The Multifamily Lending Program provides financing to assist developments receiving new allocations of housing tax credits, for both new construction/adaptive reuse and the rehabilitation of existing units, developments funded under previous housing tax credit programs and between years 10 and 20 of their compliance period and, unique developments that help to meet the goals of the Ohio Housing Finance Agency in serving the needs of low and moderate income households.
Available Funding and Related Programs:
For additional information, refer to the Multifamily Lending Program Guidelines:
- Multifamily Lending Program Guidelines (963 KB Adobe PDF Files)
Available funding comes from OHFA reserves and Recycled Tax Credit Assistance payments and may be used in conjunction with the following programs:
- Housing Development Assistance Programs – Bond Gap Financing
- Housing Development Loan Program
- Housing Tax Credit Program
- Organizations are limited to $3.5 million in total loan funding and three loans per fiscal year. Exceptions may be permitted based on available funding capacity and are contingent on approval by the OHFA Board
- Maximum Loan Amount: $1 million. Exceptions may be permitted, contingent on approval by the OHFA Board.
- Interest Rate: 10-Year Treasury Note rate plus three percent. An additional risk premium may be added based on OHFA's evaluation of project risk and collateral.
- MLP loans are rate-locked at the time their principal underwriting is complete, which may occur long before the loan is ready to close.
- Term and Use Restriction Period: Up to 15 years (R-TCAP funded loans require a 15-year use restriction period).
- Amortization Period: Up to 30 years.
- Maximum loan to value: 75-85 percent loan to value (LTV) for New Housing Credit MLP and Preservation MLP loans, based on OHFA's evaluation of risk and collateral. Exceptions may be permitted for Choice MLP loans with additional collateral, contingent on approval by the OHFA Board.
- All New Housing Credit MLP debt must be in first position. In most cases, these loans will be non-recourse.
Applications and Forms:
All standard documents will required by OHFA when applying for resources. Appraisals and Capital Needs Assessments must be provided by firms certified by OHFA to participate in the Multifamily Lending Program.
Questions and correspondence regarding MLP may be directed to:
Planning, Preservation and Development
Ohio Housing Finance Agency
57 East Main Street
Columbus, Ohio 43215