Ohio Administrative Code
Title 175 - Ohio Housing Finance Agency
Chapter 175-12
Section 175-12-06 - Monitoring, reporting, and recapture
Universal Citation: OH Admin Code 175-12-06
Current through all regulations passed and filed through September 16, 2024
(A) Construction monitoring
(1)
The Ohio housing finance agency may, upon reasonable notice
to the project development owner or other designated development team
representative, conduct a site visit to the project to inspect and evaluate
construction or rehabilitation.
(2)
Quarterly
construction monitoring reports begin the first quarter following submission of
the development update submission. Submission dates are first day of January,
April, July, and October.
(B) During the affordability period, the director may, upon reasonable notice, request a status report, in a format established by the director, from the applicant consisting of information and updates relevant to the status of the project.
(C) The project development owner or a designated member of the development team shall provide the following to the director during the affordability period:
(1)
An annual project development owner certification on a
form and in a manner as prescribed by the director; and,
(2)
A notice of
material change in affordability as a result of certain events impacting the
project's status as a qualified project and/or the homeowner's status as a
qualified buyer, including sale of the single-family dwelling, renting the
single- family dwelling, and homeowner abandonment, default, foreclosure.
Notices of material change in affordability shall be reported within seven days
of a change in affordability.
(D) Recapture
(1)
The director may
disallow, recapture, or recapture any unissued portion of a credit if the
project development owner or the project development owner's qualified project
does not or ceases to qualify for the credit. The Ohio housing finance agency
may also enforce the terms of the restrictive covenant with a qualified buyer
in the event the qualified buyer breaches those terms by selling to a non-
qualified buyer or using the single-family dwelling as a rental unit during the
affordability period.
(2)
The credit may be disallowed in part or in
whole.
Disclaimer: These regulations may not be the most recent version. Ohio may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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