The Division of Asset Management oversees the long-term viability of affordable rental housing communities funded with resources administered by the Ohio Housing Finance Agency. This involves evaluating both the financial strength of communities and the project's ability to satisfy the regulatory requirements of the funding awarded.
The Division maintains two important functions: reviewing periodic financial information for OHFA-funded projects under its purview and reviewing project changes that affect the property operations such as management, owner, restrictive covenant changes, and changes to HDAP documents.
Audit Confirmations
The Ohio Housing Finance Agency (OHFA) has created an email box through which owners may submit requests to confirm loan balances (Audit Confirmations) as required by third-party auditors. This will expedite OHFA's review and response to such requests as this mailbox will be managed by the Finance Office. Please submit such requests to: AuditConfirmations@ohiohome.org
Financial Reviews
The Division of Asset Management requires many OHFA-funded properties to submit periodic financial information, including internally-prepared and/or independently-audited financial statements and other property-level information. Questions related to this should be sent to Assetmanagement@ohiohome.org. OHFA currently requires periodic financial reporting from projects funded with the following sources:
- Asset Management Policy (148 KB Adobe PDF File)
American Recovery and Reinvestment Act- (ARRA) funded projects such as Tax Credit Exchange/Section 1602 (TCE) and Tax Credit Assistance Program (TCAP) projects fall under purview of the Division. Per §1602(c)(3) of ARRA, OHFA is required to perform asset management functions to ensure long-term financial viability of projects funded through these two important programs.
Frequency of Submissions: Annual
Submission Requirements:
1) Independently-audited and internally-prepared financial statements for the previous year's operations including a balance sheet, income statement, change in partners' capital, and statement of cash flow. The balance sheet must end on the last day of the previous year. In addition, the owner must provide the following:
- Tenant receivable aged report
- Accounts payable aged report
- Replacement reserve account balance (bank statement)
- Operating reserve account balance (bank statement)
- TCAP, TCE, and NSP Compliance Guidance (103 KB Adobe PDF File)
HOME projects with 10 or more HOME-assisted units must be analyzed on an annual basis for ongoing financial viability per 24 CFR §92.504(d)(2).
Frequency of Submissions: Annual
Submission Requirements:
1) Independently-audited and internally-prepared financial statements for the previous year's operations including a balance sheet, income statement, change in partners' capital, and statement of cash flow. The balance sheet must end on the last day of the previous year. In addition, the owner must provide the following:
- Tenant receivable aged report
- Accounts payable aged report
- Replacement reserve account balance (bank statement)
- Operating reserve account balance (bank statement)
OHFA uses R-TCAP and OHFA general funds to provide permanent, first mortgage financing otherwise unavailable in the private market for newly-funded and existing LIHTC projects. As the first mortgage, MLP loans require heightened asset management review. In addition, all MLP financing must have an escrowed replacement reserve. All disbursements from the replacement reserve must be approved first by the Office of Program Compliance's Division of Asset Management.
Submission Frequency: Quarterly
Submission Requirements:
1) Independently-audited and internally-prepared financial statements for the previous year's operations including a balance sheet, income statement, change in partners' capital, and statement of cash flow. The balance sheet must end on the last day of the previous year. In addition, the owner must provide the following:
- Tenant receivable aged report
- Accounts payable aged report
- Replacement reserve account balance (bank statement)
- Operating reserve account balance (bank statement)
2) Monthly tenant rent rolls for each month in the submission quarter indicating the number of vacant and reoccupied units each month.
3) Certificate of insurance for liability and property-casualty coverage
4) Evidence of paid property taxes for the prior year (county auditor website printout)
5) Solely with the 2nd-quarter submission, independently-audited financial statements for the previous year's operations including a balance sheet, income statement, change in partners' capital, and statement of cash flow.
- 2021 Multifamily Lending Program Guidelines (1.59 MB Adobe PDF Files)
The National Housing Trust Fund (NHTF) is an affordable housing production program that complements existing Federal, state and local efforts to increase and preserve the supply of decent, safe, and sanitary affordable housing for extremely low- and very low-income households, including homeless families. NHTF funds may be used for the production or preservation of affordable housing.
Frequency of Submissions: Annual
Submission Requirements:
1) Independently-audited and internally-prepared financial statements for the previous year's operations including a balance sheet, income statement, change in partners' capital, and statement of cash flow. The balance sheet must end on the last day of the previous year. In addition, the owner must provide the following:
- Tenant receivable aged report
- Accounts payable aged report
- Replacement reserve account balance (bank statement)
- Operating reserve account balance (bank statement)
Low-Income Housing Credit (LIHTC) projects funded through the 2018 Qualified Allocation Plan and subsequent years are required to submit annual audited financial information.
Submission Frequency: Annual
Submission Requirements:
1) Independently-audited and internally-prepared financial statements for the previous year's operations including a balance sheet, income statement, change in partners' capital, and statement of cash flow. The balance sheet must end on the last day of the previous year. In addition, the owner must provide the following:
- Tenant receivable aged report
- Accounts payable aged report
- Replacement reserve account balance (bank statement)
- Operating reserve account balance (bank statement)
Project Changes
Throughout the operational life of a property, owners may decide to change property management companies, sell their interests, or seek financial relief from deep rent skews enforced through the restrictive covenant. The Asset Management division, with assistance from other OHFA offices, reviews these types of requests with goals to protect financial viability, preserve affordability, and safeguard residents. Questions regarding a particular change request must be submitted to OHFAprojectchanges@ohiohome.org.
- Project Changes Fee Schedule (459 KB Adobe PDF File)
- Ownership Changes
- Ownership Transfer Policy (524 KB Adobe PDF File)
- Ownership Transfer Form (181 KB Adobe PDF File)
- HDAP Recipient Change Form (149 KB Adobe File)
- Management Company Change Policy (362 KB Adobe PDF File)
- Management Company Change Form (206 KB Adobe PDF File)
- PC-E28 Notification of Employee Unit(s) (79 KB Adobe PDF File) – Updated 1/1/2023
- PC-E56 Notification of Unit(s) Offline (104 KB Adobe PDF File) – Updated 1/1/2024
- PC-E57 Notification of Unit(s) Online (100 KB Adobe PDF File) – Updated 1/1/2024
- Restrictive Covenant Modifications Policy (94 KB Adobe PDF File)
- Amendments to Restrictive Covenants
- PC-E41 Restrictive Covenant Release Questionnaire (1.71 MB Adobe PDF File)
- Covenant Amendment Template (44 KB Word File)
- Lease Purchase Checklist (122 KB Word File) Updated 8/8/24
- Lease Purchase Sales Form
- OHFA Declaration of Restrictive Covenants Partial Release Template (20 KB Word File)
- OHFA Declaration of Restrictive Covenants Partial Release Amendment Template (20 KB Word File)
- OHFA Mortgage Partial Release Template without Assignment (25 KB Word File)
- OHFA Mortgage Partial Release Template with Assignment (26 KB Word File)
- Partial Release Restrictive Covenants LIHTC Template (19 KB Word File)
- Partial Release Restrictive Covenants LIHTC Amendment Template (19 KB Word File)
- Qualified Contract Process Policy (255 KB Adobe PDF File)
- PC-E47 Qualified Contract Request Form (1.75 MB Adobe PDF File)
- PC-E48 Qualified Contract Price Worksheet (218 KB Adobe PDF File)
- LIHTC Property Sales