Amendment to 2008 Qualified Allocation Plan on Vacant Property Redevelopment Initiatives

The 2008 QAP was amended by the OHFA Board on January 16, 2008. The attached additions to the plan are designed to enable redevelopment of vacant, single-family home properties, as long as the projects are consistent with local community revitalization plans, as defined in Site Location & Quality criterion 3.f. All waivers for projects matching this description must be submitted by 5:00 p.m. on Friday, February 1, 2008.

Please call or email any of the Housing Credit Program staff members if you have any questions. They can be reached by phone at (614) 466-0400. Email addresses are as follows:

Kevin Clark: kclark@ohiohome.org
Judy Hannah: jhannah@ohiohome.org
Arthur Krauer: akrauer@ohiohome.org
Sally Mitchell: smitchell@ohiohome.org
Johnie Torain: jtorain@ohiohome.org
Wanda McKinniss: wmckinniss@ohiohome.org

Part II: Allocation Process
Section D: Site & Market Evaluation

The following is proposed to be added to Item 1 of the application submission requirements:

"Sponsor of projects consisting of the redevelopment of vacant single family homes may request, in advance of the application deadline, to have fewer than 50% of their sites identified. A minimum of 10% of the sites must be identified in any case. Approximately 90% of sites submitted for the Carryover Allocation must contain vacant single family homes. Sponsor must also evidence that the project is consistent with a community revitalization plan (as defined in Site Location & Quality criterion 3.f.)."

Part II: Allocation Process
Section E: Allocation Pools

The following criterion is proposed to be added under the heading Maximizing Outcomes Pool:

"8. Preference will be given to applications that propose the redevelopment of vacant single-family home properties as recommended by the Ohio Foreclosure Prevention Task Force. All of the units in the application must be single-family homes, with approximately 90% of sites submitted for the Carryover Allocation containing vacant single family homes. Sponsor must also evidence that the project is consistent with a community revitalization plan (as defined in Site Location & Quality criterion 3.f.)."

Part II: Allocation Process
Section F: Threshold Review for Full Applications

The following is proposed to be added to Item 4, Evidence of Site Control:

"Sponsor of projects consisting of the redevelopment of vacant single family homes may request, in advance of the application deadline, to have fewer than 35% of their sites under control. A minimum of 10% of the sites must be under control in any case. Approximately 90% of sites submitted for the Carryover Allocation must contain vacant single family homes. Sponsor must also evidence that the project is consistent with a community revitalization plan (as defined in Site Location & Quality criterion 3.f.)."

Visit the OHFA website for additional information

OHFA AWARDS MORE THAN $18.75 MILLION IN AFFORDABLE HOUSING TAX CREDITS

COLUMBUS - The Ohio Housing Finance Agency (OHFA) today announced the recipients of more than $18.75 million in housing tax credits. The funds, awarded to 34 developments, will assist in the acquisition, construction and rehabilitation of affordable housing units throughout the State of Ohio.

"The Housing Credit Program is a critical tool for developers," said Doug Garver, executive director for the Agency. "The credits allow these organizations to invest in the communities they serve by creating and preserving quality, affordable housing options for moderate- and low-income Ohio families."

This year, 90 applicants sought funding through OHFA's Housing Credit Program. Among the properties receiving awards are senior communities, permanent supportive housing communities, developments needing rehabilitation and lease-purchase developments. They serve the elderly, homeless, mentally ill and other special needs persons.

Housing tax credits are federal income tax credits that are claimed over 10 years by owners of eligible rental properties. In exchange for the credits, owners must maintain affordable rents and limit occupancy to residents with low- to moderate-income levels for up to 30 years. The credits are awarded during an annual funding round in which projects are ranked based on objective criteria, such as rent affordability, location and owner experience. Since the program began in 1987, OHFA has used the Housing Credit Program to facilitate the development of over 65,000 affordable rental housing units in Ohio.

Visit the website below for a complete list of tax credit recipients http://www.ohiohome.org/newsreleases/07reservations.pdf

The FY 2007 Income Limits are now available.
You can access them by clicking here. They are effective March 20, 2007.

Highlights of the Administration's Proposed FY 2007 Budget

Check back soon for more OHC news!