Current through Vol. 41, No. 13, March 15, 2024
(a) In
evaluating whether to authorize the issuance of OHFA MF Bonds for the purpose
of financing a Development, the Trustees may take into consideration certain
criteria. These criteria will be outlined in the AP.
(b) Applications may be disapproved at any
stage of processing, for any of the following criteria, in addition to any
other specific reason(s) which may be established by the Trustees during the
review process.
(1) The financing of such
Development involves a risk to OHFA that its current or future financing
ability or reputation in the credit markets may generally be adversely
affected.
(2) The financing of such
Development is determined not to be cost-effective in terms of its proposed
utilization of OHFA financing capacity and/or other financial
resources.
(3) Failure to submit
any information required by this Chapter, the AP, any Resolution of the
Trustees and/or OHFA advisors at any stage of processing.
(4) Failure to demonstrate that the proposal
is consistent with OHFA's public purposes and priorities.
(5) Failure to demonstrate that the proposed
financing is reasonable and appropriate for the Development and market
conditions.
(6) Failure to
demonstrate that the Applicant and the other Development Team members have the
good character, reputation, integrity, honesty, experience, resources and
capacity to successfully execute the related financing plan and to properly
manage the Development.
(7) The
information at the inducement stage varies materially from the information
contained in the initial Application or the information filed at the financing
stage varies materially from the information filed in the initial Application
and/or the inducement stage.
(8)
Any condition for Closing has not been satisfied.
(c) Any Applicant, Borrower, Owner, Developer
or any Affiliates of, or principals may not be eligible to obtain OHFA
financing if that Person has been, within the preceding seven (7) years:
(1) The appointment of a Receiver; conviction
on a felony criminal charge; or bankruptcy.
(2) Suspended or expelled from membership in,
or suspended or barred from association with a member of, any securities
exchange or self-regulating association; or suspended, barred or had any
license revoked by any federal or state agency or local governmental unit in
regard to any federal or state statute, rule, regulation, executive or
administrative order, or any local governmental ordinance, rule or regulation
designed to protect consumers; or any federal or state agency or local
governmental unit established to protect consumers against unlawful practices
involving insurance, securities, commodities or commodity futures, real estate
or any interest therein, franchises, business opportunities, consumer goods,
benefits under any federal state or local governmental unit program; or other
services offered by federal, state or local governmental units or by private
entities.
(3) Involved in uncured
financing defaults, foreclosures for federal, State, or OHFA Programs, and/or
placement on HUD's list of debarred contractors;
(4) Events of material uncorrected
noncompliance with any federal or State assisted housing programs in any
jurisdiction;
(5) Removed as a
general partner or managing member;
(6) Failure to comply with OHFA's requests
for information or documentation on any Development funded or administered by
OHFA.
(d) No Applicant,
Borrower, Development Team member or any third party shall have any recourse
against OHFA or any of its Trustees, employees, representatives, attorneys,
financial advisors or other consultants for any failure to approve.