175-9-02 The multifamily bond program approval process.

(A) A sponsor shall submit, on a form provided by the agency, an application for preliminary approval and final approval of multifamily bonds:

(B) Applications that meet all minimum criteria as defined in this chapter and in agency guidelines shall be presented to the agency or committee of the agency. Approval of preliminary inducement and final approval to issue, shall be made by the agency.

(C) The agency may charge fees for application, processing, extensions, closings, and other fees deemed reasonable by the agency.

(D) PRELIMINARY APPROVAL

(1) Inducement documents are to be submitted to the agency and to the agency’s legal counsel prior to the established deadline. Following review, the proposal shall be considered for preliminary approval. An inducement resolution shall be provided by bond counsel to the agency prior to the established deadline and is subject to review prior to approval by the agency.

(2) Inducement resolutions adopted by the agency are to remain in full force and effect for a period of two years unless extended by the agency.

(E) FINAL APPROVAL

(1) The sponsor or private developer shall hold a public hearing to solicit and receive comments before final approval of the bonds by the agency. The public hearing shall be held in the county in which the project will be located. Notice of the public hearing shall be published in a newspaper of general circulation in each county in which the project will be located. The sponsor or private developer shall notify all of the following:

(a) The mayor and members of the elected legislative body in which the project is located and that is within one-half mile of the project’s boundaries;

(b) The members of the board of township trustees of any township in which the project is located and that is within one-half mile of the project’s boundaries;

(c) The members of the board of county commissioners of any county in which the project is located and that is within one-half mile of the project’s boundaries.

(2) The agency board, after hearing the staff’s recommendations and any public comments during the public hearing, shall vote on whether to approve the issuance of the bonds. Six affirmative votes are required for approval.

HISTORY: Eff 3-19-98; 2-23-04

Rule promulgated under: RC 119.03

Rule authorized by: RC 175.02

Rule amplifies: RC 175.06, 175.04

RC 119.032 Review Dates: 3/19/03, 3/23/09