money for a new homeThe Ohio Housing Finance Agency (“OHFA”) will accept applications until 4 p.m. Eastern time on October 1, 2015 for its Multifamily Bond Gap Financing Program. Applications can be accessed here.

OHFA plans to make approximately $5 million of funding available in 2015 for the financing of new construction and/or rehabilitation of multifamily residential rental units. Each applicant may request up to a maximum of $1 million to be used as gap financing in connection with a 4% bond transaction. Applicants must meet the requirements of OHFA’s Multifamily Bond Financing Guidelines  including associated requirements of the 2015 QAP and OHFA’s Underwriting Guidelines. Funds may be awarded in the form of a loan or a grant. OHFA will make funding awards based on the competitive criteria outlined in the program guidelines.

A list of the threshold requirements for applications is set forth in the program guidelines. Requests for exceptions to the program requirements must be received by OHFA on or before 4 p.m. on September 1, 2015. Waiver requests can be accessed here.

For more information or questions about OHFA’s Multifamily Bond Gap Financing Program, please contact our Affordable Housing Team Member, Alysse Hollis.