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Providing Housing Resources With an Eagerness to Serve
As the demand for affordable rental housing continues to soar, OHFA’s Multi-family Bond and 4% Tax Credit program provides developers a unique financing tool to help build affordable housing all across the state.
4% Tax Credits differ from 9% Tax Credits in that they are non competitive with no maximum.
OHFA’s 4% Tax Credits coupled with multi-family bonds provide both equity and low interest-rate debt financing. 4% Tax Credits can provide approximately 30% of funding in the form of equity. The bond financing portion provides about 70% of the funding in the form of debt. The bond financing portion may be converted to any type of low cost permanent financing.
This financing tool can be used for mixed income developments, as long as a minimum of 20% of the units within the development are designated as affordable, as defined by section 142 of the IRC.
New Construction or for the Acquisition/Rehabilitation of housing for families who earn 60% or less of the Area Median Income (AMI published annually by HUD).
Under certain conditions, market rate units may also be financed with Multi-Family Bonds.
Page Woodson Case Study
OHFA provided $1.5 miilion in 4% housing credits and $21 million in multifamily bonds to transform the historic Douglass High School into 60 apartments.
Applications for Multi-Family Bonds
If applying for Multi-Family Bonds only, the Bond Rules prescribe the information that must be provided as part of the application process.
However, use OHFA's Tax Credit Application Form if Applying in conjunction with 4% tax credits.
Applications for Multi-Family Bonds & 4% Tax Credits
If applying for both Multi-Family Bonds and 4% Tax Credits, the Tax Credit Application constitutes the Bond Application.