OHFA Annual Plan - Ohio Housing Finance Agency

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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
• Explore the viability of creating purchasing cooperatives for insurance and otherservices. Pools of purchasers can often secure discounts a lone purchaser cannot.While insurance is not the most important cost factor undermining properties, it isa significant operating cost. Therefore, any reduction in this cost benefits affordablehousing properties.• Limit or reduce OHFA fees where possible. OHFA should ensure its fees reflect thevalue added by OFHA, and are comparable to other HFA’s fees, taking into accountOHFA’s unique cost structure. Steps that reduce the growth rate of its fees should beimplemented by OHFA. This includes seeking new sources of revenue that support theAgencies operations while allowing it to pursue its mission.• Use HOME or other gap financing programs to fund long-term project reserves.• Projects are burden by requirements to comply with multiple funders. Many of thefunders are units of local government that administer an allocation of HOME Programfunds as a Participating Jurisdiction (PJ). OHFA should explore creating a fundingcollaborative to encourage awards of gap financing from a single source, instead ofmultiple sources.17
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 12 and 13: 3. Financial LiteracyOHFA and other
Page 14 and 15: Affordable Housing Preservation & D
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
Page 65 and 66: Secondary Recommendations• Explor
Page 67 and 68:
Executive SummaryOhio’s supply of
Page 69 and 70:
Met Housing Needs (“Resource Inve
Page 71 and 72:
Ohio Deptof MentalRetardation andDe
Page 73 and 74:
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
Page 113 and 114:
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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