Oklahoma Administrative Code
Title 330 - Oklahoma Housing Finance Agency
Chapter 30 - Multifamily Housing Bond Program
Subchapter 4 - Application and Processing Procedures
Section 330:30-4-2.1 - Application Processing Stages

Universal Citation: OK Admin Code 330:30-4-2.1

Current through Vol. 41, No. 13, March 15, 2024

(a) The AP, as approved by the Trustees may modify, expand, or clarify the following criteria.

(b) There are at least two stages in OHFA's review of Applications: The inducement stage and the final financing stage. The Inducement Resolution may not be combined with the Final Resolution.

(c) The Applicant will be notified and informed of any additional requirements for the Trustees to consider an Inducement Resolution. OHFA's notice to the Applicant will establish a timeline for filing additional or supplemental information.

(d) An Inducement Resolution may be issued before an Application is filed with OHFA. Specific requirements for documentation to be submitted will be in the AP.

(e) Following OHFA's review, only Applications meeting all requirements of these Rules and any additional requirements of OHFA will be submitted to the Trustees for their consideration for approval of a Final Resolution.

(f) After the Inducement Resolution is issued, a Public Hearing must be conducted by OHFA after reasonable public notice, for the purpose of receiving and evaluating comments in support of and/or in opposition to the proposed Development.

(g) An application for State bond cap must be submitted with all required documentation. The application will be submitted by OHFA or one of its bond professionals.

(h) Final financing stage.

(1) The Applicant and OHFA, together with their respective legal and financial advisors or consultants, must prepare all documents and financial analyses required to enable OHFA to adopt a Financing Resolution. The Trustees may condition same upon such conditions precedent as the Trustees deem, in their discretion, necessary to Closing.

(2) All information previously provided must be updated and supplemented, to the extent necessary. Failure to comply with this requirement may result in the denial of the Application.

(3) OHFA shall not be obligated to close on the financing on a Development unless the Board of Trustees in their respective complete discretion, are satisfied that all the requirements and standards imposed by federal and Oklahoma laws, rules and regulations and local ordinances, rules, regulations, and other applicable restrictions, and this Chapter, and the terms and conditions of all resolutions adopted by the OHFA Trustees pertaining to the Development have been, and at the time of the Closing remain, fully completed and satisfied.

(4) The final terms and conditions of OHFA MF Bonds issued must be reflected in the Bond Documents relating to the transaction.

Added at 20 Ok Reg 2411, eff 7-11-03; Amended at 30 Ok Reg 1981, eff 7-31-13

Disclaimer: These regulations may not be the most recent version. Oklahoma 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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