Ohio Administrative Code › Title 122 - Development Services Agency › Division 128 - Data Center Tax Exemption › Chapter 122-4 - Restricted Bonds › Section 122-4-02 - Allocations of state ceiling to restricted bonds

Current through all regulations passed and filed through July 1, 2024
(A) Set-asides. The state ceiling is
				initially allocated as follows:
(1)
(a) For any year during which the Ohio
				housing finance agency may issue qualified mortgage bonds under section 143 of
				the Internal Revenue Code pursuant to that code and laws of the state in effect
				on the first day of such section, the lesser of three hundred million dollars
				or forty percent of the state ceiling is allocated to the Ohio housing finance
				agency for the issuance of bonds to provide additional moneys for acquisition
				of mortgage loans for single family residential housing under Chapter 175. of
				the Revised Code or for mortgage credit certificates to be issued in lieu of
				such bonds under section 25 of the Internal Revenue Code.
				 The Ohio housing finance agency may, by writing signed by
				its chairman or executive director and delivered to the director, release, at
				one or more times, an amount of the allocation made by this paragraph, which
				amount shall be added to the allocation made to the director pursuant to
				paragraph (A)(6) of this rule.
(b)
				At the end of any year, the remaining portion, determined as set forth in the
				next following sentence, of the state ceiling set-aside by paragraph (A)(1)(a)
				of this rule which was not released as provided in paragraph (A)(1)(a) of this
				rule and was not otherwise used by the Ohio housing finance agency in that year
				shall be available to the Ohio housing finance agency for its single family
				housing program through a carryforward election under section 146(f) of the
				Internal Revenue Code upon filing with the director of a notice of intent for
				carryforward 
											by five p.m. on January twentieth of the next subsequent year pursuant
				to which the director shall issue a confirmation if and to the extent that,
				under the federal laws in effect at the time of issuing such confirmation, the
				Ohio housing finance agency may effectively use that portion of the state
				ceiling thereafter. For this purpose, the remaining portion of the set-aside
				not otherwise used during that year is the unreleased portion of that set-aside
				for which bonds were not issued or an election to convert was not made on or
				before the thirty-first day of December of such year (for which purpose section
				1.14 of the Revised Code shall
				not apply). Any amount of such remaining set-aside for the year which the Ohio
				housing finance agency does not include in a notice of intent for carryforward
				filed with the director 
											by five p.m. on January twentieth of the next subsequent
				year (or which, although included in such a notice of intent for
				carryforward, may not effectively be used by the Ohio housing finance agency
				after December thirty-first of that year) is reallocated to the director for
				purposes of any other carryforwards under rule
				122-4-05
				of the Administrative Code.