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.06% Passbook Rate Update Now Complete in DevCo


 The software update to the passbook rate of .06% has been completed and is fully operational. The software was updated on February 17, 2015.

For any tenant income certifications (e.g. move-ins, transfers, recertifications, or household composition updates) with effective dates between February 1, 2015 through February 16, 2015 and completed in DevCo before February 17, 2015, property managers will need to hand-correct the paper Tenant Income Certification (TIC) to reflect the income from assets using the new .06% passbook rate.

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 hand-written correction to the TIC was completed using the new .06% passbook rate. It is not necessary to print a new TIC.

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.

Please direct any questions to the DevCo help desk at DevCohelp@ohiohome.org.







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