A Residential Dwelling for a Program Loan shall:
- (1) Be located in Oregon and, unless otherwise designated by the Department, in a Reinvestment Neighborhood or a Target Area.
- (2) Be a permanent structure used primarily for year-round residential use.
- (3) If two or more units, have been constructed and initially occupied as a residence five years before the closing of the Program Loan.
- (4) Be structurally sound and functionally adequate upon completion of improvements to be financed with the proceeds of a Program Loan, and meet all applicable zoning requirements, rehabilitation codes, housing codes and similar requirements.
- (5) Have no more than 15 percent of the total living area of the residence be of a character subject to being rented for or used in the operation of a trade or business conducted on any part of the land or improvements (i.e., any use which would qualify as a deduction for federal income tax purposes under Section 208A of the Internal Revenue Code).
Statutory/Other Authority
ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650
Statutes/Other Implemented
ORS 456.690
History
HSG 8-1991, f. & cert. ef. 12-23-91
HSG 2-1991(Temp), f. & cert. ef. 8-7-91
HSG 16-1989, f. & cert. ef. 11-3-89
HSG 3-1989(Temp), f. & cert. ef. 6-8-89
1HD 12-1984, f. & ef. 9-4-84
1HD 5-1983, f. & ef. 9-2-83