What is the process?
Step 1: Cities elect to participate
Each of the eligible cities elected to participate in FHAct50 by the deadline of September 28, 2018.
Step 2: Cities submit a target area plan to OHFA for review and approval
Throughout the past year, all three cities have been actively working to select a target neighborhood and develop a plan for that neighborhood. Each city has selected their target neighborhood at this point- Clark-Fulton in Cleveland, Franklinton in Columbus, and Over the Rhine in Cincinnati.
OHFA has received one target area plan (Cleveland) to date. The plans for Cincinnati and Columbus are still being developed but are expected to be submitted to OHFA for review and approval in the coming months.
- Cleveland Selects Clark-Fulton Neighborhood for Millions in Federal Affordable Housing Funds
- City of Cincinnati Taps Over-the-Rhine to Receive Millions in Federal Affordable Housing Funds
- Columbus Moving Forward with Affordable Housing Opportunities in Franklinton
Step 3: Cities competitively select developments
Once a plan is approved, the city is then permitted to move forward with the competitive selection process for developments in that area, and subsequently issue a commitment letter to the selected developments. Cities may commit funds on any schedule they determine necessary to furthering the TAP goals (all commitments may be evenly distributed through the three-year period, or may be skewed to permit additional planning and stakeholder engagement). One commitment letter has been issued at this time.
- Rehab/reuse Project is Warming Up for Old Blanket Factory
- Affordable Housing Projects Proposed for Franklinton
- MetroHealth Set to Break Ground on 72-unit Via Sana Project
- 3CDC 'Willkommen' Project Aims to Increase Affordable Housing in Over-the-Rhine
Step 4: Selected developments apply for funding from OHFA
Upon receipt of a commitment letter from the city, the development team will be eligible to submit an application to OHFA for funding. Developments are required to meet all HTC requirements, as well as FHAct50-specific requirements, outlined in the applicable Qualified Allocation Plan of the year in which they are applying for funds.
- FHAct50 requirements – 2021 QAP (applicable to developments applying for OHFA funding during 2021)
- FHAct50 requirements – 2020 QAP (applicable to developments applying for OHFA funding during 2020)
- FHAct50 requirements – 2019 QAP (applicable to developments applying for OHFA funding during 2019)
When will applications be accepted?
OHFA will accept FHAct50 development applications at any point during the year, with two caveats:
- Applications cannot be submitted during the competitive tax credit application review period (generally February 1-May 30); and
- Applicants must send a notification to the analyst at least 30 days prior to their expected submission so that the analyst can appropriately plan their time.
Additionally, any exception requests must be submitted to OHFA on or prior to the 30-day notice described above.
OHFA will not accept any applications until the city's target area plan has been reviewed and approved by OHFA.
How long will the review and approval of an application take?
While OHFA cannot guarantee a timeline for review and approval of applications, development teams should plan for a minimum review period of 45-60 days assuming the application is complete and the applicant promptly addresses any issues that arise. This review period does not include or consider time for the architectural review, which could take longer.
Once OHFA has reviewed the application and verified that it meets all the applicable requirements, a Binding Reservation Agreement will be issued.
A list of FHAct50 applications received to date and their proposal summaries can be found on the Pending Applications & Funded Projects page.
For more information on the FHAct50 Building Opportunity Fund, contact QAP@ohiohome.org.