OHFA Annual Plan - Ohio Housing Finance Agency

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3. Financial LiteracyOHFA and other agencies administering housing programs should help connect consumerswith financial literacy resources such as those offered by the Ohio Treasurer (Your MoneyNow), the FDIC (Money Smart), HUD and many other partners through links on its website.4. Home Buyer Education in OHFA First Time Homebuyer ProgramOHFA should require home buyers who use any OHFA Down Payment Assistance funds, tocomplete home buyer education through a HUD approved counseling agency, or through acombination of online education and telephone counseling. Because homebuyers who useDown Payment Assistance have little or no equity in the home at the time of purchase, it’simportant for them to know the basics of homeownership, to complete a household budgetand to know what steps to take if they have a financial setback.5. Home Purchase and Rehabilitationa) Continue programs that link Down Payment and Rehabilitation Assistance for low- andmoderate-income households.b) The FHA 203(k) program is a valuable resource for acquisition and rehabilitation ofhomes, especially for properties that are in bank’s real estate owned (REO) portfolios,or that are in municipal land banks. Using FHA plan consultants to assess the feasibilityof rehabbing properties, non-profit agencies or municipal governments would obtainspecifications and allowable costs of rehabilitation. Properties would then be transferredto prospective homeowners who would be able to secure financing utilizing the FHA203(k) rehabilitation loan to cover the cost of acquisition and rehabilitation. Fundsadvanced by the municipalities or local governments would be able to be recovered upontransfer to the new owners prior to the start of restoration.c) State and local governments who receive Neighborhood Stabilization funding throughthe Housing and Economic Recovery Act of 2008 (HERA) should use funds to rehabilitatevacant homes for purchase by low and moderate-income households, when this strategyis feasible in local markets.6. Energy Improvement Loans, Grants, and Incentivesa) OHFA will continue to promote green and sustainable construction practices by forprofitand non-profit Ohio developers of affordable housing for homeowners. Thesepractices, in both new construction and rehabilitation, can contribute to healthier indoorair quality, a better quality of life, less negative environmental impact and reduce theuse of new resources. Examples include the use of certified sustainable forest products,materials with recycled content including paints, glues and sealants with reduced levels ofvolatile organic compounds. Sustainable practices should include an emphasis on energyefficient design and renewable energy technologies to produce long-term utility andaffordability for homeowners.b) For low and moderate income homeowners, energy costs make up a significantpercentage of their household expense. The costs of improving energy efficiency shouldbe included in subsidized homeownership development projects funded through the OhioDepartment of Development (CHIP) or the Ohio Housing Finance Agency (OHFA).c) OHFA should promote the use of Energy Efficient Mortgage (EEM) options throughits First Time Homebuyer Program to allow home buyers to finance the cost of energyefficient improvements in their mortgage. HUD’s Energy Efficient Mortgages Programhelps homebuyers or homeowners save money on utility bills by enabling them to financethe cost of adding energy-efficiency features to new or existing housing as part of their12
FHA-insured home purchase or refinancing mortgage. With EEMs, borrowers do not needto get a separate, loan for energy improvements when buying an existing home but theyare required to obtain an energy assessment. OHFA should explore options for reducingthe costs of the energy assessment which may be a barrier to greater use of EEMs.7. Continuation of Save the Dream: Ohio’s Foreclosure Prevention EffortThe Save the Dream program, which provides a toll-free hotline and website referringborrowers to counseling agencies or legal assistance, should be continued. Save the Dreamis a collaboration of the Ohio Attorney General, Ohio Department of Commerce, OhioDepartment of Development, Ohio Housing Finance Agency, Ohio State Legal ServicesAssociation and other partners. During the first six months of operation, the hotline received11,000 calls which were subsequently referred to housing counseling agencies or legalassistance. The benefits of the program extend beyond foreclosure help, as many of thecounseling agencies are able to identify other areas in which the borrowers’ needs are notbeing met and work closely with other organizations to provide aid.13
Page 3 and 4: OHFA Annual PlanThe Ohio Housing Fi
Page 5: Mission StatementsThe OHFA Annual P
Page 8 and 9: The State’s Housing NeedsAffordab
Page 10 and 11: Subject Matter Expert (SME) Workgro
Page 14 and 15: Affordable Housing Preservation & D
Page 16 and 17: federal subsidies. To achieve this
Page 18 and 19: Accessible HousingBackground DataOh
Page 20 and 21: 3) Create dedicated funding streams
Page 22 and 23: • Recommend that Ohio support the
Page 24 and 25: Rural and Appalachian RegionsBackgr
Page 26 and 27: 6. Annual Set-Asides and Incentives
Page 28 and 29: • Several cities in Ohio current
Page 30 and 31: OHFA should provide funding, traini
Page 32 and 33: Permanent Supportive Housing Produc
Page 34 and 35: 3. The State should assist local Co
Page 45 and 46: PrioritizationThe challenge of prio
Page 47 and 48: Agency RecommendationsThe Annual Pl
Page 49 and 50: APPENDIXWorkgroup 1: Affordable Hom
Page 51 and 52: Executive SummaryHousing Need Descr
Page 53 and 54: efficiency and resource conservatio
Page 55 and 56: 554. Home Buyer Education in OHFA F
Page 57 and 58: Estimated Units in Need of Some For
Page 59 and 60: Ohio County Foreclosure Filings (19
Page 61 and 62: Operating Costs - Met and Unmet Nee
Page 63 and 64:
Workgroup #2:Affordable Housing Pre
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Secondary Recommendations• Explor
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Executive SummaryOhio’s supply of
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Met Housing Needs (“Resource Inve
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Ohio Deptof MentalRetardation andDe
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Unmet Housing NeedsData OverviewThe
Page 75 and 76:
ody, and will be built within the C
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• OHFA will continue to maintain
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Best Practices, Policies and Progra
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addition, 60,111 one-person househo
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Across Ohio, people with very low i
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• Responsible for Rent - The pers
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Seattle, St. Louis, and Washington,
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Primary Recommendations• Create a
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Unmet Housing Needs:• Due to the
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• The cost of construction often
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Recommendations for Annual Plan Adv
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capacity to quantify vacant propert
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distributed on or about January 15,
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Action is needed at the State level
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a “user-friendly” data system,
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5) Incentivize the formation of bro
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Workgroup #8:Permanent Supportive H
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3. Assist local Continuums of Care
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Program and Resource InventoryNonpr
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Table 2PopulationsPersons whoexperi
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Examples: A national model for succ
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oles, so they create a contract bet
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Workgroup #8:Appendix ANameProgramD
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or remedyingneglect, abuse,or the e
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ased healthcare, and earlyintervent
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“Bob” of Stark County, OhioPubl
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OHFA Annual Plan - Ohio Housing Finance Agency

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