UPDATE (January 15, 2014):
Ohio Housing Finance Agency (OHFA) released the 2014 Multifamily Underwriting Guidelines. Please click here to access the document. —
The Ohio Housing Finance Agency (OHFA) released the first draft 2014 Qualified Allocation Plan (QAP).
Some notable changes include:
- The scoring process has been modified based on feedback from OHFA partners. More points have been added to Market Quality section (penetration rate, proximity to positive land uses, etc.) and reduced from the Project Characteristics section (projects in Appalachian County, Historic Tax Credits, New Markets, etc.) Further scoring changes are expected to be made from the first draft to the second draft and you can view the detailed scoring changes on OHFA’s website.
- The first draft QAP includes a limit to the amount of credits one development partner may obtain to $2,000,000 and the amount of credits per project to $1,000,000. Additionally, there are several limits on project types that typically result in higher costs. Previously there were no limits.
- Single Resident Occupancy (SRO) Units are no longer permitted in the guidelines.
- Staff will be removing the underwriting and design guidelines from future QAPs as well as other program guidelines and consolidating each into their own respective documents/attachments, substantially shortening and consolidating the QAP.
- Zoning is no longer a waiveable threshold agreement.
OHFA will be hosting a public hearing on August 14 from 11:30-12:30. The hearing will be held at:
OHFA Roger McCauley Board Room
Ohio Housing Finance Agency
57 E. Main Street
Columbus, Ohio 43215
OHFA will be taking comments on the first draft QAP and will present a second draft on August 14th.
UPDATE: OHFA released the 2nd Draft Ohio 2014 QAP after collaboration with OHFA and Ohio stakeholders.
The 2nd Draft Ohio 2014 QAP is very similar to the 1st Draft with a few exceptions:
- $500,000 has been moved into the New Units Rural pool, which was one of the more competitive pools during the last round.
- Contacting CHDOs has been removed as a threshold requirement. CHDOs now receive points in the selection criteria and the requirement was administratively difficult.
A final draft QAP is expected to be released on August 30, 2013.
OHFA released the 2014 Final Draft Ohio QAP following meetings, forums, and comment reviews.The 2014 QAP retains many of the same requirements and mechanics of the 2013 QAP with some notable changes particularly to the selection criteria. The selection criteria has changed to reflect the Housing Policy Goals for the state and several changes were made to minimize unintentional consequences that may occur in a point based selection process. Special attention has been given to incentivizing the de-concentration of poverty and building on other economic investments to maximize the economic benefit a tax credit deal provides to local areas.
Comments may be submitted to Andrew Bailey, Program and Policy Manager, at email@example.com or (614) 644-5650
To review the 2014 Final Draft Ohio QAP please click here.
To review the 2014 2nd Draft Ohio QAP click here.
For more information on the Ohio QAPs and other OHFA resources click here.
For more information about the public hearing click here.