The department of development, on its own and on the behalf of the Ohio housing finance agency and the Ohio department of aging, shall obtain controlling board approval prior to making any grant, loan, loan guarantee, or loan subsidy greater than fifty thousand dollars from or allocated from the low- and moderate-income housing trust fund.

Terms Used In Ohio Code 174.07

  • Grant: means funding the department of development or the Ohio housing finance agency provides for which the relevant agency does not require repayment. See Ohio Code 174.01
  • Housing: means housing for owner-occupancy and multifamily rental housing. See Ohio Code 174.01
  • Housing trust fund: means the low- and moderate-income housing trust fund created and administered pursuant to Chapter 174 of the Revised Code. See Ohio Code 174.01
  • Loan: includes financing extended to lending institutions and indebtedness purchased from lending institutions. See Ohio Code 174.01
  • Loan guarantee: means any agreement in favor of a lending institution or other lender in which the credit and resources of the housing trust fund are pledged to secure the payment or collection of financing extended to a borrower for the acquisition, construction, improvement, rehabilitation or preservation of housing, or to refinance any financing previously extended for those purposes by any lender. See Ohio Code 174.01
  • Loan subsidy: means any deposit of funds into a lending institution with the authorization or direction that the income or revenues the deposit earns, or could have earned at competitive rates, be applied directly or indirectly to the benefit of housing assistance or financial assistance. See Ohio Code 174.01

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