Due to higher demand for long term bonds in Oregon, the Oregon Housing and Community Services (OHCS) has undertaken an analysis of current charges for bonds and 4% transactions. On June 7, 2013 the State Housing Council moved to approve the change of the 4% LIHTC reservation charge from 6.5% to 12% on all existing applications and future applications using OHCS Bonds. The 4% LIHTC transaction which use private activity bonds that have a PAB committee date set as of July 11, 2013 will not be affected at this time by the changes, though the Oregon State Housing Council will vote on expanding the reservation charge to include 4% LIHTC transactions at the August 2, 2013 meeting.
Projects that already submitted completed applications which are in process may adjust the reservation charge downward to fit within the project’s existing budget structure.
The following charts summarize the changes:
|Issuance:||1% long term
1% + 2% short term
|< $10,000,000 = 1.5% issuance charge
> $10,000,000 = 1.0% issuance charge
Issuance charge not to exceed $100,000
|Draw Down of Funds:||n/a|| Allowed on exception basis($10,000,000
minimum, additional 0.5% issuance
|DOJ:||$10,000||Included in issuance|
|Treasury:||$10,000-$20,000||Included in issuance|
|4%||LIHTC Charges||Current New|
|Application:||$25 per unit||$25 per unit + $1,500 per additional site
(scattered site properties)
If you have any questions regarding the changes, email email@example.com prior to the July 25 for consideration at the August 2 State Housing Council meeting.
For more information on these changes click here.