To help bridge funding gaps for 2016 awarded projects, the Ohio Housing Finance Agency has released a final approved 2017 QAP amendment. Some significant changes include:
- The 2017 Competitive HTC Program calendar is postponed 4 weeks. A revised calendar is attached in Exhibit A of the Amendment.
- Set-Aside for 2016: of the $27.3M allocated for 2017, up to $4.59M will be set aside for 2016 allocated projects as gap filler. Owners of such projects with “unused eligible basis” as listed in the final application may request additional HTCs in an amount not to exceed fifteen percent (15%) of the previous binding reservation amount.
- There will be no rescoring or requirements on 2016 projects to maintain commitments made for points in the categories of “Leveraging” or “Credits Per Affordable Unit”.
- Owners requesting additional tax credits will have to abide by a deferred developer fee schedule as outlined in the Amendment (bottom of page 1).
- 2017 pools will be reduced proportionately in regards to the amount used as gap funding for 2016 projects.
- For applications submitted in the 2017 housing funding round, the maximum allowable HTC awards per developer and per application by funding pool are increased by ten percent (10%).
