Multifamily Mortgage Revenue Bond Program (MMRB)
The Multifamily Mortgage Revenue Bond Program (MMRB) is used to facilitate affordable multifamily rental housing projects. DCHFA has an updated process for tax exempt bond allocation, which is detailed in the following documents:
- Frequently Asked Questions (FAQs)
- Conduit Issuance Term Sheet
- DCHFA Supplemental Bond Issuance Policy
The July Readiness Round timeline is as follows:
- July 7 at Midnight- Application Submission Due Date
- July 8 to July 28 -Staff Review of Initial Submission
- July 28 to August 4 at Midnight- Cure Period for Errors and Omissions
- August 5 to August 18- Staff Review of Second Submission
- August 18 – Notification to Proceed to Further Underwriting or Notification of Deferral to a Later Round
Town Hall on Tax-Exempt Bond Issuance in the District 4.27.2023
Town Hall on Tax-Exempt Bond Issuance in the District 11.15.22.
Eligibility & Requirements
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 do one of the following:
- Set aside at least 20% of their units for individuals or families earning at or below 50% of the area median income (AMI)
- Set aside at least 40% of their units for individuals or families earning at or below 60% of AMI adjusted for family size
Apply for the MMRB
If you’d like to apply for the MMRB, please review the program guidelines and fill out the application.
Low Income Housing Tax Credit Program (LIHTC)
If a project is approved for multifamily mortgage revenue bond financing through the sale of tax-exempt private activity bonds, then it is eligible to receive 4% Low Income Housing Tax Credits (LIHTC).
The 4% Low Income Housing Tax Credit Program (LIHTC) is a companion financing tool to the Mortgage Revenue Bond Program (MMRB). It finances these MMRBs through the sale of tax-exempt private activity bonds.
LIHTCs can be syndicated to generate part of the required equity a borrower must contribute to the financing, or can be utilized to offset the borrower’s tax payments.