Ohio Admin. Code 122-4-02 - Allocations of state ceiling to restricted bonds
(A) Set-asides. The state ceiling is
initially allocated as follows:
(1)
(a) For any year during which the Ohio
housing finance agency may issue qualified mortgage bonds under section 143 of
the Internal Revenue Code pursuant to that code and laws of the state in effect
on the first day of such section, the lesser of three hundred million dollars
or forty percent of the state ceiling is allocated to the Ohio housing finance
agency for the issuance of bonds to provide additional moneys for acquisition
of mortgage loans for single family residential housing under Chapter 175. of
the Revised Code or for mortgage credit certificates to be issued in lieu of
such bonds under section 25 of the Internal Revenue Code.
The allocation to the Ohio housing finance agency
for such single family residential housing for any year shall be reduced by the
amount of the state ceiling for the previous year allocated to that agency for
such single family residential housing pursuant to a carryforward confirmation
under rule
122-4-05
of the Administrative Code (but there will be no such reduction by reason of a
carryforward of any amount carried forward pursuant to paragraph (A)(1)(b) of
this rule). The Ohio housing finance agency may, by writing signed by
its chairman or executive director and delivered to the director, release, at
one or more times, an amount of the allocation made by this paragraph, which
amount shall be added to the allocation made to the director pursuant to
paragraph (A)(6) of this rule.
(b)
At the end of any year, the remaining portion, determined as set forth in the
next following sentence, of the state ceiling set-aside by paragraph (A)(1)(a)
of this rule which was not released as provided in paragraph (A)(1)(a) of this
rule and was not otherwise used by the Ohio housing finance agency in that year
shall be available to the Ohio housing finance agency for its single family
housing program through a carryforward election under section 146(f) of the
Internal Revenue Code upon filing with the director of a notice of intent for
carryforward prior to
by five p.m. on the
thirty-first day of December of that year
January twentieth of the next subsequent year pursuant
to which the director shall issue a confirmation if and to the extent that,
under the federal laws in effect at the time of issuing such confirmation, the
Ohio housing finance agency may effectively use that portion of the state
ceiling thereafter. For this purpose, the remaining portion of the set-aside
not otherwise used during that year is the unreleased portion of that set-aside
for which bonds were not issued or an election to convert was not made on or
before the thirty-first day of December of such year (for which purpose section
1.14 of the Revised Code shall
not apply). Any amount of such remaining set-aside for the year which the Ohio
housing finance agency does not include in a notice of intent for carryforward
filed with the director prior to
by five p.m. on the
thirty-first day of December in the year in which the set-aside allocation was
made
January twentieth of the next subsequent
year (or which, although included in such a notice of intent for
carryforward, may not effectively be used by the Ohio housing finance agency
after December thirty-first of that year) is reallocated to the director for
purposes of any other carryforwards under rule
122-4-05
of the Administrative Code.
(2) The lesser of one hundred twenty million
dollars or fifteen percent of the state ceiling is allocated for the issuance
of restricted bonds to provide multi-family rental housing projects that at all
times during the qualified project period fifty percent or more of the
residential units will be rent-restricted and occupied by individuals whose
income is sixty percent or less of the area median gross income. For purposes
of this paragraph, "qualified project period," "income of individuals" and
"area median gross income" shall have the meaning ascribed to such terms in
section 142 of the Internal Revenue Code, and "rent-restricted," and "occupied
by" shall have the meaning ascribed to such terms in section 42 of the Internal
Revenue Code.
(3) The lesser of one
hundred million dollars or ten percent of the state ceiling is allocated for
the issuance of restricted bonds for the issuance of qualified small issue
bonds.
(4) The lesser of one
hundred twenty million dollars or ten percent of the state ceiling is allocated
for the issuance of student loan bonds.
(5) The lesser of one hundred million dollars
or ten percent of the state ceiling is allocated for the issuance of exempt
facility bonds.
(6) The amount of
the state ceiling remaining after the allocations provided in paragraphs (A)(1)
to (A)(5) of this rule is allocated to the director for the purpose of issuing
confirmations for restricted bonds for any purpose or for the purpose of
carryforwards under rule
122-4-05
of the Administrative Code. The director's issuance of confirmations for the
issuance of restricted bonds pursuant to this paragraph shall be based upon the
relative needs for the issuance of the types of restricted bonds and the
interests of the state, taking into account the factors set forth in section
133.021 of the Revised Code, and
may be based on notices of intent or requests for volume cap received at any
time suitable to the director. The director's confirmations for the issuance of
restricted bonds pursuant to this paragraph are not subject to
review.
