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Platinum Sponsors
Ohio Capital Corporation for Housing
Gold Sponsors
Enterprise Community Investment, Inc. /
Enterprise Community Partners
Silver Sponsors
Buckeye Community Hope Foundation Carlile Patchen & Murphy, LLP Catholic Charities Facilities Corporation Cleveland Housing Network, Inc Coalition on Homelessness & Housing in Ohio Columbus Housing Partnership East Akron Neighborhood Development Corporation Federal Home Loan Bank of Cincinnati Fifth Third Community Development Corporation Forest City Capital Corporation Key Bank National Association LW Associates, Inc MV Residential Development LLC The Model Group National Affordable Housing Trust National Church Residences National City Bank National Equity Fund National Land Advisory Group Novogradac & Company, LLC Peck, Shaffer & Williams, LLP RED Capital Group RSM McGladrey Squire, Sanders & Dempsey, LLP VWB Research The Wallick Companies Associate Members
Alpha Phi Alpha Homes, Inc.
The Woda Group |
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Welcome To 2009 OHC Golf Outing This year's golf outing will be held at The Ohio State University Scarlet Course on Monday, August 31. The Ohio State University can claim two golf courses considered by many to be masterpieces in classical golf course architecture. The Scarlet course is rated as one of the top collegiate courses in the nation and dates back to 1938. Scarlet underwent a major restoration project in 2005 and 2006 overseen by former Buckeye and PGA legend Jack Nicklaus. Jack concentrated on restoring the course to the way course designer, Dr. Alister MacKenzie originally intended it to play. Thank you for attending the 2009 OHC Spring Symposium. We look forward to announcing the program for the Summer Symposium. Please click on the links below for information distributed at the Spring Symposium: OHFA approved the 2009 Housing Development Loan Program Guidelines at its Board meeting on Wednesday, March 18, 2009. Download the .pdf for the complete guidelines. Click here to view the Sustainable Homeownership Excellence Awards information. HUD Secretary Shaun Donovan announced on March 17 that President Barack Obama has appointed Carol Galante as Deputy Assistant Secretary for Multifamily Housing Programs at HUD. As Deputy Assistant Secretary, Galante will be responsible for HUD's financing support for the development and preservation of privately-owned rental housing and will be integral to several new initiatives that promote sustainable development. Galante is currently the President of BRIDGE Housing Corporation in California. OHFA American Recovery & Reinvestment Act Update Two weeks ago President Obama signed into law the American Recovery and Reinvestment Act of 2009 (ARRA). This Act contains two provisions that may greatly impact 2007, 2008, and 2009 Housing Tax Credit projects. The first provision is an allocation of additional HOME funds to provide gap financing for projects that have received an award of Housing Tax Credits in federal fiscal years 2007, 2008, and 2009. Ohio is expected to receive over $80 million of these additional HOME funds. The second provision is that housing credit agencies may elect to monetize up to 40% of the 2009 credit allocation and 100% of returned credits at a rate of 85% of the 10 year credit amount. At this time the Ohio Housing Finance Agency (OHFA) has not formalized its plans for the use of these funds. Staff is working through policy and process issues related to the administration of these programs. In addition, staff will need to consider further guidance from HUD and IRS before making recommendations to the OHFA Board for their approval. Staff will make decisions as quickly and transparently as possible. Feedback will be solicited from customers and stakeholders and draft policies/guidelines will be available on OHFA's website for comment prior to formal approval. Feel free to share your suggestions and comments with staff at anytime. Since it is imperative that these funds be used as soon as possible, OHFA intends to expedite this planning process and interested parties should visit OHFA's website and join, if they have not already, the Agency's e-mail list (instructions at www.ohiohome.org). Additional guidance for specific program years is provided below. Applicants for 2009 Housing Credits and Gap Programs. The application deadline of March 19th remains unchanged. Applicants should continue the process of preparing applications and structuring deals based on the current QAP and HDAP, NSP, and HDL Guidelines. Also, applicants should structure projects with an investor for the tax credits at a reasonable price in today's credit market. OHFA expects applicants to make good faith efforts to obtain all available private and public Owners of Projects with Allocations of Credits in 2008 or 2007. For projects that need additional assistance to proceed, OHFA will develop a process for owners to apply for the new resources provided under the ARRA and additional credits provided under the Housing and Economic Recovery Act of 2008. Requests for additional assistance are not currently being accepted. Until the policies and procedures are developed and approved, owners should continue working to develop their deals as-is. Please monitor the Agency's website in the coming weeks for updated information and procedures. Developers of New or In-Development Multifamily Bond Projects. It is possible that additional resources will be available for developers considering a new multifamily tax-exempt bond project or developing a bond project that received a letter of eligibility for credits by OHFA in 2007 or 2008. OHFA will address these projects in the policies and procedures for the new ARRA resources. Developers should not submit proposals to OHFA until these policies and procedures have been approved. Again information will be available on the OHFA website in the near future. Staff appreciates the patience of the development community and understands the urgency to develop policies and procedures. OHFA looks forward to using these new resources with our partners to meet Ohio's housing needs. If you have any questions, please contact me at 614-466-0440 or sthomas@ohiohome.org. Outlook for the Ohio Economy and Multifamily Housing Markets:
The Ohio Housing Council (OHC) is Ohio's best bet for staying in touch with all of the industry's important issues, policies, program changes, new regulations, and advances.
Who is the Ohio Housing Council? How does OHC make an Impact? Lobbying state and federal regulators, keeping development options open throughout Ohio's communities, linking affordable housing partners, and working collectively to improve Ohio's business climate for affordable multifamily housing ownership, development, and management are all critically important to OHC's mission. Members of the OHC also benefit from one of Ohio's premier lobbying firms, the Governmental Policy Group, in Ohio's legislative processes. OHC Conferences/Events bring the knowledge and expertise of national professionals to Ohio. Attendees also benefit from the expertise of Ohio's most experienced and talented affordable housing professionals.
OHC Committees: OHC Member participation is the key to OHC success and the key to improving the environment of Ohio's affordable housing industry. Committees review proposed legislation, plan and/or present at OHC events, coordinate with state affordable housing program administrators, meet with legislators, provide info for OHC's newsletter, and communicate with industry professionals throughout the state on behalf of OHC. To be a part of Ohio's Affordable Housing Solutions please contact: LAURA A.G. SWANSON, EXECUTIVE DIRECTOR, OPERATIONS MANAGER |
The affordable housing industry is one of the most highly regulated segments in the real estate development marketplace. It shouldn't be so hard to develop, build, and operate multifamily affordable rental housing; but it is.
Our goal is to help professionals involved in all aspects of the affordable housing industry to increase their participation in public policy debates and steer proposed regulatory requirements that could have a significant impact on the affordable housing industry in Ohio.