Effective: October 16, 2009
Latest Legislation: House Bill 1 - 128th General Assembly
(A)(1) At the time a first home is purchased under the program, the Ohio housing finance agency shall secure the amount of the down payment assistance by a lien on the home for a period of five years. Such lien shall attach, and may be perfected, collected, and enforced in the same manner as a mortgage lien on the home, and shall otherwise have the same force and effect as a mortgage lien, except that it shall be subordinate to a mortgage lien securing any money loaned by a financial institution for the purchase of the home.
(2) If the agency finds that a recipient failed to comply with the first home ownership criteria in division (A) of section 175.30 of the Revised Code, or otherwise used fraudulent information to obtain down payment assistance, the agency shall enforce the lien.
(B)(1) If a recipient becomes a resident of another state and does not reside at least five years in a first home purchased with down payment assistance awarded under the program, the amount of the lien created in division (A) of this section that may be collected shall be determined as follows:
The lien created under division (A) of this section shall be extinguished upon collection pursuant to this division.
(2) A lien created under division (A)(1) of this section shall be extinguished if the recipient, within the five-year period, moves to another residence located in this state.
Structure Ohio Revised Code
Chapter 175 | Housing Finance Agency
Section 175.02 | Housing Finance Agency Created - Mission.
Section 175.03 | Members - Appointment - Terms - Compensation.
Section 175.04 | Officers - Quorum - Records - Annual Reports.
Section 175.05 | General Duties and Powers - Attorney General as Legal Representative.
Section 175.051 | Housing Finance Agency Personal Services Fund.
Section 175.053 | Duties of Executive Director.
Section 175.06 | Program Duties and Powers - Bonds and Financial Assistance.
Section 175.07 | Notice by Applicant for Funding for Multifamily Rental Housing Construction.
Section 175.08 | Housing Finance Agency Bonds - Proceeds - Sale - Liability - Negotiability.
Section 175.09 | Securing Bonds.
Section 175.10 | Bonds Are Lawful Investments.
Section 175.11 | Housing Development Fund.
Section 175.12 | Liberal Construction of Chapter - Public Records Law - Interagency Cooperation.
Section 175.13 | Enforcement of Agreement With Bondholders - Tax-Exempt Status of Bonds.
Section 175.14 | Inclusion of Reduction of Infant Mortality as Priority Housing Need in Annual Plan.