Ohio Cash Flow Repayment Waivers & MLP Forbearance Initiative

The Ohio Housing Finance Agency (OHFA) is offering Cash Flow Loan Repayment Waivers for 2019 repayments. Importantly, owners seeking such a waiver must agree not to evict tenants for non-payment of rent until at least December 31, 2020, at each project for which a waiver is requested. Such agreement will be memorialized in a waiver request letter signed by the owner that must be submitted to OHFA. Eligible funding sources include: HDAP loans funded by OHTF, NHTF, HOME and FAF; NSP loans; TCAP-GAP loans and R-TCAP Preservation Loans. Loans with fixed-payment schedules are not eligible for a waiver.

OHFA established a Project Portfolio Team e-mailbox for all submissions for cash flow loan payments. Waiver request letters and the associated required documentation must be submitted in a separate email for each project for which a waiver is being requested. In the subject line of the email, please include the project name and list the type of cash flow loan and/or annual audited financial statements and send to: Portfoliomailbox@ohiohome.org.

Please note that if you owe a Cash Flow Loan Repayment and do not seek a waiver and agree to the conditions above, payments remain due on April 30. Outstanding payments could impact your ability to compete for OHFA resources and could also result in the withholding of Binding Reservation Agreements for future awards of housing tax credits.

On April 15, 2020, the OHFA Board of Directors, approved a short-term initiative designed to assist OHFA Multifamily Lending Program (MLP) borrowers facing potential economic hardship due to the COVID-19 pandemic. Loan payment forbearance will be made available for a period of three months.

Borrowers who wish to seek temporary forbearance should submit the request letter, amendment to the loan agreement and the amendment to the promissory note to David Foust, Multifamily Lending manager, at dfoust@ohiohome.org. Please submit a separate email for each project for which forbearance is being requested and label the subject line of the email to read “[PROJECT] MLP Forbearance Request.”