The only official version of the Multifamily Bond Program Rules 
is published as part of the Oklahoma Administrative Code and only 
available through the Office of Administrative Rules.

CHAPTER 30. RESIDENTIAL RENTAL MULTIFAMILY BOND PROGRAM RULES

SUBCHAPTER 2. GENERAL PROVISIONS

330:30-2-1. Purpose
(a) The rules of this Chapter have been adopted for the purpose of complying with the provisions of the Administrative Procedures Act, 75 O.S., Section 250 et seq. This Chapter shall be applicable to OHFA programs, transactions and activities relating to the financing of residential multifamily rental projects with tax exempt debt and/or taxable debt.
(b) The Trustees reserve the right to adopt, from time-to-time, priorities for financing of multifamily projects pursuant to this Chapter, and to establish additional criteria for evaluating proposed Projects and Borrowers in regard to such priorities. Any such priorities and/or criteria shall be provided to each party inquiring about OHFA financing pursuant to this Chapter and will be posted on the website of OHFA.

330:30-2-2. Definitions
Masculine words, whenever used in this Chapter, shall include the feminine and neuter, and the singular includes the plural, unless otherwise specified. The following words or terms, when used in this Chapter shall have the following meaning, unless the context clearly indicates otherwise.
     "Affiliates", "Affiliate of", or "Person affiliated with" means any Person that directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with the Person specified.
     "Applicant" means the Person and each Affiliate of such Person, filing an Application with OHFA seeking financing under this Chapter.
     "Application" means the application, in the form which OHFA may prescribe, from time to time at any of the processing stages set forth in this Chapter, including all exhibits and other materials filed in support hereof, or in connection with, financing under this Chapter.
     "Bond Indenture" or "Bond Trust Indenture" means the indenture of trust or other contract pursuant to which OHFA issues bonds or other forms of indebtedness to secure proceeds with which to finance the Project loan to be financed by OHFA pursuant to this Chapter.
     "Borrower" means the Person holding title to the Project and that is financially responsible to OHFA for repayment of the related mortgage loan secured by the Property.
     "Closing" means the execution and delivery of the OHFA bonds and the loan documents pursuant to, and in accordance with, the Final Resolution of the OHFA Trustees .
     "Code" means the United States Internal Revenue Code of 1986, as amended and supplemented, and any rules or regulations promulgated or adopted thereunder.
     "Conditional Commitment Resolution" means the Resolution duly approved and adopted by the Trustees authorizing the issuance of debt obligations to provide financing for a Project and establishing any conditions or requirements precedent to such issuance. This Resolution may be combined with the Final Resolution.
     "Control (of Project, Borrower, Owner or Sponsor)" (including the terms "Controlling", "Controlled by", and "under common Control with") means the possession, direct or indirect, or the power to direct or cause the direction of the management and policies of any other Person, whether through ownership, contract, agreement, understanding, designation, office or position held in or with the other Person or in or with any other Person, or by coercion, or otherwise. Control shall be presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing five percent (5%) in such other Person.
     “Development Team” means the Applicant, Borrower, Sponsor and developer, and the Affiliates and principals of each, and the Project architect, general contractor, appraiser and market analyst and property manager.
     “Final Resolution” or "Financing Resolution" means the final Resolution duly approved and adopted by the Trustees approving a Project and its financing by OHFA, which resolution may be combined with or represented by any other resolution pertaining to the Project and its financing by OHFA, except the Inducement Resolution.
     "Governmental Unit" means the State of Oklahoma or any department, agency, division or branch thereof, including counties, cities and towns, and public corporations, redevelopment agencies and housing development corporations, and public trusts having as their beneficiary the State of Oklahoma or any county, city or town within the State of Oklahoma, and the United States government and any department, division, agency or branch of the federal government and including special governmental corporations .
     “HUD” means the United States Department of Housing and Urban Development.
     "Inducement Resolution" means the initial resolution adopted by the OHFA Trustees pertaining to a specific Project which must be approved and adopted by the OHFA Trustees at a separate meeting not less than thirty days prior to the adoption of the Final Resolution.
     "Loan Documents" means and includes the loan agreement, mortgage, mortgage note, security agreements, UCC financing statements, guaranty(ies), letters of credit, pledges, title insurance policy or title opinion and the Regulatory Agreement.
     "OHFA" means Oklahoma Housing Finance Agency.
     "Owner" means the Borrower.
     "Person" means an individual, corporation, partnership, association, joint stock company, trust, unincorporated organization, or any other legally recognized entity (or any combination of the foregoing acting in concert).
     "Priorities" means the general goals and objectives of OHFA established from time to time by the Trustees to use as criteria in evaluating and/or ranking proposed Projects .
     "Project" means a residential rental Project to be funded by OHFA pursuant to this Chapter, generally made up of a building or structure containing one or more similarly constructed units not used on a transient basis together with any functionally related and subordinate facilities.
     "Regulatory Agreement" means an agreement of the Owner(s) of the Project and Project Site for the benefit of OHFA and other interested parties whereby the Project and Project Site are restricted as to the use thereof for housing lower income families, which restrictions are imposed for a time certain regardless of change of ownership of the Project and Project Site and are deemed to be "covenants running with the land" under Oklahoma law.
     “Resolution” means the formal action duly taken, approved and adopted by the Trustees.
     "Sponsor" means the person, persons, group, association, or other entity, regardless of description, which prepares and submits the Application for the Project on behalf of the Applicant.
     “Staff” means the Staff of OHFA.
     “State” means the State of Oklahoma.
     "Trustee Bank" means the bank selected by OHFA to act as trustee under the Bond Indenture executed by OHFA in connection with OHFA's financing of a Project pursuant to this Chapter.
     "Trustees" means the Board of Trustees of OHFA.

