Or. Admin. Code § 813-080-0010

Current through Register Vol. 63, No. 12, December 1, 2024

Section 813-080-0010 - Definitions

All terms are used in this Division, as defined in the Act, and as provided in OAR 813-005-0005 and herein. As used in these rules, unless otherwise indicated by the context:

(1) "Acquisition Cost" has the meaning given that term under Section 143(k)(3) of the Internal Revenue Code of 1986, as amended and applicable regulations thereunder. This includes but is not limited to the cost of acquiring a residence (purchase price) from the seller as a completed residential unit.

(2) "Adjusted Basis" has the meaning given that term under Section 1221 of the Internal Revenue Code of 1986, as amended, and applicable regulations thereunder in effect on December 2, 1986. It is determined in the same manner as a capital asset: The original cost of a property plus the value of any capital expenditures for improvements to the property, minus any depreciation taken.

(3) "Affidavit" means a sworn statement in writing made under oath and subject to the penalties of perjury.

(4) "Certificate" means a written document authorizing and verifying the amount of the tax credit allowed under the Mortgage Credit Certificate Program. The document shall include the information required by the Internal Revenue Code of 1986, as amended, and Section 1.25-6T(b)(1) through (20) of the regulations thereunder.

(5) "Certificate Holder" means an eligible borrower(s) meeting the criteria and requirements set forth in these rules and to whom a Mortgage Credit Certificate has been issued.

(6) "Certification" means a signed written statement confirming the truth and accuracy of the information provided.

(7) "Certified Indebtedness Amount" means the amount of indebtedness incurred by the taxpayer to acquire the principal single-family residence, or as a Qualified Home Improvement Loan, or as a Qualified Rehabilitation Loan, and is specified in the Mortgage Credit Certificate.

(8) "Eligible Borrower" means any person meeting the criteria set fourth in OAR 813-080-0040 who has been determined to be eligible but has not been issued a Mortgage Credit Certificate.

(9) "Existing Home" means a single-family residence that has been occupied previously.

(10) "Household" mean any person or persons living together in a single-family residence (e.g., married couples, two-unmarried persons sharing the same single-family residence, a single person, etc.).

(11) "Income" means the total of the gross annualized income, from any source and before taxes and withholding, of all non-minor persons who will reside in the single-family residence.

(12) "Issuer" means the agency of the State of Oregon.

(13) "Lender" means any person, including an issuer of Mortgage Credit Certificates, who provides financing for the acquisition, Qualified Rehabilitation, or Qualified Home Improvement of a single-family residence, and who has entered into a Mortgage Credit Certificate Lender Agreement with the Department.

(14) "Mortgage" means any instrument which evidences the conveyance of an interest in a single-family residence as defined under these rules. This includes but is not limited to mortgages, deeds of trust, land sale contracts, pledges, agreements to hold title in escrow, and any other form of owner financing.

(15) "New Home" means a single-family residence which has not been occupied previously.

(16) "Principal Residence" means the primary dwelling in which one lives.

(17) "Qualified Home Improvement" means financing (whether or not secured by a mortgage), in an amount which does not exceed $15,000 in relation to any residence, of alterations, repairs, and improvements by the owner on or in connection with an existing owner-occupied single-family residence, but only if such items substantially protect or improve the basic livability or energy efficiency of the residence. It does not include financing of luxury items such as swimming pools, saunas, hot tubs, or hobby shops.

(18) "Qualified Rehabilitation" means financing of any rehabilitation of a residence if there is a period of at least 20 years between the date on which the building was first used and the date physical work on the rehabilitation begins; if in the rehabilitation process, 50 percent or more of the existing external walls of such building are retained in place as external walls, 75 percent or more of the existing external walls of the building are retained in place as internal or external walls, 75 percent or more of the existing internal structural framework of such building is retained in place; and the expenditures of such rehabilitation are 25 percent or more of the mortgagor's adjusted basis in the single-family residence (including the land on which the residence is located). It does not include financing of luxury items such as swimming pools, saunas, hot tubs or hobby shops.

(19) "Related Person" has the meaning given that term under Section 144(a)(3) of the Internal Revenue Code of 1986, as amended, and Section 1.103-10(e)(1) of the regulations thereunder. This includes, but is not limited to, mother; father; son; daughter; grandmother; grandfather; brother; sister; other lineal descendants by full or partial blood, marriage, or contract of law; or persons with an ownership interest in a business.

(20) "Single-Family Residence" means a housing unit intended and used for occupancy by one household. This shall be real property or manufactured housing located in Oregon. A single-family residence may include a single-family residence, condominium unit, a dwelling in a Planned Unit Development (PUD), a mobile or manufactured home which has a minimum of 400 square feet of living space and a minimum width in excess of 102 inches and is of a kind customarily used at a fixed location, or a unit in a housing cooperative.

(21) "Tax Credit Rate" means the percentage rate specified by the issuer on the Mortgage Credit Certificate which the certificate holder shall use in calculating the allowable tax credit.

(22) "Total Proceeds" means the sum of the products determined by multiplying the certified indebtedness amount of each Mortgage Credit Certificate issued pursuant to such issue by the tax credit rate specified in such certificate.

Or. Admin. Code § 813-080-0010

1HD 2-1986(Temp), f. & ef. 6-17-86; 1HD 4-1986, f. & ef. 12-3-86; HSG 3-1989(Temp), f. & cert. ef. 6-8-89; HSG 17-1989, f. & cert. ef. 11-3-89; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 8-1991, f. & cert. ef. 12-23-91; HSG 5-1993(Temp), f. & cert. ef. 10-1-93

Publications: The publication(s) referred to or incorporated by reference in this rule are available from the agency.

Stat. Auth.: ORS 90.800 - ORS 90.840, ORS 91.886, ORS 183, ORS 456.515 - ORS 456.723 & ORS 458.210 - ORS 458.650

Stats. Implemented: ORS 456.605