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Affordable Rental Housing Program and Compliance – Administrative Charges

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. Feedback on Proposed Charge Increase.

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Affordable Rental Housing Program and Compliance – Administrative Charges

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  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

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