2021 Rent and Income limits are now posted and are being entered into DevCo.

Please remember to completely fill out and submit OHFA’s Management Questionnaire when you receive notice of an upcoming audit. If OHFA staff receives an incomplete MQ, it will send it back. This delay may impact the ability to perform audits in a timely manner. Importantly, please provide all requested staff information on the MQ for those who will need access to the compliance audit report and/or follow-up audit communications. 

Transfer fees for residents must not exceed the average out-of-pocket costs to process a unit transfer and may not include expenses to make units ready involved in a transfer. Any costs that are due by the resident who is transferring from one unit to another must be labeled appropriately. The cost must only include the actual cost of the transfer, e.g., the cost of paperwork and administrative time to process the transfer. This would be similar to the cost of an application fee (maybe less). Only appropriate charges are acceptable and transfer fees cannot be inflated. An example of an appropriate charge would be tenant-caused damage (in excess of normal wear and tear). An example of what cannot be charged is painting or carpet cleaning, as these are normal costs associated with turning a unit. 

Management that date stamp documents for verification purposes should keep in mind that the 'date received' does not extend the life of the document if the document already has a date. An example of this would be an SSI letter. If the SSI letter is dated 4/1/2021 then it is valid for verification purposes for 120 days from 4/1/2021- not 120 days from the date that it was received by management. 

If your project has floating HOME units, you must insure that when you float those units to other households/units that all of the paperwork is included in the correct files and the unit(s) is updated in DevCo. OHFA has seen an increased number of HOME units that have been floated; however, all HOME requirements for those units are not being met. Please make sure if you float a HOME unit, you are following all of the requirements.

This two-day webinar series dives into all topics for the Low-Income Housing Tax Credit program. Participants can register for one or both days of this free training. Day one will be LIHTC basics; day two will cover advanced LIHTC topics. The first LIHTC Essentials Training will be offered May 26-27. 

This free, four-hour webinar focuses on OHFA's requirements for the multifamily programs it manages and will provide industry professionals with tools and knowledge of OHFA forms, policies and much more. In addition, discussion will include topics concerning COVID-19’s impact on audits and recertification requirements. All training sessions will be held from 12:30-4:30pm. 

Conquer Acquisition/Rehab compliance during this free, three-hour webinar. Learning the complexities and issues for acq/rehab deals will help make your next deal a success. This training will be offered quarterly. The next session is June 29. All training sessions will be held from 12:30-3:30pm.

Be sure to check out OHFA’s new resource manual. The manual will allow you to compare and comply with over 40 multiple housing program rules from student eligibility, effective dates of certifications, verification methods, and more.