(B)
Reallocations. Amounts of the allocations made in paragraphs (A)(2) to (A)(6)
of this rule may be transferred, and any amounts transferred to such
allocations under this chapter may be retransferred, by the director, upon
guidance from the select committee, from one category to any other category of
allocation. Any transfer made under this paragraph shall: be evidenced by
written order of the director, be based on the relative needs for allocations
among the categories of allocations, give consideration to the factors set
forth in section 133.021 of the Revised Code, and
be made with the objective of maximizing utilization of the state ceiling. Such
transfers are not subject to review.
(C) Reallocation upon year-end termination of
set-asides and allocation. At eleven fifty-nine p.m.
on December thirty-first of each year, the
The amounts of all set-asides and allocations of the
current year state ceiling under paragraphs (A)(2), (A)(3), (A) (4) and (A)(5)
of this rule that have not been used under effective confirmations by the
issuance of bonds prior to eleven fifty-nine p.m. on
December thirty-first of each year (for which purpose section
1.14 of the Revised Code is not
applicable) and the filing of a notice of issuance on or before
five p.m. on January fifteenth of the next
succeeding year, are reallocated to the director for the purpose of
carryforwards under rule
122-4-05
of the Administrative Code.
(D)
Confirmations necessary. Notwithstanding any of the foregoing provisions of
this rule, restricted bonds shall have an allocation of the state ceiling only
by the obtaining and maintaining of a confirmation pursuant to this chapter,
provided that with respect to a confirmation from the set-asides of state
ceiling provided in paragraphs (A) (1) and (A)(6) of this rule, there shall be
no time limit (other than the issuance and filing dates referred to in or
pursuant to paragraph (E) or (F) of rule
122-4-03
of the Administrative Code) for the issuance of the bonds pursuant to such
confirmation or for the filing of a notice of issuance thereof in order to
continue the effectiveness of a confirmation for such bonds, and paragraph (B)
of rule
122-4-03
of the Administrative Code is not applicable to those bonds. (Any confirmation
of a notice of intent filed by the Ohio housing finance agency pertaining to
bonds which allocate state ceiling other than from the set-aside under
paragraph (A)(1) of this rule shall be subject to all of the provisions of
paragraphs (A) and (B) of rule
122-4-03
of the Administrative Code.) Confirmations will be issued only pursuant to a
notice of intent received by the director before the issuance of the bonds (or
before the election to issue mortgage credit certificates in lieu of bonds,
other than an election made against an amount previously carried forward for
bonds), and no confirmation will be issued solely upon a notice of issuance or
after issuance of the bonds or after an election to issue mortgage credit
certificates is filed with the internal revenue service.
(E) The amount of the set-aside provided in
paragraphs (A)(2), (A)(3), and (A)(5) of this rule shall be further allocated
to all issuers, whether at the state, district or local level, for the purpose
of that set-aside pursuant to a selection, as follows:
(1) Notices of intent for the set-aside
provided in paragraphs (A)(2), (A)(3) and (A)(5) of this rule for eligible
projects shall be reviewed by the director and evaluated against project
criteria established by the director for multi-family rental housing projects,
qualified small issue projects, and exempt facility projects, respectively. The
project criteria shall reflect those factors which, in the judgment of the
director, are characteristic of eligible projects that serve the best interests
of the state and enhance the economic welfare of the people of the state.
Following receipt of a notice of intent, the director may request such
additional information regarding such notice of intent as the director
determines necessary or useful to evaluate the notice of intent against the
applicable project criteria.
(2)
Notices of intent for the set-aside provided in paragraphs (A)(2), (A)(3) and
(A)(5) of this rule shall be filed with the director not later than the first business day of February, May, and
July each year to be considered for confirmations to be issued by the director
in February, May and July of such year, respectively
to be considered for confirmations to be issued by the
direct in such year and by such dates and pursuant to such processes as are
deemed appropriate by the director . The amount of the set-aside provided
in paragraphs (A)(2), (A)(3) and (A)(5) of this rule shall be available for
allocation as follows: up to thirty per cent for
confirmations to be issued in February; up to thirty per cent for confirmations
to be issued in May; and up to forty per cent for confirmations to be issued in
July
the director determines .
(3) Confirmations for the set-asides of state
ceiling provided in paragraphs (A)(2), (A)(3) and (A)(5) of this rule will be
issued by the director on or before the last
business day of February, May, and July
such
dates in each year as are deemed appropriate by
the director in the director's discretion in respect of notices of intent
filed with the director as provided in paragraph (E)(2) of this rule. If the
aggregate amount of requests for allocation of state ceiling from a particular
set-aside provided in paragraph (A)(2), (A)(3) or (A)(5) of this rule is less
than the amount of state ceiling then available for allocation from such
set-aside, the director shall issue confirmations in respect of all such
notices of intent filed with the director for allocations of state ceiling as
requested. If the aggregate amount of requests for allocation of state ceiling
from a particular set-aside provided in paragraph (A)(2), (A)(3) or (A)(5) of
this rule is more than the amount of the state ceiling then available for
allocation from such set-aside, the director shall evaluate each eligible
project for which an allocation of state ceiling has been requested based on
the applicable project criteria and issue confirmations according to the
director's ranking of such eligible projects up to the amount of state ceiling
then available for allocation from the particular set-aside.
