The Ohio Housing Finance Agency has published a draft implementation plan for the new funding programs provided by the American Recovery and Reinvestment Act (ARRA). In implementing the provisions, OHFA will set the following policy objectives:
- Support and enhance the public-private investment partnerships;
- Achieve policy goals in the Qualified Allocation Plan (QAP) and OHFA Annual Plan;
- Efficiently allocate all resources to projects likely to succeed;
- Give priority to projects that produce immediate stimulus.
While distributing the funds, OHFA will give priority to:
- Projects awarded competitive HTC in 2007 or 2008 and have not yet closed with their credit investors;
- Projects that receive a reservation of competitive HTC in 2009 and have a chance to find investors at a reasonable price;
- Projects that rank high in the 2009 competitive HTC funding round but do not receive credits, achieve policy goals for OHFA, and are feasible without HTC;
- Additional funds for 2009 competitive HTC projects that are unable to find investors and projects that receive competitive HTC in 2010;
- Projects financed with multifamily bonds.
OHFA will accept public comments on the draft plan through Monday, April 13. A final version will be submitted to OHFA’s Board for approval on April 15. read more…