330:30-2-3. Owners of Project; Borrowers. [REVOKED]

330:30-2-3.1. Trustee evaluations
(a) In evaluating whether to authorize the issuance of OHFA debt obligations for the purpose of financing a Project, the Trustees shall take into consideration all of the criteria for disapproval set out in 330:30-2-4.1 and the following:
     (1) The extent to which there exists a documented need for rental or cooperative housing units affordable by moderate, low or very low income residents or by individuals having special needs within the primary market area to be served by the proposed Project.
     (2) The extent to which the proposed Project is expected to meet or satisfy the need for such housing;
     (3) Whether there is any material negative impact upon the community in the general area of the Project.
     (4) The availability of suitable credit enhancement to increase the security or creditworthiness of the proposed OHFA debt obligations;
     (5) The proposed method of sale or placement of the OHFA debt obligations and the institutional or retail (private individual) nature of the expected purchaser(s);
     (6) The amount of OHFA debt financing relative to total Project development cost;
     (7) The underwriting criteria applied by the credit enhancer or the proposed purchaser of the debt obligations; and
     (8) Such other criteria as the Trustees, in their discretion, deem appropriate to further effectuate the public purpose objectives of OHFA and/or to better ensure the credit quality of OHFA debt obligations.
(b) The Trustees have complete and absolute discretion to disapprove or fail to approve the issuance of any debt obligation for the financing of any proposed Project. No Sponsor, Applicant, Borrower, Development Team member or any third party shall have any recourse against OHFA or any of its Trustee, employees, representatives, attorneys, financial advisors or other consultants for any such disapproval or failure to approve.

330:30-2-4. Loan purposes, terms and requirements [REVOKED]

330:30-2-4.1. Criteria for Application and/or Applicant disapproval
(a) Applications may be disapproved at any stage of processing, for any of the following reasons, in addition to any other specific reason(s) which may be established by the Trustees during the review process:
     (1) At the discretion of the OHFA Trustees;
     (2) The financing of such Project involves a risk to OHFA that its current or future financing ability or reputation in the credit markets may generally be adversely affected;
     (3) The financing of such Project is determined not to be cost-effective in terms of its proposed utilization of OHFA financing capacity and/or other financial resources;
     (4) Failure to cooperate with Staff or to submit any information required by this Chapter, any Resolution of the Trustees or by Staff and/or OHFA advisors at any stage of processing;
     (5) Failure to adequately demonstrate, to OHFA's satisfaction, in its discretion, the need for additional housing in the related market;
     (6) Failure to adequately demonstrate, to OHFA's satisfaction, in its discretion, that the proposal is consistent with OHFA's public purposes and priorities;
     (7) Failure to adequately demonstrate, to OHFA's satisfaction, in its discretion, that the proposed financing plan is reasonable and appropriate for the Project and market conditions;
     (8) Failure to adequately demonstrate, to OHFA's satisfaction, in its discretion, 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 development plan and to properly manage the Project;
     (9) The information filed at the inducement stage varies materially from the information contained in the initial Application;
     (10) The information filed at the conditional commitment and/or financing stage varies materially from the information filed in the initial Application and/or the inducement stage; or
     (11) Any condition for Closing has not been satisfied.
(b) Any Applicant, Sponsor, developer or any other Development Team members or any of their Affiliates or principals or any person that has been or will be paid directly or indirectly remuneration for obtaining, or from the proceeds of, financing by OHFA of the Project, shall not be eligible to obtain OHFA financing hereunder if that Person has been, within the preceding seven (7) years:
     (1) convicted of any felony, crime or offense; or
     (2) subject to any administrative order or judgment; or
     (3) 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.
     (4) have been involved in uncured financing defaults, foreclosures, or have been placed on HUD's list of debarred contractors;
     (5) have uncorrected or repeated instances of nonperformance or non-compliance under any federally or state assisted housing programs in any jurisdiction; or
     (6) have had a receiver appointed for any multifamily residential rental housing project in which the Development Team member was a Sponsor, Owner or developer; or
     (7) have been removed as a General Partner of a owner of multifamily residential rental housing.

330:30-2-5. Eligible projects [REVOKED]

330:30-2-5.1. Owners of Project; Borrowers
(a) Eligible Borrowers may include, among others, one or more of the following:
     (1) one or more individuals;
     (2) a business corporation;
     (3) a limited liability corporation;
     (4) a general or limited partnership;
     (5) a public or private trust;
     (6) a Governmental Unit or agency or other entity controlled by a Governmental Unit;
     (7) a charitable organization, the operations of which are exempt from federal income tax under Section 501(c)(3) or 501(c)(4) of the Code; or
     (8) a cooperative housing corporation, the shareholders of which are required to be residents of the Project owned by the cooperative and meet the requirements of Section 103(K)(9) of the Code and these Rules.
(b) Each Borrower must meet all of the requirements set forth in (1) through (4) of this subsection:
     (1) If the Borrower is a business entity, the entity must be in good standing and be qualified to do business in Oklahoma under Oklahoma laws and these Rules.
     (2) The Borrower must have all necessary legal and corporate authorizations to incur the obligations relating to the loan requested.
     (3) The Borrower must demonstrate creditworthiness and repayment ability acceptable to OHFA.
     (4) The Borrower must demonstrate, in a manner acceptable to OHFA, that it is capable of and can reasonably be expected to achieve successful completion of its proposed Project.

330:30-2-6. Certifications [REVOKED]

