1 / 5

Affordable Rental Housing Program and Compliance – Administrative Charges

Feedback and modifications to proposed charge increase for rental housing programs. Ensuring fairness and justifiability, especially for small projects. Effective date: January 1, 2020.

joshuak
Download Presentation

Affordable Rental Housing Program and Compliance – Administrative Charges

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Affordable Rental Housing Program and Compliance – Administrative Charges Caleb Yant, Chief Financial Officer Natasha Detweiler-Daby, Senior Policy Analyst and Interim Multifamily Program Section Manager October 4, 2019

  2. Feedback on Proposed Charge Increase The feedback was grouped into the following themes: Theme 1 – Ensure smallprojects aren’t disadvantaged by the increased charges Theme 2 – Ensure increased charges are justifiable, particularly with regard to assessing both LIHTC and Gap funding reservations charges Theme 3 – Adjustments to application charges October 4, 2019

  3. Modifications to Proposed Charge Increase In response to Themes 1 and 3: • The proposed application charge for 9% LIHTC was reduced from $5,000 to $3,500 • OHCS NOFA scoring will scale subsidy/unit based on project size, ensuring small projects aren’t disadvantaged by the increased charges as a result of competing against large projects October 4, 2019

  4. Modifications to Proposed Charge Increase In response to Theme 2: • OHCS will not assess a reservation charge when Gap funding is paired with a 9% LIHTC award, but will assess the reservation charge, as proposed, in all other situations • The reservation charge will be due upon project closing rather than funding award October 4, 2019

  5. Motion for Approval Approve the changes in administrative charges with an effective date of January 1, 2020 October 4, 2019

More Related