OHFA is currently accepting comments on its proposed Income Averaging requirements, identified in the draft 2019 Technical Amendments to the Qualified Allocation Plan. Some highlights include:

  • Prohibition on non-condominiumized, non-manager market rate units;
  • Requirement for at least 50 percent of units to be designated at 60% AMI or lower;
  • Documentation requirements for the market study and financial commitments;
  • Limitations on the 8609 Form’s 8B election;
  • Restrictions on resyndication options prior to year 30; and
  • Updates to basis boost, developer fee, and competitive scoring criteria.

Additional information will be released shortly advising successful 2018 HTC awardees how they may elect the Income Averaging option, including what document updates will be necessary at the September 28th final application deadline including, likely, a new AHFA form. OHFA is also evaluating whether pre-2018 developments will be eligible for this option.