If the aggregate amount of confirmations issued by
the director in February of any year for the set-aside provided in paragraphs
(A) (2), (A)(3) and (A)(5) of this rule is less than thirty per cent of the
set-aside provided in paragraphs (A)(2), (A)(3) and (A)(5) of this rule,
respectively, the difference between the aggregate amount of confirmations
issued in February for each such set-aside and thirty per cent of the set-aside
amounts provided in paragraphs (A)(2), (A)(3) and (A)(5) of this rule shall be
added automatically to the allocation made to the director pursuant to
paragraph (A)(6) of this rule. If the aggregate amount of confirmations issued
by the director in May of any year for the set-aside provided in paragraphs
(A)(2), (A)(3) and (A)(5) of this rule is less than thirty percent of the
set-aside provided in paragraphs (A)(2), (A)(3) and (A)(5) of this rule,
respectively, the difference between the aggregate amount of confirmations
issued in May for each such set-aside and thirty percent of the set-aside
amounts provided paragraphs (A)(2), (A)(3) and (A)(5) of this rule shall be
added automatically to the allocation made to the director pursuant to
paragraph (A)(6) of this rule. If the aggregate amount of confirmations issued
by the director in July of any year for the set-aside provided in paragraphs
(A)(2), (A)(3) and (A)(5) of this rule is less than forty percent of the
set-aside provided in paragraphs (A)(2), (A)(3) and (A)(5), respectively, the
difference between the aggregate amount of confirmations issued in July and
forty per cent of the set-aside amounts provided in paragraphs (A)(2), (A)(3)
and (A)(5) of this rule shall be added automatically to the allocation made to
the director pursuant to paragraph (A)(6) of this rule
Any
amounts of the set asides in paragraph (A)(2), (A)(3) or (A)(5) of this rule,
respectively, for which the director has not issued a confirmation on or before
the last business day of July each year will be added automatically to the
allocation made to the director pursuant to paragraph (A)(6) of this
rule .
(4) Any notice of
intent for the set-aside provided in paragraphs (A)(2), (A)(3) and (A)(5) of
this rule for which a confirmation is not issued by the director shall be held
by the director for reconsideration in the next
subsequent round of allocations for the set-aside provided in paragraphs
(A)(2), (A)(3) and (A)(5) of this rule, respectively, if the director
receives a written request for reconsideration no
later than the fifteenth day of March for a notice of intent considered by the
director for confirmations issued in February or by the fifteenth day of June
for a notice of intent considered by the director for confirmations issued in
May.
(5) To the extent
that the amount of any confirmation provided pursuant to paragraph (E) of this
rule, in whole or in part, expires or otherwise ceases to be effective, the
amount of such confirmation shall be added automatically at the time the
confirmation expires or otherwise ceases to be effective to the allocation made
to the director pursuant to paragraph (A)(6) of this rule.
(F) Confirmations for student loan bonds. The
amount of the set-aside provided in paragraph (A)(4) of this rule shall be
allocated to all state issuers on a first come, first served basis pursuant to,
and in the order and amounts of, the filing of notices of intent in the
applicable year pertinent to that set-aside.
(G) Limitations on confirmations.
(1) The maximum confirmation the director may
issue for a notice of intent filed pursuant to paragraphs (A)(3) and (A)(5) of
this rule is the lesser of twenty-five million
dollars or the maximum amount permitted by applicable federal law for
a qualified small issue bond or exempt facility bond.
(2) The director shall not issue a
confirmation for a notice of intent filed pursuant to paragraph (A)(2) of this
rule for any project that is part of, or otherwise related to, a project for
which a previous confirmation has been issued for a notice of intent filed
pursuant to paragraph (E) of this rule in the same year; provided, however, this paragraph will not apply to any
project that experienced substantial increases in project costs and requires
additional allocations of state ceiling to preserve an allocation of low income
housing tax credits, as determined by the director in the director's sole
discretion .
(3) All
confirmations issued for the set-asides of state ceiling provided in paragraphs
(A) (1), (A)(2), (A)(3), (A)(4), (A)(5) and (A)(6) of this rule will expire on
December thirty-first of that calendar year, subject, however, to the issuance
of carryforward confirmations as set forth in rule
122-4-05
of the Administrative Code.
Notes
Promulgated Under: 119.03
Statutory Authority: 133.021(E)
Rule Amplifies: 133.021
Prior Effective Dates: 10/23/1991 (Emer.), 01/26/1992, 01/19/1998 (Emer.), 04/15/1998 (Emer.), 07/09/1998, 03/22/1999, 04/09/2001, 12/17/2001, 12/31/2002, 12/15/2006, 12/27/2007
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