SECTION 330:30-4-4.2. Application evaluations

(a)   In evaluating whether to authorize the issuance of OHFA MF Bonds for the purpose of financing a Development, the Trustees may take into consideration certain criteria. These criteria will be outlined in the AP.

(b)   Applications may be disapproved at any stage of processing, for any of the following criteria, in addition to any other specific reason(s) which may be established by the Trustees during the review process.

(1)   The financing of such Development involves a risk to OHFA that its current or future financing ability or reputation in the credit markets may generally be adversely affected.

(2)   The financing of such Development is determined not to be cost-effective in terms of its proposed utilization of OHFA financing capacity and/or other financial resources.

(3)   Failure to submit any information required by this Chapter, the AP, any Resolution of the Trustees and/or OHFA advisors at any stage of processing.

(4)   Failure to demonstrate that the proposal is consistent with OHFA's public purposes and priorities.

(5)   Failure to demonstrate that the proposed financing is reasonable and appropriate for the Development and market conditions.

(6)   Failure to demonstrate that the Applicant and the other Development Team members have the good character, reputation, integrity, honesty, experience, resources and capacity to successfully execute the related financing plan and to properly manage the Development.

(7)   The information at the inducement stage varies materially from the information contained in the initial Application or the information filed at the financing stage varies materially from the information filed in the initial Application and/or the inducement stage.

(8)   Any condition for Closing has not been satisfied.

(c)   Any Applicant, Borrower, Owner, Developer or any Affiliates of, or principals may not be eligible to obtain OHFA financing if that Person has been, within the preceding seven (7) years:

(1)   The appointment of a Receiver; conviction on a felony criminal charge; or bankruptcy.

(2)   Suspended or expelled from membership in, or suspended or barred from association with a member of, any securities exchange or self-regulating association; or suspended, barred or had any license revoked by any federal or state agency or local governmental unit in regard to any federal or state statute, rule, regulation, executive or administrative order, or any local governmental ordinance, rule or regulation designed to protect consumers; or any federal or state agency or local governmental unit established to protect consumers against unlawful practices involving insurance, securities, commodities or commodity futures, real estate or any interest therein, franchises, business opportunities, consumer goods, benefits under any federal state or local governmental unit program; or other services offered by federal, state or local governmental units or by private entities.

(3)   Involved in uncured financing defaults, foreclosures for federal, State, or OHFA Programs, and/or placement on HUD's list of debarred contractors;

(4)   Events of material uncorrected noncompliance with any federal or State assisted housing programs in any jurisdiction;

(5)   Removed as a general partner or managing member;

(6)   Failure to comply with OHFA's requests for information or documentation on any Development funded or administered by OHFA.

(d)   No Applicant, Borrower, Development Team member or any third party shall have any recourse against OHFA or any of its Trustees, employees, representatives, attorneys, financial advisors or other consultants for any failure to approve.

[Source: Added at 33 Ok Reg 1549, eff 10-1-16]