June 20, 2024

The Ohio Housing Finance Agency’s (OHFA's) Annual HOME/NHTF Rent and Occupancy Report Is Due July 1, 2024!

The deadline is fast approaching to submit OHFA's HOME/NHTF Rent and Occupancy Report. Owners/Management agents of projects with HOME and/or NHTF-assisted units are required to submit this report 30 days after the effective date of the new HOME/NHTF published income limits or by July 1, 2024. The new limits are found here. Submit the HOME/NHTF Rent and Occupancy Report and required information to HOMERA@ohiohome.org. 

Ownership/Property Management Company Changes — Know the Requirements!

Throughout the operational life of a property, owners may decide to sell their interests or change property management companies. Owners are required to notify OHFA of any material changes to their projects, which include transfer of the ownership and/or the property management company 30 days prior to the proposed change. A new ownership and/or property management company can substantially affect tenant success, financial performance, and physical conditions at OHFA-funded projects over time. Therefore, OHFA’s Asset Management Office carefully processes (and approves) these requests to review the capacity and performance of a new ownership entity or management company. Review OHFA’s Management Change Policy and Ownership Transfer Policy. Failure to notify OHFA of a project material change may place an Owner on OHFA’s Good Partner Exception List. 

NSPIRE Alert! HUD Clarifies Smoke Detector Standard

On June 11, 2024, HUD’s Real Estate Assessment Center (REAC) Office clarified two specific elements of the Smoke Alarm standard – namely issues related to the distance of smoke alarms from kitchen stoves and areas where drafts may interfere with the alarm’s operation. Both were previously indicated as enforceable and should have been interpreted as recommendations. 

Two specific elements were clarified as follows:

1. Smoke alarms should be installed at least 10 feet from a cooking appliance.
2. Smoke alarms should not be installed near windows, doors, or ducts where drafts might interfere with their operation. 

Both of these elements in the Smoke Alarms standard were previously indicated by HUD/REAC to be enforceable requirements, and should have been interpreted as recommendations – not requirements. HUD used the word "should" instead of "must" or "shall," which was intended to indicate that these two elements are not enforceable and were included as best practices based upon NFPA codes. In short, these two elements of the smoke alarm standard should not be cited as a deficiency.

How to Treat Crowdfunding Accounts Under HOTMA. Is It Income or Assets?

Accounts, such as Fundly, Donately, or GoFundMe, allow friends, family, and strangers to contribute to a person’s fund. As we are now in the HOTMA era, should Owners/Management agents treat these types of accounts as income, assets, or both for applicants and tenants of affordable housing projects? Check out Costello Compliance's article on the subject for the answer.

Important HOTMA Resources

This is a reminder to take advantage of the HOTMA resources OHFA has published. These resources will help you to stay HOTMA compliant!

• OHFA in conjunction with Costello Compliance has developed a new resource for our partners. The Affordable Housing Program Resource Manual is a multiple programs guide that provides a side-by-side summary of specific housing provisions with HOTMA updates. 

• A HOTMA Changes Crosswalk is available to help industry partners navigate specific HOTMA changes. Click here for a downloadable version. 

• An easy-to-follow asset income decision chart* will help you understand when to impute assets and what annual income includes.

*Used by permission of US Housing Consultants

• Other HOTMA Resources

Stay Informed! 

Subscribe to OHFA’s email distribution list, which allows you to receive important notifications concerning regulatory and policy changes, development updates, and much more. Please forward the subscription link to all your staff who may benefit from this type of information.