The Ohio Housing Finance Agency (OHFA) made several updates to the previously released PY21 Housing Development Gap Financing (HDGF) Guidelines to address applicants seeking funding from the Federal Home Loan Bank’s Affordable Housing Program. Updated language can be found on pages three, five and 11 of the Guidelines. Below is a summary of the additions made:
Due to the timing of the funding round, OHFA will reserve HDGF resources from the agency’s Program Year 2022 (PY22) HDAP allocation for up to four projects in the PY21 round who are seeking Federal Home Loan Bank (FHLB) financing in the to-be-announced November Affordable Housing Program (AHP) round. PY22 resources are subject to funding availability.
PY22 reservations will be contingent upon the award of FHLB AHP funds. If PY22 funds are reserved for a development that does not receive an AHP award in November, the reservation will then be cancelled, and the funds will become available for use in the 2022 program year.
For applicants who receive a reservation of PY22 HDGF funds (and subsequently are awarded FHLB AHP funds in November 2021), the submission of the full HDGF application will be due to OHFA on May 2, 2022.
