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Most Recent Update To The Passbook Rate From 2% to .06% Was Unsuccessful

 

Due to a complication with the latest DevCo software update, the most recent update to the passbook rate from 2% to .06% was unsuccessful. OHFA is working on correcting the issue and expects to have a resolution on or around February 12, 2015.

For any tenant income certifications (i.e. move-ins, transfers, recertifications, or household composition updates) with effective dates between February 1, 2015 through February 12, 2015 and completed in DevCo before Feb 12, 2015, property managers will need to correct the Tenant Income Certification (TIC) to reflect the income from assets using the new .06% passbook rate once OHFA indicates the correction has been made in DevCo.

The TIC correction should be initialed and dated by the property manager and the resident. The property manager should also complete an OHFA clarification record (PC-E20 Clarification Record)) stating that the TIC contained the incorrect passbook rate and that a corrected TIC was completed using the new .06% passbook rate.

For more information on the new .06% passbook rate update please review OHFA's Memo - Housing Tax Credit (HTC) and/or HOME Program Updates or HUD Notice H 2014-15 - Change to Passbook Rate.

OHFA will issue another memo when the new .06% passbook rate is operational in DevCo. We apologize for the inconvenience. Please direct any questions to the DevCo help desk at DevCohelp@ohiohome.org.

 

 

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