OHCS Incorporates Changes in 2011 CFC

For the upcoming Consolidated Funding Cycle (CFC), developers must navigate a host of changes recently announced by OHCS, including increased fees. Sponsors must now solicit third-party construction inspections and submit reports to OHCS, for which the State Housing Council may approve an additional $2,200 fee to the applicant in order to cover the cost of departmental review. Green building activities that previously resulted in applicants earning points are now required for funding. To go along with the 30-year renovation standard introduced in the 2010 CFC, sponsors must now submit a 30-year replacement reserve schedule, with projections incorporated into the pro forma and budgets. Click here for a list of CFC changes and here for more details.

While applications are due April 15, applicants must schedule an evaluation team review with their Regional Advisor to the Department by February 4 and meet subsequent documentation deadlines thereafter. Though overall funds are down from the last CFC, OHCS remains committed to setting aside 50% for Preservation projects, in addition to $1.7 million in dedicated funds available in this CFC.

— Posted on 1/19/2011