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/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.
Types of Funding
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.
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.
- 2017 Multifamily Bond Guidelines (7.48 MB Adobe PDF File)
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
Ohio Housing Finance Agency
57 East Main Street
Columbus, Ohio 43215