175-7-01 Definitions for the Downpayment Assistance Grant Program.

As used in Rules 175-7-01 to 175-7-02 of the Administrative Code:

(A) “Agency” means Ohio Housing Finance Agency.

(B) “AMGI” means area median gross income, as determined annually by the United States department of housing and urban development.

(C) “DAG” means the OHFA downpayment assistance grant program.

(D) “FHA” means the federal housing administration.

(E) “First-time homebuyers program” means the agency’s first-time homebuyers program.

(F) “Liquid assets” means those assets that can be readily converted to cash within ten days and include such assets as checking and savings accounts, certificates of deposit, money market accounts, stocks, bonds, and profit sharing accounts which can be withdrawn without penalty.

(G) “Maximum sales price” means the maximum total sales price of the residential real property to be purchased, as published annually by the agency.

(H) “OHFA guidelines” means those guidelines which will be established annually by the agency to implement this program.

(I) “Single family mortgage loan program” means the agency’s first-time homebuyers program.

HISTORY: Eff 4-16-92 (Emer.); 6-26-92; 3-23-04

Rule promulgated under: RC 119.03

Rule authorized by: RC 175.02

Rule amplifies: RC 175.04, 175.05, 175.07

RC 119.032 Review Dates: 12/23/03, 3/23/09