Oregon Code § 456.605·Enacted ·Last updated March 01, 2026
Statute Text
Mortgage credit certificate program.
(1) The Housing and Community Services Department may establish and implement
mortgage credit certificate programs to make available income tax credits for
indebtedness incurred on acquisition, improvement or rehabilitation of a
principal residence. Under this program, the department may issue tax credit
certificates to persons and families with incomes equal to or lower than the
median family income limits established by the department.
(2) If the
department elects to issue federal income tax credit certificates, the director
shall certify that each mortgage credit certificate program meets the
requirements of Section 25 of the Internal Revenue Code as amended and in
effect on December 31, 1996. The department shall make the determination of the
amount of qualified mortgage bonds that will not be issued so as to allow the
issuance of mortgage credit certificates.
(3) If the
Director of the Housing and Community Services Department determines that the
mortgage credit certificate program is not effective with the median family
income limitation established in subsection (1) of this section, the director
may issue tax credit certificates to persons and families with incomes up to a
percent of median family income determined appropriate by the Emergency Board,
if the person or families otherwise qualify for the program. [1985 c.501 §2;
1995 c.556 §44; 1997 c.839 §67; 2023 c.416 §2]
(Rent Guarantee
Program)