Mortgage Revenue Bonds

Multifamily Mortgage Revenue Bond Program (MMRB)

Nonprofit, for-profit and 501(c)(3) developers can access tax exempt, taxable and 501(c)(3) bonds for the following eligible uses:

  • Acquisition, construction and permanent loans
  • Fixed and variable rate loans
  • Rated and un-rated tax exempt and taxable bond financing
  • Credit enhanced or un-enhanced financing, including financing under FHA Multifamily Insurance Programs, DCHFA-HUD Risk Sharing Program, Fannie Mae, Freddie Mac, DUS lending and Letter of Credit

The DCHFA's financing can be used to rehabilitate or construct:

  • Rental housing (affordable, mixed income, market rate)
  • Cooperatives (Limited Equity)
  • Elderly housing
  • Assisted-living facilities
  • Transitional housing

Federal regulations require that developers/sponsors who utilize MMRB financing which is funded through the sale of tax exempt private activity bonds set aside at least 20% of their units for individuals or families earning at or below 50% of the area median income (AMI) or at least 40% of their units for individuals or families earning at or below 60% of AMI adjusted for family size. More information can be found at the following links:

Projects approved for multifamily mortgage revenue bond financing that will be financed through the sale of tax exempt private activity bonds are then eligible to receive 4% low income housing tax credits (LIHTCs).