OAR 813-090-0080: Revocation or Reduction of Housing Credit

(1) OHCS, in its sole discretion, reserves the right to refuse to make an offer, revoke an offer for a LIHTC allocation, or terminate a REUA, if OHCS determines that: (a) The proposed project owner will not obtain a construction loan or building permit, or close its equity agreement for the proposed project in a timely manner; (b) The proposed project will not be placed in service by the date mutually agreed upon; (c) The proposed project financing is not committed as indicated; or (d) The applicant has supplied misleading information. (2) OHCS may reduce the allocation amount identified in the REUA prior to the issuance of a copy of a carryover allocation or Form 8609 to the project owner if OHCS determines that the project requires a lesser amount of LIHTCs to be financially feasible, as required by IRC Section 42(m). (3) When OHCS has issued a carryover allocation, as described in OAR 813-090-0036, OHCS may, in its sole discretion, reduce the allocation amount identified in the carryover allocation prior to the delivery of a copy of a Form 8609 to the project owner if OHCS determines that the project requires a lesser amount of LIHTCs than previously determined to be financially feasible. (4) OHCS can revoke a carryover allocation if OHCS determines that at least 10% of the total project cost will not be expended in accordance with the carryover requirements in IRC Section 42, or that the project will not be placed in service within two (2) years following the calendar year in which a carryover allocation is made or by the dates mutually agreed upon.