175-2-01 Preliminary program rules for 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