330:30-2-6.1. Financing purposes, terms and requirements
(a) OHFA may finance Projects through construction and/or permanent mortgage loans.
(b) OHFA may participate with other institutions in the making of loans to finance Projects under this Chapter.
(c) Before closing a construction loan for a Project for which OHFA will not provide 100% of the permanent financing, the Borrower must provide evidence of a permanent loan commitment from a lender approved by OHFA on terms satisfactory to OHFA.
(d) Subject to any limitations imposed by the Code for Projects for which any tax exempt financing is sought, OHFA financing may include all reasonable and approved development and project costs.
(e) OHFA may lend up to one hundred percent (100%) of the approved development and project costs of any Project, provided that the related financing plan demonstrates that of the Project is financially feasible and viable, and provided that such costs are not prohibited by any applicable law, rule or regulation.
(f) OHFA loans shall be subject to the following term limitations:
     (1) Loans for permanent financing of projects may be for terms up to (forty) 42 years, if supported by the financing plan and approved by the Trustees;
     (2) Construction loans may not exceed two (2) years unless a longer period shall be specifically approved by the Trustees due to extenuating circumstances.
(g) OHFA may (but is not required to) establish and charge an interest rate on construction and permanent loans such that interest on such loans, together with other reserves, fees and charges paid by OHFA, if any, shall be sufficient to cover the costs of issuance and interest that OHFA pays on the revenue notes, bonds, or other obligations issued to raise the funds for loans and the allowable expenses of OHFA, including general operating and administration expenses of OHFA over the term of the loan. Any funds or residual values remaining upon retirement of the OHFA debt obligation shall remain the sole and exclusive property of OHFA, unless such retention is prohibited by applicable laws, rules or regulations or as otherwise specifically provided for by mutual agreement of OHFA and the Borrower.
(h) OHFA shall prescribe the form and content of all Closing documents, including without limitation, the bond and loan documents, construction facility documents and the Regulatory Agreement. The Regulatory Agreement may, at the discretion of OHFA, limit the profit and rate of return on investment of a Borrower/Owner either directly or by control of rentals or limited income occupancy requirements imposed by applicable State or federal requirements. In the case of loans insured by the Federal Housing Administration, or other loans made under this program at the OHFA's discretion, certain regulatory provisions with respect to State occupancy requirements may appear in an unrecorded occupancy agreement.
(i) Loans may not be assumed or prepaid without the prior written consent of OHFA. All loan documents must contain a "due on sale" clause.
(j) Borrowers must pay or cause to be paid any servicing fees, loan insurance premiums, or late charges that OHFA or the credit enhancer may require and that are permitted by State law.
(k) OHFA may require the Borrower to periodically deposit with OHFA or its designated depository amounts to be applied toward the real estate taxes, hazard insurance premiums, mortgage insurance premiums, reserves for asset replacement and other expenses of the Project.
(l) OHFA may require a Borrower to fund, under the control of OHFA, by cash or by irrevocable letter of credit, a development contingency fund in an amount equal to a specified percentage of the mortgage loan amount to cover any deficiency in the construction or rehabilitation of the Project. Such fund shall be retained by OHFA for a period of time following the completion of construction or rehabilitation to cover operating deficiencies, repairs and cost increases or overruns, if any.
(m) OHFA may require the following instruments or guarantees, in addition to the Mortgage Loan Documents, to secure its construction/rehabilitation loans:
     (1) Such sureties or guarantees of the loan as may be determined necessary by OHFA;
     (2) Cash or an unconditional, irrevocable letter of credit from a financial institution approved by OHFA to meet working capital, operating deficit, development contingency funds and off- site improvement completion requirements;
     (3) Payment and performance bonds for all construction contracts each in an amount equal to one hundred percent (100%) of the contract price, or alternatively, cash or an irrevocable letter of credit equal to twenty five percent (25%) of the contract price. (For FHA-insured multi-family rental projects, compliance with FHA requirements for completion assurance normally will be acceptable to OHFA);
     (4) Guarantees of completion by the Owner(s), Borrower(s) and/or such other Persons as deemed by OHFA, in its discretion, to be credit worthy to make such Guarantees;
     (5) Escrows of syndication proceeds when deemed by OHFA, in its discretion, to be necessary or appropriate.
(n) For any Project to be financed by the issuance of Bonds, the interest on which is intended to be excluded from federal income tax under the Code, the Borrower shall be responsible to insure that all applicable requirements of the Code concerning the design, construction and operation of the Project, and the use of any proceeds of such Bonds, are and remain satisfied for the requisite period of time.

330:30-2-7. Credit enhancement requirements [REVOKED]

330:30-2-7.1. Insurance
The Borrower must comply with the following insurance requirements relating to a Project proposed to be financed by OHFA.
     (1) Multi-peril insurance. Both during and after construction the Borrower, at Borrower's expense, must maintain fire and extended coverage insurance upon the Project and/or other security, if appropriate, which includes such endorsements as OHFA may require, such as collapse, explosion, loss of rents and vandalism.
     (2) Liability insurance. The Borrower must maintain comprehensive general liability insurance with such endorsements as OHFA may require both during construction and upon occupancy of a Project.
     (3) Flood insurance. If the Project is located in a one hundred (100) year flood plain as designated by the United States Department of Housing and Urban Development (HUD), the Project must be covered by a flood plain insurance policy.
     (4) Title insurance. The Borrower must provide a standard American Land Title Association Loan Policy-1970, as amended, containing only standard exceptions and encumbrances approved by OHFA.
     (5) Other insurance. The Borrower must provide at construction loan closing such other Insurance, including builder's risk, boiler insurance, comprehensive automobile liability, and broad form worker's compensation as may be required by OHFA.
     (6) Terms and conditions. Each insurance policy must meet the following minimum requirements:
(A) Be written by companies licensed in Oklahoma and acceptable to OHFA;
(B) Be in force at the time of the construction loan closing;
(C) Name OHFA as loss payee and named insured mortgagee as its interest may appear in a standard mortgagee endorsement attached to or printed in the policy;
(D) Not be terminable without written notice to OHFA; and
(E) Contain terms, endorsements and coverage satisfactory to OHFA.

330:30-2-8. Income eligibility of residents [REVOKED]

330:30-2-8.1. Eligible Projects
(a) In order to qualify for bond financing, a proposed project must be multifamily (in excess of one unit) residential rental housing. At a minimum, the rental housing must contain cooking facilities, including a refrigerator and stove/microwave in good working order and bathing facilities. The Project must comply with all applicable federal, State and local laws. A Project may consist of detached housing, row houses, high-rises, or the residential portion of a mixed-use Project. Multiple buildings are part of the same Project only if such buildings:
     (1) have similarly constructed units,
     (2) are proximate, i.e., located on a single tract of land, defined to mean any parcel or parcels of land which are contiguous except for the interposition of a road, street, stream or similar property, and are owned by the same person and are financed pursuant to a common plan, i.e., the financing of all such buildings are provided by the same bond issue or several bond issues subject to a common Bond Indenture.
(b) The economic feasibility of the Project and the independent creditworthiness of the Borrower must demonstrate that the OHFA loan can be reasonably expected to be paid in full in accordance with its terms. In this regard the Borrower has the affirmative burden of demonstrating both the economic feasibility of the Project and the creditworthiness of the Borrower to the satisfaction of the OHFA Trustees prior to their approval of a Final Resolution.
(c) The Project has or will have, assuming reasonable maintenance and availability of an adequate asset replacement reserves on an on-going basis, a remaining useful life at least equal the term of the related OHFA debt applications.
(d) If a Project is funded in whole or in part by other State or federal programs (for example, HOME Investment Partnership Program, Internal Revenue Code Section 42 housing tax credits, State Housing Trust Fund) the Project must meet all requirements and qualifications of those programs.

