OHFA 2021 Fourth Quarter Agency at a Glance

OHFA UPDATE - PAGE 6 - 2022 FIRST QUARTER OFFICE OF MULTIFAMILY HOUSING HOUSING TAX CREDIT UPDATE OHFA’s Multifamily team is preparing to release the final scoring results for the 2022 competitive 9% Tax Credit program in May. The team has issued preliminary scores and underwriting deficiencies for 74 total Proposal Applications. The 9% underwriting team also continues to receive requests from 2021 9% LIHTC awardees for additional credits and HDL under the Additional Credits Policy. To date, approximately $2.9 million in additional annual credits for 29 projects have been requested. OHFA’s 4% LIHTC team received 10 4%-only applications in the April quarterly window. 2022 4%-only application volume is up 150% year over year, as OHFA has seen 15 applications in the first two application windows of 2022, compared to six applications in 2021. HOME-ARP AND CDBG-DR Ohio Department of Development recently posted their draft plan for the HOME-ARP funds and held a public hearing for comments. The public comment period remains open until May 3, 2022. The draft plan incorporated $60 million in funding for OHFA, and we are coordinating with ODOD to develop a plan for the funding. Further HOME- ARP guidance will be included with our Housing Development Gap Financing (HDGF) and Bond Gap Financing (BGF) Guidelines. Draft versions of those guidelines will be available in early May. CDBG-DR fund guidance will be incorporated with the BGF guidelines. As a reminder, CDBG-DR funds will carry a location restriction to address damage from the devastating tornadoes in the Dayton area in 2019, and the HOME-ARP funds will have programmatic restrictions that will encourage supportive housing development for vulnerable populations. The National Housing Trust Fund Annual Plan has been completed and incorporated into the 2022 Consolidated Plan. COMPLIANCE Earlier this year, the IRS is released Notice 2022-05, which provided guidance on several technical items related to LIHTC properties. It extended previous relief for carryover allocations, the minimum rehabilitation period, the placed-in-service deadline, the reasonable period for restoration or replacement in the event of casualty loss, and agency correction periods. It also provided an extension to satisfy occupancy obligations. On the compliance side, the notice provided an extension of the requirement for a 30-day notice for state agency reviews of tenant files through the end of 2022 and allowed state agencies to defer physical inspections through June 30, 2022, with the option to extend that through the end of 2022 in consultation with local public health experts. OHFA’s Compliance team has transitioned back to conducting physical inspections ahead of the June 30th waiver given by the IRS. OHFA staff wanted to ensure that they had enough time to meet all regulatory requirements before the end of the calendar year. Compliance is also processing almost 1,800 Annual Owner Certifications that were submitted March 1st through our DevCo software system. DEVELOPMENT DIVISION UPDATE DAVID FOUST DIRECTOR OF MULTIFAMILY HOUSING