Form 150-102-125 - Lender'S Credit - Oregon Department Of Revenue Page 2
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3Instructions for Lender’s Credit
What types of lenders can claim these credits?
For certifications issued on or after September 27, 2007 the
following criteria apply:
These credits can be claimed by any bank, mortgage banking
• The loan can be made to a qualified borrower to finance
company, trust company, savings bank, or savings and loan
construction, development, acquisition, or rehabilitation of
association that maintains an office in Oregon and makes a
housing. To qualify, the project must receive certification from
qualified low-interest loan.
the HCSD that:
What types of loans qualify for the credit?
—It will be occupied by households earning less than 80 per-
Energy conservation measures (loans made on or after January
cent of the area median income, and
1, 1982 and before January 1, 2012).
—The full amount of savings from the reduced interest rate pro-
vided by the lending institution is or will be passed on to the
• The loan must be for the purchase and/or installation of items
tenants in the form of reduced housing payments, regardless
primarily designed to improve the efficiency of space heat-
of other subsidies provided to the housing project.
ing and energy utilization of a dwelling. Please see O regon
Department of Energy (ODOE) Administrative Rule 330-
• The loan can be made to a qualified borrower to finance
construction, development, acquisition, or acquisition and
060-0010 for qualifying items. The term “dwelling” includes
rehabilitation of a manufactured dwelling park. To qualify, the
mobile homes, floating homes, and apartments, but does not
project must receive certification from the Oregon Housing
include recreational vehicles.
and Community Services Department that the housing will
• The loan must be made to the owner of an oil- or wood-heated
be operated as a manufactured dwelling park for the time
dwelling.
period that the credit will be allowed.
• The borrower must have obtained an energy audit conducted
• The loan can be made to a qualified borrower to finance
by a fuel oil dealer, investor-owned utility, publicly owned
acquisition or acquisition and rehabilitation of housing con-
utility, or through ODOE.
sisting of a preservation project. To qualify, the project must
• A credit is not allowable to the extent the loan exceeds the
receive certification from HCSD that:
following for a single dwelling unit:
—It will be occupied by households earning less than 80
—$2,000 to a corporation operating a nonprofit home for the
percent of the area median income, and
elderly described in ORS 307.375, or
—The housing has a rent assistance contract with the United
States Department of Housing and Urban Development or
—$5,000.
the United States Department of Agriculture.
Affordable housing (loans made on or after January 1, 1990 and
• The loan can be made to an individual who participates in a
before January 1, 2020).
community rehabilitation program. To qualify, the borrower
For certifications issued before September 27, 2007 the fol-
must own the dwelling and be certified by a local government
lowing criteria apply:
or its designated agent as having an income level of less than
80 percent of the area median income.
• The loan can be made to a qualified borrower to finance
• The loan can be made to refinance an existing loan that meets
construction, rehabilitation, or development of housing. To
the requirements listed above.
qualify, the project must receive certification from the Oregon
Housing and Community Services Department (HCSD) that:
• The credit can be claimed over the shorter of the term of the
loan or the period approved by the Oregon Housing and Com-
—It will be occupied by households earning less than 80
munity Services Department not to exceed 20 years.
percent of the area median income, and
• The lending institution can sell the loan to a qualified
—The full amount of savings from the reduced interest rate
a ssignee and retain the credit.
provided by the lending institution is or will be passed on
to the tenants in the form of reduced housing payments, re-
Farmworker housing (loans made on or after January 1, 1990).
gardless of other subsidies provided to the housing project.
• The loan must be for construction or rehabilitation of seasonal
• The loan can be made to individuals who participate in a
or year-round farmworker housing in Oregon. Construction
includes acquisition of new or used pre-fabricated or manu-
community rehabilitation program. To qualify, the borrower
factured housing.
must own the dwelling and be certified by a local government
or its designated agent as having an income level of less than
• Beginning on or after January 1, 1996 farmworker housing
80 percent of the area median income.
constructed in an exclusive farm use zone is not eligible
for the credit, except for rehabilitation of existing homes or
• The loan can be made to refinance an existing loan that meets
for installation of manufactured housing. Also, the credit is
the requirements listed above.
not allowed where the owner or operator, or relatives of the
• The credit can be claimed over the shorter of the term of the
owner or operator, reside in the housing.
loan or the period approved by HCSD not to exceed 20 years.
• The credit is allowed if the farmworker housing, at the close
• The lending institution can sell the loan to a qualified
of the tax year:
a ssignee and retain the credit.
—Is not in violation of any occupational safety or health law,
rule, regulation, or standard. It must be inspected by the
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150-102-125 (Rev. 10-12)
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