Multifamily Lending Program

  • Multifamily Lending Program

The Multifamily Lending Program (MLP) provides long-term, permanent financing for multifamily rental housing developments that serve low- to moderate-income residents. It cannot be used during construction.

Rent and income restrictions as well as compliance monitoring requirements apply to developments that use the MLP. Strong preference will be given to organizations with considerable and successful experience with OHFA programs and that have sufficient staff capacity, substantial financial resources and an excellent credit history.

Loan Categories

There are two loan categories under the MLP:

  • New LIHTC MLP loans, which work in conjunction with the LIHTC program by coupling the MLP with projects receiving a new allocation of 4% or 9% tax credits, for both new construction/adaptive reuse and the rehabilitation of existing units. New LIHTC loans cannot be paired with lease purchase developments.
  • Existing LIHTC MLP loans, which are targeted toward existing developments previously funded under the LIHTC program and are between Year 10 and Year 20 of their compliance or extended use period, have minimal capital needs and no uncorrected non-compliance issues. These loans are intended for developments that would benefit from refinancing/restructuring their existing debt/partnership obligations, and would remain affordable for the balance of their Extended Use periods. Any significant capital needs identified in the Capital Needs Assessment must be addressed to OHFA's satisfaction prior to closing.

Eligibility

MLP may be used in conjunction with the following programs:

The MLP is ineligible to be coupled with the Housing Development Gap Financing program. If the MLP is used in conjunction with housing credits and the Housing Development Loan (HDL) Program, the only acceptable source of collateral for the HDL after construction is Qualified Investor Notes. MLP is not available for Affordable Assisted Living or lease-purchase developments.

Audit Confirmations

The Ohio Housing Finance Agency (OHFA) has created an email box through which owners may submit requests to confirm loan balances (Audit Confirmations) as required by third-party auditors. This will expedite OHFA's review and response to such requests as this mailbox will be managed by the Finance Office. Please submit such requests to: AuditConfirmations@ohiohome.org

Program Guidelines

Contact Information

Questions and correspondence regarding the MLP may be directed to:

MLP@ohiohome.org
Multifamily Lending Program Manager
Development Division
Ohio Housing Finance Agency
2600 Corporate Exchange Dr.
Columbus, OH 43231

Multifamily Housing Development Programs