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).