OAR 813-080-0025: Targeted Area Requirements

(1) A portion of the total proceeds of any issue shall be reserved for one year after the date on which Mortgage Credit Certificates are first made available to provide Mortgage Credit Certificates in connection with financing of Targeted Area single-family residences. (2) Mortgage Credit Certificates shall be considered first made available on the date the issuer first begins to accept applications for Mortgage Credit Certificates provided under that issue. (3) The reserved portion of the total proceeds of an issue shall be the lesser of: (a) Twenty percent of the total proceeds; (b) Eight percent of the average annual aggregate principal amount of Mortgages executed during the immediately preceding three calendar years for owner-occupied single-family residences in Targeted Areas within the jurisdiction of the issuing authority; or (c) To compute the required portion of the total proceeds, the issuer may rely on the formulas provided in Section 143(h) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder.