Ohio Housing Finance Agency (OHFA) was recently approved by HUD to become a Federal Housing Administration (FHA) Risk-Share Lender. OHFA can now provide permanent financing to match the needs of nearly any LIHTC project. OHFA updated its 2021 Multifamily Lending Program (MLP) Guidelines with new program details and FHA Risk-Share specific requirements. If a MLP loan seems like a good fit for your LIHTC project, please be sure to fill out the MLP tab in the Affordable Housing Funding Application when submitting a nine percent LIHTC application, which is due February 11, 2021. Here are some important highlights of the MLP Program:
- All New LIHTC and Existing LIHTC MLP loans will be part of the Risk-Share program;
- The new maximum MLP loan amount is $6 million;
- MLP Borrowers may receive up to three loans per fiscal year, not to exceed $12 million in total loan funding;
- A Part 58 Environmental Review must be conducted for all Risk-Share MLP loans; and
- MLP loans can be used with nine and four percent LIHTC.
Please contact David Foust, multifamily lending manager, at dfoust@ohiohome.org with questions about the MLP Program and FHA Risk-Share program.
The final FAQs for the 2021 nine percent LIHTC Round have been posted with new information regarding the application submission process, substance abuse recovery subpool, and the inclusive tenant selection plan.
