Lender'S Credit 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 fol-
lowing 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).
—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 Oregon
Department of Energy (ODOE) Administrative Rule 330-
• The loan can be made to a qualified borrower to finance
060-0010 for qualifying items. The term “dwelling” includes
construction, development, acquisition, or acquisition and
mobile homes, floating homes, and apartments, but does not
rehabilitation of a manufactured dwelling park. To qualify, the
include recreational vehicles.
project must receive certification from the Oregon Housing
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
—$5,000.
States Department of Housing and Urban Development or
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
• The loan can be made to a qualified borrower to finance
80 percent of the area median income.
construction, rehabilitation, or development of housing. To
• The loan can be made to refinance an existing loan that meets
qualify, the project must receive certification from the Oregon
the requirements listed above.
Housing and Community Services Department (HCSD) that:
• The credit can be claimed over the shorter of the term of the
—It will be occupied by households earning less than 80
loan or the period approved by the Oregon Housing and Com-
percent of the area median income, and
munity Services Department not to exceed 20 years.
—The full amount of savings from the reduced interest rate
• The lending institution can sell the loan to a qualified
provided by the lending institution is or will be passed on
assignee and retain the credit.
to the tenants in the form of reduced housing payments,
Farmworker housing (loans made on or after January 1, 1990).
regardless of other subsidies provided to the housing
• The loan must be for construction or rehabilitation of seasonal
project.
or year-round farmworker housing in Oregon. Construction
• The loan can be made to individuals who participate in a
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
• Beginning on or after January 1, 1996, farmworker housing
or its designated agent as having an income level of less than
constructed in an exclusive farm use zone is not eligible for
80 percent of the area median income.
the credit, except for rehabilitation of existing homes or for
• The loan can be made to refinance an existing loan that meets
installation of manufactured housing. Also, the credit is not
the requirements listed above.
allowed where the owner or operator, or relatives of the
owner or operator, reside in the housing.
• The credit can be claimed over the shorter of the term of
the loan or the period approved by HCSD not to exceed 20
• The credit is allowed if the farmworker housing, at the close
years.
of the tax year:
• The lending institution can sell the loan to a qualified
—Is not in violation of any occupational safety or health law,
assignee and retain the credit.
rule, regulation, or standard. It must be inspected by the
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150-102-125 (Rev. 10-10)
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