OAR 813-110-0037: Use of Project; Transfer of Title

(1) The sponsoring entity and the owner of a project, including legally registered owners of a manufactured dwelling park, any successors, assigns or transferees shall operate and maintain the project in a manner consistent with program requirements including, but not limited to its use for eligible occupants, for the term of the OAHTC program credits, up to twenty years. (2) The sponsoring entity and the owner of a project with USDA RD rent assistance and/or financing attached, including any successors, assigns or transferees shall operate and maintain the project in a manner consistent with program requirements including, but not limited to its use for eligible occupants, for the term of the OAHTC program credits, up to thirty years. (3) If the title to a project transfers to the lending institution because of a foreclosure, a deed-in-lieu of foreclosure or an involuntary transfer under a bankruptcy proceeding, the lending institution may dispose of the property at its sole discretion. (4) In the event of a title transfer as described in OAR 813-110-0037(3), the lending institution cedes any rights to any remaining OAHTC program credits. (5) Early payoff of the loan generating the OAHTC Program tax credits will result in the termination of any future credits not yet claimed by the lender.