330:30-2-9. Non-discrimination requirements [REVOKED]

330:30-2-9.1. Credit enhancement requirements
(a) Credit enhancement techniques or mechanisms include, but are not limited to:
     (1) mortgage insurance (including mortgage pool insurance or payment guarantees);
     (2) bond insurance;
     (3) collateral pledges;
     (4) surety or other third party guarantees;
     (5) letters of credit; or
     (6) combinations thereof.
(b) Credit enhancement techniques or mechanisms may be employed in connection with the issuance of debt by OHFA to achieve one or more of the following objectives, among others:
     (1) to obtain a rating from a nationally recognized bond rating service;
     (2) to secure a bond purchase commitment from a purchaser or investor;
     (3) to reduce the interest rate or total borrowing costs associated with the debt obligations; and
     (4) to provide for the purchase of the debt by a certain class or classes of investors.
(c) Credit enhancement may be provided:
     (1) upon issuance of debt obligations by OHFA, or
     (2) upon application or disbursement of the proceeds of the debt obligations, whether occurring in installments (as with construction-related draw downs) or in a lump sum (as upon completion of construction).
(d) The form and structure of credit enhancement utilized in connection with any OHFA debt obligation must be approved by formal action of the Trustees.
(e) All debt obligations of OHFA which are to be initially offered to the general public and/or which may be purchased in a transaction not exempt from registration under the securities laws, rules and regulations of the federal government or any state government in subsequent secondary market transactions must be credit enhanced in a manner acceptable to OHFA, in its complete discretion.
(f) All debt obligations of OHFA which are to be initially offered to the general public and/or which may be purchased by the general public in subsequent, secondary market transactions must be credit enhanced in a manner acceptable to OHFA or be rated by a nationally recognized rating agency as being investment grade without Credit Enhancement.
(g) OHFA may authorize the issuance of debt obligations which are not the subject of a Credit Enhancement commitment if the purchasers of such debt obligations are limited to one or more institutional investors who execute an investment letter in a form acceptable to OHFA and acknowledging each of the following (unless specifically exempted by OHFA from one or more of these required acknowledgments):
     (1) That such investor(s) understand and acknowledge the financial risks involved;
     (2) That such investor(s) have financial resources sufficient to enable them to assume the risks associated with the purchase of the debt obligations;
     (3) That such investor(s) agree to restrict the secondary market resale of such obligations to other institutional investors who will provide an investment letter meeting the requirements of this paragraph; and
     (4) That such investor(s) will accept delivery of the obligations containing a legend to such effect.

330:30-2-10. Income eligibility of residents
(a) OHFA shall establish limits on the annualized income of individuals, families or households that will constitute eligible residents, such limits shall take into consideration such factors as may be required by the Code and such additional factors as OHFA may in its complete discretion, deem to be relevant to a Project, which may include, but are not necessarily be limited to the following:
     (1) The availability, cost and condition of alternative housing within the market area of the Project site;
     (2) The economic feasibility of the Project;
     (3) The amount of total individual and family income available to meet housing needs in the market area of the Project site;
     (4) unsubsidized housing market in the market area of the Project site; and
     (5) Standards and definitions established for pertinent federal housing programs.
(b) OHFA may establish income eligibility limits on the basis of family or household size and/or may establish income eligibility limits for a particular Project which are more restrictive than those generally applicable to similar projects in the same region or market area, or more restrictive than the requirements imposed by federal statue or regulation.

330:30-2-11. Compliance with Applicable laws
(a) The Applicant and other members of the Development Team and the Affiliates of each, must comply with all applicable federal, state and local laws, rules, regulations and ordinances, including but not limited to, the applicable sections of the Internal Revenue Code and regulations, the Oklahoma Landlord Tenant Act, Titles VI and VII of the Civil Rights Act of 1964, as amended and Title VIII of the Civil Rights Act of 1968. No member of the Development Team or the Affiliates of each shall discriminate on the basis of race, creed, religion, national origin, ethnic background, age, sex, familial status, or disability or handicap in connection with the employment of any person associated with any member of the Development Team or in the construction, marketing or leasing of the Project.
(b) Any issuance of debt by OHFA is subject to compliance with all applicable state and federal laws and all rules and regulations promulgated thereunder and all local ordinances, rules and regulations applicable to the Project, its financing, or any portion or aspect thereof.
(c) The Applicant and all members of the Development Team and the Affiliates of each must be in compliance with, and good standing under, any OHFA program in which any may participate.

SUBCHAPTER 4. APPLICATION AND PROCESSING PROCEDURES
330:30-4-1. Processing stages [REVOKED]

330:30-4-1.1. Preliminary matters (Pre-application)
(a) Prior to submission of an application, it is advisable for the Applicant to schedule a meeting with OHFA's Executive Director or his designees to present a brief overview of the proposed Project. Any technical aspects of the Project or its proposed financing should be explained to the Staff of OHFA at this meeting. Staff should be advised of any anticipated difficulties or contingencies the Applicant expects.
(b) The Applicant should, prior to submission of an Application, assemble the Development Team. The Development Team should be identified for Staff at a pre-application conference.
(c) While Applications may be submitted at any time, it is essential to discuss any proposal with Staff to establish a timeline consistent with other transactions of OHFA. Applicants seeking an allocation of bond issuance authority under the State’s annual private activity bond volume cap must take into consideration the State's approval process for such allocations.
(d) OHFA requires adequate time to review any proposal. No proposal will be taken to the Trustees unless the Staff has had adequate review time. Generally, this means that an Application (or any supplements to the Application) must be submitted at least thirty (30) days prior to any required action by the Trustees.
(e) Applicants seeking funding from other programs administered by OHFA must submit applications for such funding at least thirty (30) days prior to consideration of a Conditional Commitment Resolution by the Trustees.

