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New OHFA Monitoring Procedures Effective January 1

 

OHFA has seen an increase in the financial and physical deterioration of many developments in the Extended Use period including increased vacancies, over-leveraged debt and a lack of funds to turn units or make capital improvements.

 

In order to ensure the property is safe for the residents and the community, and to assist with the financial viability of the property, the Office of Program Compliance has changed monitoring procedures for Extended Use properties. Effective January 1, 2016, properties in the Extended Use period (between 16 and 30 years of compliance), will have both physical and file reviews conducted on either a three- or five-year rotation cycle. However, Extended Use properties that have not had an on-site inspection for five or more years will be subject to a review in 2016. Additionally, Extended Use properties will be required to submit tenant data for all households residing at the property during each Annual Owner Certification reporting period. It is anticipated the 2015 Annual Owner Certifications and tenant data will be due March 1, 2016 (reporting period January 1, 2015 to December 31, 2015).

 

Questions may be directed to Betsy Krieger, Director of Program Compliance at bkrieger@ohiohome.org.  

 

 

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