Apartment Complex with OHFA Agreement

[Nate Heffner]

I am looking at a 50 unit apartment complex and on I was notified that the units "must remain affordable to households at or below 60% area median gross income (AGMI) until 2032 per OHFA".  I am not familiar with this. My plan was to renovate some of the units and get higher rent/increase equity etc. That statement makes it sound like I am not able to increase rent until 2032. Anyone deal with this before and what are the best options and what were your experiences?

thanks,