330:30-4-2. Criteria for disapproval [REVOKED]

330:30-4-2.1. Processing Stages
(a) There are four phases or stages in OHFA's review of multifamily bond applications: Initial Application Stage; Inducement Application Stage; Conditional Commitment State and Financing Approval Stage. The Initial Application Stage and Inducement Application Stage Applications may be combined; however, the Inducement Resolution may not be combined with any other Resolution.
     (1) Initial Application Stage. The primary objective of this review is to preliminarily assess the extent to which:
          (A) the Development Plan addresses a need for housing (including special needs housing) in the related market and is consistent with the public purpose objectives and priorities of OHFA;
          (B) the reasonableness of the Applicant's preliminary plan of financing and
          (C) the capacity, experience and performance history of the Applicant and the Development Team. The Applicant must provide evidence that the Applicant and Applicant's Development Team have the capacity and experience to develop, construct, market and manage multifamily residential rental projects. If a Project receives Staff preliminary approval, the Applicant will be notified and informed of any additional requirements for the Trustees to consider the Application for an Inducement Resolution. OHFA's notice to the Applicant will establish a timeline for filing additional or supplemental information. If the initial Application is disapproved, OHFA will so notify the Applicant.
     (2) Inducement Application Stage.
          (A) This stage consists of a more detailed review and preliminary underwriting of the Project by OHFA. The primary objectives of this stage are to more thoroughly evaluate the extent to which the proposed Project will serve the market area and targeted populations and will be economically feasible and viable. OHFA will review the ability of the Applicant to obtain a credit enhancement commitment and/or a bond purchase commitment, as applicable and whether the implementation of the undertaking is dependent upon identified contingencies (e.g., receipt of a State volume cap reservation, award of Affordable Housing Tax Credits, an award of HOME Investment Housing Partnership funding, the award of grants or loans from private or governmental sources, or other material contingencies). OHFA will also evaluate the Development Team and determine whether any of the criteria for disapproval are present.
          (B) Following OHFA's review, only Applicants meeting the all requirements of these Rules and any additional requirement of OHFA will be submitted to the Trustees for their consideration for approval of an Inducement Resolution.
          (C) If a reservation of tax-exempt bonding authority from the State's volume cap is required, the Applicant must apply at this point. Applicants requiring a volume cap reservation must obtain same before they may proceed.
          (D) During the Inducement Application Stage, a Public Hearing must be conducted by OHFA after reasonable public notice, for the purpose of receiving and evaluating comments in support of and/or in opposition to the proposed Project.
     (3) Conditional Commitment Stage.
          A) During the Conditional Commitment Stage, the Applicant and OHFA, together with their respective legal and financial advisors or consultants, must prepare all documents and financial analyses required to enable OHFA to adopt a Financing Resolution. The Trustees may combine the Conditional Commitment Resolution and Financing Resolution, conditioning same upon such conditions precedent as the Trustees deem, in their discretion, necessary to Closing.
          (B) During this stage, working in cooperation with Staff and OHFA's advisors, all information previously provided must be updated and supplemented, to the extent necessary. Failure to comply with this requirement may result in the denial of the Application.
          (C) The Applicant/Borrower must prepare a mortgage credit package acceptable to OHFA containing sufficient information to enable OHFA to evaluate and underwrite the financial capacity of the Applicant to successfully execute the proposed financing plan and development plan. These requirements shall include generally, as applicable:
               (i) a written representation regarding the nature, extent and availability of its own capital, bank credit lines, governmental grants or other sources of funds to meet or cover working capital requirements, equity contributions contemplated by the Applicant(s)'s Financing Plan, or Project cost overruns should they occur;
               (ii) references from bankers, attorneys, accountants or other persons or firms having had prior business relationships with the Applicant(s), plus references of public agencies, as applicable;
               (iii) current certified financial statements for all general partners or corporate Applicant and Borrower. At OHFA's option, current certified financial statements may also be required for each of the Applicant(s), and each of the proposed guarantors or other credit enhancement providers;
               (iv) if applying for OHFA financing without credit enhancement, audited financial statements for each of the Applicant(s) for each of the three fiscal years preceding the date of the Inducement Application, or from the inception of each of the Applicant(s)whichever time period is shorter, supplemented by unaudited financial statements for each of the subsequent accounting periods and the written representation(s) of each of the Applicant(s) that no material adverse changes in financial position have occurred since the date of the most recent audited financial statements submitted.
               (vi) Any additional financial information requested by OHFA, its Trustees or advisors.
     (4) Financing Approval Stage.
          (A) The Financing Approval Stage commences on the date on which the Trustees adopt a Financing Resolution. During this stage of processing, the Applicant is required to meet all of the conditions and requirements set forth in the OHFA Financing Resolution relating to the Project and all related matters leading to the issuance of OHFA debt obligations to provide financing for the Project. The fees payable to OHFA by or on behalf of the Applicant at the Financing Approval Stage shall be payable by the Applicant at Closing and prior to issuance of any debt obligations by OHFA.
          (B) OHFA shall not be obligated to close on the financing on a Project unless the Chairman, or the Vice-Chairman, in their respective complete discretion, are satisfied that all the requirements and standards imposed by federal and Oklahoma laws, rules and regulations and local ordinances, rules, regulations, and other applicable restrictions, and this Chapter, and the terms and conditions of all resolutions adopted by the OHFA Trustees pertaining to the Project have been, and at the time of the Closing remain, fully completed and satisfied.
          (C) The final terms and conditions of OHFA debt obligations issued to provide financing for a multi-family residential rental Project or cooperative must be reflected in the financing documents relating to the transaction, which financing documents may include, among others:
               (i) bond trust indenture;
               (ii) loan agreement;
               (iii) regulatory agreement;
               (iv) mortgage loan note and mortgage; and
               (v) guarantees of completion and/or contractor bonds.
          (D) The financing documents must reflect in all material respects the financing plan, development plan and other aspects of the proposed Project as described in the Application, as amended and supplemented and as approved by the Trustees in the related Commitment and/or Financing Resolution.
(b) Fees must be paid in the amount and at the times set forth in 330:30-8 unless waived or deferred by OHFA.

330:30-4-3. Initial application stage [REVOKED]

330:30-4-3.1. Conferences with OHFA
During any stage or phase of the Application process, the staff of OHFA may request one or more conferences with the Applicant and/or Sponsor and/or any Development Team member to review and clarify any aspect of the proposed Project and/or any of the information submitted.

