OHFA Annual Plan - Ohio Housing Finance Agency

federal subsidies. To achieve this goal, OHFA will participate in a collaborative effort with RD,HUD and industry partners in order to develop consistent intra-agency criteria.4) Work with HUD and RD to create policies that will facilitate the preservation ofprojects. OHFA has very productive working relationships with the Ohio Rural Developmentand HUD staff members. OHFA should build on these relationships by encouraging additionalcollaboration. When possible, HUD and RD staff should be consulted regarding proposedpreservation projects.5) Establish a grant and loan program to fund the purchase and rehabilitation ofaffordable housing. Few programs specifically target preservation projects.6) OHFA should target the new basis boost authority granted in H.R. 3221 to highcost areas and projects in general, but should allow flexibility in using the boost forpreservation projects.7) OHFA should work closely with the Ohio Department of Development’s Office ofHousing and Community Partnerships to create the most efficient environmentalreview process. Determine whether environmental reviews conducted for one funder canbe used by other funders.8) Provides administrative and financial support to the Ohio Preservation Compact,which is seeking a grant from the John D. and Catherine T. MacArthur Foundation. Ifawarded, the grant funds will enable the Preservation Compact to set up a loan and grantfund, establishes databases of projects and best practices, and provide technical assistance.9) Identify untapped and non-traditional resources for the development ofaffordable housing.10) Property tax assessment in Ohio should take into account the restrictionsplaced upon the properties. OHFA should provide data and information to responsibleparties to ensure the unique aspects of affordable housing are properly understood.11) Incentivize green building in all programs. Projects should be rewarded for forwardthinking with additional resources or flexibility.12) Focus on the efficiency of the multifamily offices by simplifying procedures,reducing processing times, and using technology whenever possible.13) Reestablish the OHFA Compliance Advisory Committee to ensure OHFAhas adequate input from managers and developers regarding compliance andoperating issues.Secondary• Explore the possibility of OHFA providing credit enhancement.• Publicize successful preservation projects to attract local interest and show theimportance of the properties to the communities in which they are located.• Maintain a database on innovative and successful preservation strategies.• Advocate to allow owners to transfer project based Section 8 subsidy from one propertyto another based on the viability of the properties involved.• Support exit tax relief.• Identify appropriate expense and income trends for underwriting. Underwriting isthe method by which the financial viability of a project is determined. Factors suchas expected income and cost increases are critical to determining the long termperformance of a project. These should be as accurate as possible to ensure only thoseprojects that can be sustained are funded.16