OHCS Asset Managers evaluate the agency's multifamily housing portfolio to identify financial risk and perform in-depth analyses to discover areas of concern in operations. Asset Management collaborates with stakeholders to formulate strategies for asset and operational improvements as well as solutions to maximize property performance.
Asset Management is also the primary contact for ownership transfers involving all funding sources supported by OHCS, including grants, tax credits and multifamily loan programs. Transfer of all or any ownership interest in the property or collateral used as security for an OHCS funding source are addressed in the Oregon Administrative Rules (OAR) and the program documents, including but not limited to the Regulatory Agreement, Assignment of Leases and Rents, Project Use Agreement, Grant Agreement, and the Declaration of Restrictive Covenants.
Property Owner Resources
Audit Guide: for Bond Program Risk Share and Elderly/Disabled and ARRA Program TCAP and 1602 Exchange
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The initial compliance period for a development receiving an HTC allocation is 15 years. For HTC allocations made in 1990 and later, an extended use agreement required by Internal Revenue Code Section 42(h)(6) extends the compliance period up to a minimum of 15 additional years.
Section 42(h)(6)(E)(i)(II) of the Internal Revenue Code provides that the extended use period shall terminate if a housing credit agency is unable to present a qualified contract to a taxpayer who has requested such a contract.
The Internal Revenue Code (Code) contains some of the basic provisions for handling qualified contract requests. However, there are a number of important questions that have not been answered through federal regulation or other guidance. The purpose of this guide is to set forth the procedures to be followed by OHCS and the owners of OHCS tax credit developments who are considering making a request for a qualified contract.
The provisions in the Code are subject to modification and clarification by the Internal Revenue Service (IRS). OHCS reserves the right to revise this Qualified Contract Process Guide. Compliance with the requirements of Section 42 is the responsibility of the owner of the building for which the credit is allowable.