330:30-4-4. Inducement application stage-[REVOKED]

330:30-4-4.1. Basic Application requirements
(a) The content of the initial Application and the information required to be submitted during the various processing stages will be established at the pre-application and subsequent conferences. Applicants are advised to consult with OHFA respecting the acceptable format for presentation of data. Unless specifically waived by OHFA, the following must be provided to OHFA no less than (30) days prior to the consideration of a Conditional Commitment Resolution by the Trustees, except as noted:
     (1) Project name;
     (2) Borrower. The legal name and tax identification number for the Borrower should be provided. Any person or entity having an ownership interest in the Borrow must be identified and the nature and percentage ownership disclosed. For example, if the Borrower is a limited partnership, the identity of the general partner(s) and their relative ownership interests must be disclosed. In the event the general partner is a limited liability company or partnership, the members and their relative ownership and voting positions must be disclosed. OHFA reserves the right to require additional information if the disclosures provided are deemed inadequate.
          (A) the Borrower must be formed under the laws of the State of Oklahoma. All formation documents and a certificate of good standing from the State of Oklahoma should be provided.
          (B) the formation documents for the general partner, if applicable, together with a certificate of good standing from the State of Oklahoma.
          (C) the initial Application may be filed by the Sponsor; however, the Borrower and Borrower's general partner must be identified and the appropriate formation documents, contacts, etc. filed not less than thirty days prior to the consideration of an Inducement Resolution by the Trustees unless a different timetable is agreed to by OHFA.
     (3) Development Team. Provide the name, mailing address, telephone number, facsimile number and e-mail address of the primary contact or representative of the Applicant and Sponsor, Borrower (if identified) and each member of the Development Team.
          (A) Resumes of the Development Team members and a summary of the multifamily and affordable housing development, ownership and management experience of each should be included. Applicants should include a list of all bond-financed or affordable housing developments in which any Development Team member participated, during the prior five years, including the particular nature of team member's role in each (i.e., owner, developer, manager, etc.) and in the case of bond-financed transactions the name of the issuer, issue size, and date of issue. Any delinquencies or defaults or uncured noncompliance must be disclosed. Any changes to the Development Team at any time must be disclosed and the Application supplemented.
          (B) If a not-for-profit organization will have a direct or indirect ownership interest in the Project identify and provide a history of the organization. Describe how such organization will be involved in the Project (i.e., specific areas of responsibility) and how the organization will function as part of the development team. Formation documents and proof of not-for-profit status should be provided.
     (4) Certifications and Affidavits. Each Applicant (and other members of the Development Team) must provide the following certifications and affidavits in conjunction with the Application:
          (A) A verified conflict of interest statement, in the form to be provided by OHFA; (B) A statement that each Development Team member understands the penalty under State law for submitting false information in its Application or in other materials submitted to OHFA;
          (C) An Affidavit, in the form to be provided by OHFA, attesting the affiliant is not ineligible under the criteria set out in 330:30-2-4;
          (D) Anti-collusion affidavit; and
          (E) Indemnity Letter (Applicant, Sponsor and developer), in the form to be provided by OHFA, holding OHFA and its Trustees, employees, representatives, attorneys, financial advisors and other consultants harmless for anything that could go awry. The Indemnity Letter must acknowledge that the Trustees have complete and absolute discretion to disapprove or fail to approve the issuance of any debt obligation at any point during the Application process.
     (5) Market Study. The market study must comply in all respects with the market analysis required under OHFA's Affordable Housing Tax Credit Program. The market study must include all projects receiving any form of federal or state assistance or subsidies, bond and tax credit projects, both operating and not yet placed in service, located in the Project's market area. The study must provide the current vacancy rate for each project, compare the rents, amenities, unit sizes, bedroom sizes and populations served for these projects. The market study must be supplemented to incorporate any projects in the Project's market area which have been approved for federal or state assistance or subsidies, including bond financing, tax credits, HOME and Housing Trust Fund financing since the date of the initial preparation of the market study.
     (6) Project Plan. A Project Plan consists of a description of the proposed Project, including the following:
          (A) Street address, legal site description and site maps to locate the Project within its respective sub-market and within the larger market area;
          (B) Photographs of street scenes and adjacent property;
          (C) Current or proposed site plans showing the location of all buildings, site entrances/exits, driveways and parking areas, easements, recreational facilities and other significant features;
          (D) Configuration (number/type of buildings, number of units categorized by number of bedrooms/bathrooms and square footage) supplemented by recent photographs, artist renderings or representative photos/renderings of the interior of the residential units plus floor plan layouts of each unit configuration.
          (E) Type of construction and design, with recent photographs, artist renderings or representative photos/renderings of each type of building configuration;
          (F) Shared facilities and amenities, documented with recent photographs, artist renderings or representative photos/renderings of such facilities/amenities, including Project entrance(s), driveways and parking areas, recreational facilities, congregate dining facilities, etc.;
          (G) For existing Projects, a written description (supplemental by photos where appropriate) of the physical condition of the site and the Project with particular specific descriptions of each of the following: uninhabitable units, structural deficiencies, major building system deficiencies, surface water control problems, etc., together with the Applicant(s) estimate of costs of renovations, on a line by line basis and
          (H) target population.
     (7) Preliminary Operating Information. Preliminary Project operating information including:
          (A) Schedule of current and proposed rents by unit type; and
          (B) Fifteen year pro forma revenue and expense analysis to evidence the basis for an estimate of stabilized net operating income (NOI) before debt service, prepared or approved in writing by a member of the AICPA.
     (8) Development Plan. A Development Plan is a written description of the plan to acquire and construct or rehabilitate the Project, including:
          (A) Current ownership of the property;
          (B) Nature of the current site control, including evidence thereof (e.g., a copy of a option to purchase, signed by each party necessary to effectuate the same, etc.);
          (C) Current zoning of the property and proposed zoning if a change is needed to implement the Development Plan, together with a written status report on the zoning change request, if applicable;
          (D) Proposed construction and/or rehabilitation plans to be completed, including staging and major building systems affected; and
          (E) Proposed timetable for completion of each of the major steps in the Development Plan.
     (9) Financial Feasibility Plan. The Financial Feasibility Plan that must include, at a minimum, the following information:
          (A) For existing Projects, a schedule indicating current occupancy rates by unit type and for the Project overall, together with a schedule of current rents and other sources of Project revenues;
          (B) Schedule of proposed rents (both "opening" or initial rents as well as stabilized rents) by unit type;
          (C) Schedule of operating and maintenance expenses for most recent twelve (12) month period (for existing Projects only) and as Projected for stabilized operations during a stabilization period that, unless good cause can be shown, shall not exceed twelve (12) months after completion of construction or rehabilitation, whichever is applicable;
          (D) A signed appraisal, prepared within the last twelve months on an "as-rehabilitated" or "as-built" basis;
          (E) Copy of all feasibility analyses prepared by or behalf of the Borrower or other third- party; and
          (F) Fifteen year pro forma revenue and expense analysis evidencing sufficient net operating income (NOI) to support the mortgage loan amount requested, after allowance for appropriate debt service coverage.
     (10) Financing Plan. A Financing Plan containing a written description of the Applicant(s)'s plan to fund the costs of acquiring and constructing and/or rehabilitating the Project, including:
          (A) Schedule of total development cost including current estimates or allowances for each significant component of hard costs and soft costs;
          (B) Detailed statement of proposed sources of funds to acquire and construct/rehabilitate the Project, including (as appropriate) bridge loan financing, Owner equity, proceeds from syndication of equity including each other Housing Assistance items that are being or may be sought from OHFA, or other similar governmental units, i.e., Affordable Housing Tax Credits, HOME funds, Housing Trust Funds, Community Action Bloc Grants, etc.;
          (C) Detailed statement of proposed sources of funds to permanently finance the Project following construction or rehabilitation, including (as appropriate) Owner equity, OHFA financing, mortgage debt from other sources, proceeds of equity syndication, including but not necessarily limited to, each other Housing Assistance items that are being or may be sought from OHFA, or other similar governmental units, i.e., Affordable Housing Tax Credits, HOME funds, Housing Trust Funds, Community Action Bloc Grants, etc.;
          (D) Identification of proposed source(s) of credit enhancement (if any) supported by letters of interest, letters of intent or commitments from the related provider(s), if available; and
          (E) Identification of proposed purchaser(s) of OHFA debt obligations (if not credit enhanced) supported by letters of interest, letters of intent or commitments from the proposed purchaser(s), if available.
     (11) Management/Marketing Plan. A Management and Marketing Plan including the following information:
          (A) For existing Projects, to the extent such information is available to the Applicant(s) at the time of Inducement Application, current resident profile by income and household size together with a discussion of resident displacement which could occur in order to effect rehabilitation or repairs, or to comply with imposed income limitations;
          (B) Target market by income and household size;
          (C) Primary and secondary market draw areas;
          (D) Overview of proposed marketing strategy, particularly regarding the strategy to achieve and maintain low income occupancy requirements; and
          (E) Overview of the proposed management plan for the property.
     (12) Supplemental Information. Any and all additional information OHFA may require in order to analysis the Project at any stage of its review.
(b) The Applicant shall submit an original and five (5) copies of the Application in a three-ring binder utilizing an index and corresponding tabs. Applications must be complete and consistent with all supporting documentation. OHFA may permit the submission of copies of the Application on diskettes. Prior permission of OHFA is required for a diskette submission. A printed copy with appropriate signatures must also be submitted.
(c) Any amendment or changes to information filed with OHFA must be disclosed immediately. This is a continuing disclosure requirement. Any amendments or changes not immediately brought to the attention of OHFA, in writing, may result in the Application being rejected.

