OHFA UPDATE - PAGE 2 - 2022 SECOND QUARTER DEVELOPMENT DIVISION UPDATE DAVID FOUST DIRECTOR OF MULTIFAMILY HOUSING OFFICE OF MULTIFAMILY HOUSING QAP TECHNICAL AMENDMENT The first draft of the QAP Technical Amendment has been posted to the OHFA website and will be available for public comment until August 19th. 2022 BGF APPLICATION DEADLINE APPROACHING On August 11, OHFA accepted applications for projects seeking 4% credits with Bond Gap Financing. These are 4% LIHTC projects with Agency gap financing resources such as Ohio Housing Trust Funds, federal Housing Trust Funds, HOME, and, new for this year, HOME-ARP and CDBG-DR. OPEN APPLICATION WINDOW FOR 4%-ONLY PROJECTS In April, OHFA held a roundtable with its most frequent 4%-only development teams to seek feedback on the idea of moving to an open application process, rather than quarterly application windows. The reception was largely positive, so on May 6th, OHFA announced that it has gone to an open application process on the non-competitive, 4%-only side. This change is for development proposals that are only seeking non-competitive 4% credits, and no other resources such as HDAP or HDL. Development teams can now submit these types of deals throughout the year, so long as we receive a 45-day advance notice. The intent of moving to an open application process is to allow development teams to submit applications when they are truly ready, rather than rushing to meet the quarterly application deadline. As a part of this process, staff are also implementing a Minimum Threshold Review to ensure that there are no major issues on 4%-only applications. If any issues are identified, development teams will be asked to resubmit the application once the issues have been resolved. 811 UPDATES Nineteen developments from the 2022 9% tax credit round will receive a commitment to participate in the Ohio 811 Program. A total of 102 units from these 19 properties will be committed to the program. The Owner and Property Manager Manual for the 811 program has also been revised and posted to the OHFA website.