The Multifamily Bond program provides lower-cost debt financing for the acquisition, construction, and substantial rehabilitation of multifamily housing and single-family housing for low- and moderate-income residents through the issuance of tax exempt mortgage revenue bonds. The program can be effective as a sole financial resource, or combined with non-competitive or 4 percent housing tax credits. Because of the costs of issuing bonds, the Multifamily Bond program is most appropriate for developments that are larger in scale, including 100 or more units. Program requirements are found in the most current Multifamily Bond Program Guidelines. Developers are further advised to consult legal counsel for more on the specifics and benefits of bond financing.
Available Funding and Related Programs:
Non-Competitive (4 percent) Housing Tax Credit Program:
Developers constructing or rehabilitating affordable housing statewide can apply for an allocation of 4 percent housing tax credits. The Internal Revenue Code (IRC) requires that developments awarded 4 percent housing tax credits must utilize multifamily bonds financing for more than 50 percent of the total project cost. OHFA strongly encourages all applicants to seek experienced legal and accounting counsel in order to comply with all program requirements found in the most current Qualified Allocation Plan.
- 2016 Qualified Allocation Plan (1.17 MB Adobe PDF File)
**For 2016 Bond Projects Only – See 2017 QAP for All Other Projects**
Multifamily Bonds Only:
Developers constructing or rehabilitating affordable housing statewide can apply for Multifamily Bonds exclusively (or without an allocation of 4 percent housing tax credits). OHFA strongly encourages all applicants to seek experienced legal and accounting counsel in order to comply with all program requirements of the Internal Revenue Code (IRC) and Multifamily Bond Guidelines.
Multifamily Bond Guidelines
The Multifamily Bond Financing guidelines provide guidance to developers who will utilize multifamily bonds exclusively, or in combination with non-competitive housing tax credits and other Agency resources.
- 2017 Multifamily Bond Guidelines (7.48 MB Adobe PDF File) New
- Housing Development Assistance Programs – Bond Gap Financing
- Housing Development Loan Program
- Housing Tax Credit Program
- Multifamily Lending Program
Applications and Forms:
In addition to the standard documents required by OHFA when applying for resources, Multifamily Bonds require the following documents:
- Underwriter commitment and terms
- A letter detailing the bond structure
- A calendar outlining anticipated actions and responsible parties for closing the transaction
Questions and correspondence regarding Multifamily Bonds may be directed to:
Planning, Preservation and Development
Ohio Housing Finance Agency
57 East Main Street
Columbus, Ohio 43215