330:30-4-5. Conditional commitment stage [REVOKED]

330:30-4-6. Financing approval stage [REVOKED]

SUBCHAPTER 6. APPLICATIONS AND INFORMATION REQUIREMENTS [REVOKED]

330:30-6-1. Initial application stage [REVOKED]
330:30-6-2. Inducement application stage [REVOKED]
330:30-6-3. Conditional commitment stage [REVOKED]
330:30-6-4. Financing approval stage [REVOKED]
330:30-6-5. Certifications and forms [REVOKED]

SUBCHAPTER 8. FEES AND EXPENSES

330:30-8-1. Initial application stage
(a) Unless waived or deferred by OHFA, upon submission of the initial Application, the Applicant shall remit to OHFA an Initial Application Fee in an amount equal to the greater of:
     (1) Three basis points (.030%) of the dollar amount of OHFA debt financing requested; or
     (2) $1,500.00.
(b) The Initial Application Fee is non-refundable.
(c) All or a portion of the Initial Application Fee may be waived or deferred by OHFA.
(d) OHFA may require a Sponsor or Applicant to make payments to third parties, if any, which provide services relating to OHFA's review and evaluation of Sponsor's Initial Application.

330:30-8-2. Inducement application stage
(a) Unless waived or deferred by OHFA, at the commencement of the Inducement stage, Applicant shall remit to OHFA an Inducement Application Fee in an amount equal to the greater of
     (1) Seven basis points (.070%) of the dollar amount of OHFA debt financing requested; or
     (2) $3,500.00.
(b) The Inducement Application Fee is non-refundable.
(c) All or a portion of the Inducement Application Fee may be waived or deferred by OHFA.
(d) OHFA may require a Sponsor or Applicant to make payments to third parties, if any, which provide services relating to OHFA's review and evaluation of Sponsor's Inducement Application.

330:30-8-3. Conditional commitment stage
(a) Unless waived or deferred by OHFA at the commencement of the Conditional commitment stage, Applicant shall remit to OHFA a Conditional Commitment Fee in an amount equal to the greater
of:
     (1) Fifteen basis points (0.15%) of the dollar amount of OHFA debt financing requested; or
     (2) $7,500.00.
(b) The Conditional Commitment Fee is non-refundable.
(c) Concurrent with the payment of its Conditional Commitment Fee, the Sponsor or Applicant shall remit (in cash or in the form of an irrevocable letter of credit) to OHFA the Conditional Commitment Expense Escrow Payment, which shall be a percentage of the fees and expenses of OHFA's financial advisor, legal counsel, bond counsel, underwriters, underwriter's consultants and/or consultants relating to the transaction as estimated by OHFA.
(d) All or a portion of the Conditional Commitment Fee and/or the Conditional Commitment Expense Escrow Payment may be waived or deferred by the OHFA .
(e) The Conditional Commitment Expense Escrow Payment shall be retained by OHFA for application toward payment of financial advisor, bond counsel fees or similar fees and expenses at Closing or upon earlier termination of the proposed Project financing prior to Closing.
(f) OHFA may require a Sponsor or Applicant to make payments to third parties, if any, which provide services relating to OHFA's review and evaluation of Sponsor's or Sponsor’s Application.

330:30-8-4. Financing approval stage
(a) As a part of the Closing of the issuance of the OHFA debt relating to its project, the Borrower shall remit to OHFA the Financing Approval Fee in an amount equal to the greater of:
     (1) Twenty-five basis points (0.25%) of the dollar amount of OHFA debt financing provided; or
     (2) $12,500.00.
(b) Concurrent with the payment of its Financing Approval Fee, the Sponsor(s), Borrower(s) and Owner(s) shall be required to remit to OHFA the balance (after application of the related Conditional Commitment Expense Escrow Payment) of the actual fees and expenses of OHFA's financial advisor, legal counsel and/or other consultants relating to the transaction.
(c) Any deferred fees will be due and payable by the Borrower at Closing.

