Chapter 175-2 Financing Single Family Residential Housing

(A) Under division (B) of section 175.04 and section 175.05 of the Revised Code, the agency may issue its bonds or other obligations for the purpose of purchasing mortgage loans to provide single-family residential housing and to finance home improvement programs in Ohio.

(B) In order for the interest income derived from bonds or other obligations of the agency to be exempt from federal income taxation pursuant to the provisions of the Internal Revenue Code of 1954, as amended (the “code”), the agency must strictly comply with the requirements of the code. The terms and conditions of each issue of bonds or other obligations, sometimes called “guidelines,” as authorized by divisions (B) to (G) of section 175.05 of the Revised Code, become a part of the contract with the holders of the bonds or other obligations of the agency and consequently serve as the rules for the agency for each issue of bonds or other obligations.

(C) Such guidelines described in paragraph (B) of this rule shall be deemed to be the rules of the agency for any single-family residential housing program financed or assisted by the agency through the issuance of its bonds or other obligations, the interest income of which is exempt from federal income taxation.

HISTORY: Eff 5-31-86; 3-23-04

Rule promulgated under: RC 119.03

Rule authorized by: RC 175.02

Rule amplifies: RC 175.04, 175.05, 175.07, 175.08, 175.14

(A) If any applicant for a mortgage loan under division (H) of section 175.05 of the Revised Code has reason to believe that his application was denied unlawfully, he may appeal the action to the agency within thirty days after his application is denied. The applicant shall make an appeal by filing a notice of appeal with the agency. The notice of appeal shall set forth the name and address of the applicant, the name and address of the lending institution, the grounds upon which the applicant believes that his application was unlawfully denied, and such other information as the applicant deems material. A copy of the application shall be attached to the notice of appeal.

(B) Upon such an appeal, the agency shall issue an order, pursuant to an adjudication conducted in accordance with Chapter 119. of the Revised Code, affirming the denial of the application or ordering the lending institution to grant the application. Any party who is adversely affected by the issuance of an adjudication order under this paragraph may appeal to the court of common pleas of the county in which the application was made in accordance with section 119.12 of the Revised Code.

R.C. 119.032 review dates: 12/23/2003 and 12/23/2008

Promulgated Under: 119.03

Statutory Authority: 175.02

Rule Amplifies: 175.04

Prior Effective Dates: 5/31/1986