which would qualify as a deduction for federal income tax purposes under Section 208A of the Internal Revenue Code).