The following guidance is being provided regarding several Housing Tax Credit (HTC) and/or HOME issues. First, on October 31, 2014 HUD issued Notice H 2014-15. In this memo, they indicated that the long standing passbook rate of 2% would change to .06%. This change becomes effective on February 1, 2015. This passbook rate is to be applied to the value of assets of a family when they total over $5,000. The owner will compare this amount to the actual anticipated income stemming from the family’s assets and count whichever amount is higher.

The memo as published by HUD can be found on our website in the Program Compliance area under Updates and Resources. HUD Notice H 2014-15 – Change to Passbook Rate

Second, HUD announced earlier this month that the 2015 Income Limits have been delayed. This is because the Department of Health & Human Services has not yet released the 2015 poverty guidelines which are used to help determine HUD’s new Extremely Low Incomes. These limits are the greater of the federal poverty guidelines or 30% of AMGI. HUD anticipates the 2015 limits will be published in February 2015.  Shortly after their release, we will be issuing charts with both income limits and maximum rents for the HTC program.

Third, changes in the 2013 HOME Final Rule will impact those properties in Ohio that have HOME funding.

  • HOME is now requiring compliance with the HUD Student Rule. Those of you who attended our housing conference in November may have heard us announce it would be effective for all properties within their compliance period including future allocations.  We are currently awaiting technical guidance from the HOME program as to which properties will need to comply with this rule based on their funding date.  We anticipate receiving this guidance in early January.
  • The HOME rule is now requiring owners to have rents approved for their HOME units. We will be developing a form for owners to use to submit this information for approval by OFHA staff.
  • Another change in the 2013 HOME Final Rule requires Housing Credit Agencies to determine an individual utility allowance for each HOME rental project either (1) by using the HUD Utility Schedule Model or (2) by otherwise determining the allowance based upon the specific utilities used as the project. PHA estimates or other estimates that are not project specific are no longer acceptable. The effective date for implementation of this new Rule was August 23, 2013. However, due to many comments and questions from the industry, HUD issued additional technical guidance indicating the new Rule would apply only to projects awarded HOME funding in 2015 and beyond. OHFA will provide further guidance within the next several weeks on this issue.

The Ohio Housing Finance Agency has announced the dates of the remaining opportunities to collaborate and provide input on proposed changes to the 2016-2017 Qualified Allocation Plan.

Regional Public Forum (Athens)

Thursday, January 8, 2015

9:30am

COAD – Ohio Weatherization Training Center

1 Pinchot Lane Athens, Ohio 45701 

 

Regional Public Forum (Toledo)

Thursday, January 22, 2015

9:30am

Toledo Public Library – Kent Branch

3101 Collingwood Blvd

Toledo, Ohio 43610

 

Regional Public Forum (Dayton)

Wednesday, January 28, 2015

12:30pm

Dayton Public Library – Main Branch

215 East Third Street

Dayton, Ohio 45402

 

Regional Public Forum (Cleveland)

Thursday, January 29, 2015

10:30am

Cleveland Public Library – Collinwood Branch

856 East 152nd Street

Cleveland, Ohio 44110

 

Public Hearing

Wednesday, March 18, 2015

1:00pm

Ohio Housing Finance Agency – Roger McCauley Board Room     

57 E. Main Street

Columbus, Ohio 43215

 

Public Hearing (Formal)

Wednesday, April 15, 2015

1:00pm

Ohio Housing Finance Agency – Roger McCauley Board Room

57 E. Main Street

Columbus, Ohio 43215

OHFA will hold a DevCo Online Application User Training for individuals who will be completing the online application for the 2015 Housing Tax Credit Program. The training will be held on Tuesday, January 6, 2015 from 9:30 AM – 12:30 PM at the Ohio Department of Transportation (ODOT) Auditorium in Columbus.

A draft of the 2015 Housing Development Loan Guidelines has been posted to the OHFA website for public review and comment.  Given the nature of the proposed changes to requirements and eligible use of this resource, the comment period has been extended to January 1, 2015 to gather additional feedback from development partners.