IHCDA would typically follow the agency on this; however, USB is the master servicer & they do have an overlay. Since the student loan is in repayment you would need to qualify using the greater of the following (the USB guideline is copied below as well):

The monthly payment amount reported on the credit report, or
0.5 % of the original loan balance or the outstanding loan balance, as reported on the credit report, whichever is greater or
The fully amortized payment documented by the servicer

USB overlay:

Student Loan Debt

(A) Student loans in repayment, use the greater of:

The monthly payment amount reported on the credit report, or
0.5 % of the original loan balance or the outstanding loan balance, as reported on the credit report, whichever is greater or
The fully amortized payment documented by the servicer

(B) For student loans in deferment or forbearance, use the greater of:

The monthly payment amount reported on the credit report, or
1% of the original loan balance or the outstanding balance, as reported on the credit report, whichever is greater

(C) Student loan forgiveness, cancellation, discharge and employment-contingent repayment programs may be excluded from the monthly debt payment-to-income ratio provided the Mortgage file contains documentation that indicates the following:

The student loan has 10 or less monthly payments remaining until the full balance of the student loan is forgiven, canceled, discharged or in the case of an employment-contingent repayment program, paid, or
The monthly payment on a student loan is deferred or is in forbearance and the full balance of the student loan will be forgiven, canceled, discharged or in the case of an employment-contingent repayment program, paid, at the end of the deferment or forbearance period AND
The Borrower currently meets the requirements for the student loan forgiveness, cancellation, discharge or employment-contingent repayment program, as applicable, and the Seller is not aware of any circumstances that will make the Borrower ineligible in the future

Original question:
Looking at o/o purchase 97% LTV FNMA using IHFA for 3% down payment. Does IHFA allow for zero payment for student loans if the credit report reflects no payment and we can verify that the student loans are on a income based repayment plan? Thank you.