Notice of Participation - Lease Purchase Loan Fund
OHFA has released a Notice of Participation for a new LIHTC Lease Purchase Loan Fund. OHFA is collaborating with CHN Housing Partners to establish and administer a LIHTC Lease Purchase Loan Fund that will provide first mortgage financing to residents of lease purchase homes who are unable to obtain financing through a private lender. OHFA's goal is to open the program to eligible owners and residents beginning June 1, 2021 through July 1, 2025 or until all funds have been reserved, whichever comes first. The first two years of the program will be a pilot phase during which OHFA and CHN Housing Partners will test and refine the program. The pilot phase will begin on June 1, 2021 and run through May 31, 2023 or until all homes in the pilot phase are sold to residents, whichever comes first.
During this initial pilot phase and through this Notice of Participation (NOP), OHFA is seeking the participation of two owners of existing LIHTC lease purchase projects consisting of a combined total of 100 lease purchase homes that have completed their 15-year compliance period in calendar year 2020 and whose current occupants desire to purchase their homes. Residents of the two selected properties will have access to first mortgage financing from the loan fund.
To be considered, owner applicants must respond to the Notice of Participation by submitting a completed application to OHFA by May 21, 2021.