(A) (1) Pursuant to the low-income housing tax credit program of the Internal Revenue Service, IRS, as administered by the state’s Housing Finance Agency, OHFA, under its Low-Income Housing Tax Credit Program Rules, adopted by the OHFA on 3-27-1995, and signed by the Governor on 4-5-1995, local governing bodies are authorized to hold public hearings for the purpose of making a formal and binding decision on applications to the OHFA for low- income housing tax credits and related proposal or projects.
(2) Under the rules, in order for the decision of the local governing body to be formal and binding on the OHFA, the governing body must adopt by ordinance and strictly follow certain procedures set forth in the rules.
(B) The purpose of this section is to adopt the required procedures for Council to follow in making a formal and binding decision on applications to the OHFA concerning low-income housing tax credits and on related proposals or projects.
(2002 Code, § 35.45) (Ord. 350, passed 2-26-1996)