On April 19, 2022, HUD released the 2022 Multifamily Tax Subsidy Project Income Limits (MTSP), with an effective date of April 18, 2022. MTSP limits include HERA special limits and are subject to change each year; however, a project can "hold harmless" or maintain the use of an existing limit when the new limit decreases. When determining the applicable limits to be used at a property, the following additional regulations must be considered and followed when applicable:

The MTSP limits are for use by Housing Tax Credit and multifamily bond projects. You can access the 2022 MTSP Income and Rent limits here. OHFA will post the 2022 limits based on the 50 percent and 60 percent area median income (AMI) for all 88 counties in Ohio by May 6th. The limits will also be available in DevCo Online by May 6. Owners have 45 days (by June 1, 2022) to implement the new limits.  

The Internal Revenue Service (IRS) published Notice 2022-21, inviting public comment on recommendations for items that should be included in their 2022-2023 Priority Guidance Plan. 

The IRS uses the Priority Guidance Plan each year to identify and prioritize tax issues to be addressed through administrative guidance. The 2022-2023 Priority Guidance Plan will identify projects that the IRS intends to work on during the period from July 1st, 2022, to June 30th, 2023. Comments are due to the IRS on June 3, 2022. Notice 2022-21 can be viewed here.

OHFA has updated all required compliance forms and they are effective as of June 1, 2022. New move-ins or recertifications effective before June 1, 2022 may use either the old version of the required forms, or the updated forms. However, if the old version of the required forms are used, then the updated forms must be used at the tenant’s next recertification date. Owners must begin using the updated version of the forms on June 1, 2022, for all new move-ins and recertifications. Use of outdated forms after June 1, 2022 will result in an audit finding. All updated forms are available on the compliance forms’ webpage here.

Sign up now for the next Compliance Policies and Regulations Training. 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 policies and much more. This training will discuss the updates to OHFA’s forms, VAWA Reauthorization Act of 2022, implementing new income/rent limits and more. All training sessions will be held from 12:30-4:30 pm. Register for training here.

This interactive webinar focuses on the complexities and best practices for Acq/Rehab projects. OHFA staff presents the webinar, along with Melanie Shapiro from OCCH. This training gives compliance professionals information on how to qualify tenants, transfers, resyndications and more. All training sessions will be held from 12:30-4:30 pm. Register for training today!