330:30-8-5. Administrative fee
(a) The Borrower of each multifamily residential rental Project financed by OHFA shall be required to remit to OHFA an Administrative Fee equal to twelve and one-half basis points (0.125%) per annum of the principal amount of OHFA debt outstanding with respect to the Project financed as of the date of calculation.
(b) The Administrative Fee shall be paid in advance and may be paid annually, semi-annually, quarterly or monthly as the Sponsor(s), Borrower(s), Owner(s), and OHFA may mutually agree.

330:30-8-6. Compliance fee
(a) The Owner of each Project financed by OHFA shall be required to remit to OHFA annually a Compliance Fee equal to twelve and one-half basis points (0.125%) per annum of the principal amount of OHFA debt outstanding with respect to the Project financed as of the date of calculation.
(b) The Compliance Fee shall be paid in advance and may be paid annually, semi-annually, quarterly or monthly as the Sponsor and OHFA may mutually agree.
(c) The Compliance Fee may be waived or deferred by OHFA if the Sponsor of the Project is a Non-Profit Organization, a Public Agency, or other governmental unit.

330:30-8-7. Assumption and transfer fee
(a) OHFA requires, for each Project, that the Financing Documents contain a "due on sale or change of ownership or control" clause in the Project Loan Documents.
(b) In connection with the transfer of ownership or change of ownership or control of a Project financed by OHFA, the Owner/Borrower or the purchaser shall remit to OHFA an Assumption/Transfer Fee in an amount equal to one percent (1.00%) of the principal amount of OHFA debt outstanding as of the date of transfer of ownership.
(c) The Assumption/Transfer Fee shall be paid in installments as follows:
     (1) fifty percent (50%) upon submission of the related application for Approval of Assumption/Transfer in compliance with 330:30-14-1; and
     (2) fifty percent (50%) upon Closing of assumption/transfer of ownership.
(d) If for any reason the assumption/transfer transaction does not close, a portion of the first installment of the Assumption/ Transfer Fee will be returned by OHFA to the person or entity having paid such installment, after deducting OHFA's expenses incurred in connection with the proposed assumption/transfer, including a reasonable amount for time and effort spent by OHFA staff.

SUBCHAPTER 10. EVALUATION CRITERIA AND APPROVAL REQUIREMENTS [REVOKED]

330:30-10-1. Evaluation criteria [REVOKED]
330:30-10-2. Approval requirements [REVOKED]
330:30-10-3. Financing approval [REVOKED]

SUBCHAPTER 12. COMPLIANCE AND REPORTING REQUIREMENTS

330:30-12-1. Compliance with state laws [REVOKED]

330:30-12-2. Records and accounts
(a) The Borrower must agree and certify, by executing certain financing documents, to keep at the Project site or other place within the State of Oklahoma, proper books, records and accounts in which complete and correct entries of all financial transactions relating to the Project are entered and to keep copies of all certificates required to be provided, together with all invoices, receipts, tenant certifications, complete rent roll information or other records regarding occupancy by very low, low and moderate income residents, and other supporting documentation reasonably sufficient to demonstrate the accuracy of such certification.
(b) The Borrower shall be obligated to furnish to OHFA, at no expense to OHFA, true and correct copies of such books, records and accounts and other documents pertaining to the Project and its financing by OHFA as OHFA, in its complete discretion and from time to time, deems necessary to determine that the federal and state laws, rules and regulations, including this Chapter and the Project Loan Documents and financing documents, have been complied with and to satisfy OHFA's statutory records keeping requirements.

330:30-12-3. Audits and examinations
OHFA shall have the right, at any time and from time to time, to examine and audit any and all of the records or accounts of the Applicant, Sponsor and/or Borrower and Affiliates of each pertaining to the Project, the Project loan, and the direct and indirect ownership of any beneficial interest in the Applicant and/or Borrow and the Affiliates of each.

SUBCHAPTER 14. SALE, TRANSFER/ASSUMPTION

330:30-14-1. Sponsors, borrowers and owners requirements
(a) The Borrower and its Affiliates and controlling parties must covenant and agree not to sell, transfer, or otherwise dispose of the Project, or any material portion of the Project site or any material portion of the Project facilities, or any portion of their ownership or controlling interest in the Project without first obtaining the prior written consent of OHFA.
(b) The Borrower, its controlling parties and prospective buyers must submit the following to OHFA for its review prior to any sale or transfer:
     (1) Assumption/transfer fee according to 330:30-8-7;
     (2) Consent to transfer agreement;
     (3) Assumption agreement;
     (4) A copy of the certified transcript of the organization of the prospective buyer;
     (5) A copy of the Real Estate Purchase Contract;
     (6) An opinion of counsel for the prospective buyer that upon closing of the transfer, the remaining obligation of the Borrower under the financing plan, the marketing plan, the Loan Documents, the Regulatory Agreement, and any and all documents relative thereto which were submitted and/or executed by the Sponsor, Applicant and/or Borrower will be assumed by, and become obligations of the prospective buyer and duly binding on the prospective buyer;
     (7) A written representation regarding the nature, extent and availability of the prospective buyer’s own capital, bank credit lines, governmental grants or other sources of funds to meet or cover working capital requirements, equity contributions contemplated by the Project’s financing plan or Project cost overruns, if any;
     (8) References from lenders, attorneys, accountants or other persons or firms having had prior business relationships with the prospective buyer, plus a listing of all public agencies with which the prospective buyer and each of its Affiliates have done or are currently doing business, together with any releases authorizing OHFA to make inquiry of any of the foregoing;
     (9) Three years certified financial statements for all general partners and/or corporate entity(ies) making up the prospective buyer or owning any interest in the prospective buyer;
     (10) A detailed statement of the transferee regarding its history of ownership and management of multifamily projects;
     (11) Affidavits of the principals and Controlling parties of the prospective buyer in the form to be provided by OHFA; and
     (12) Such additional material as may be required by OHFA, its counsel, or the Trustees, in their complete discretion, including verification that neither the prospective buyer nor any of its Affiliates, Controlling parties or principals is disqualified under 330:30-2-4.1.
(c) OHFA's criteria for disapproval or non-approval of a proposed sale or transfer shall be at the discretion of the Trustees, based upon the facts and circumstances presented by the Borrower and prospective buyer.