All posts by Paul Connolly

Dr. Yellen Confirmed as Treasury Secretary

The Senate confirmed Dr. Janet Yellen as Treasury Secretary in an 84-15 vote, she is the first woman to ever hold the position. Secretary Yellen was the third cabinet official to be confirmed by the Senate, indicating President Joe Biden’s focus on the economy. Dr. Yellen previously served as chair of the Federal Reserve from 2014 to 2018 and was a member from 2010 to 2018 and 1994 to 1997.

Montana Housing Names Nicole Whyte Multifamily Program Manager

Nicole Whyte joined Montana Housing as its new multifamily program manager. Before moving to Helena to accept her new position at Commerce, Whyte lived in Missoula where she was the building and development program manager for the Missoula County Public Works Building Division. Her educational background includes a bachelor of arts inpolitical science and a master of public administration, both from University of Montana. She also currently serves on the board for the community land trust nonprofit, Trust Montana.

Ohio Expands Multifamily Lending Program

Ohio Housing Finance Agency (OHFA) was recently approved by HUD to become a Federal Housing Administration (FHA) Risk-Share Lender. OHFA can now provide permanent financing to match the needs of nearly any LIHTC project. OHFA updated its 2021 Multifamily Lending Program (MLP) Guidelines with new program details and FHA Risk-Share specific requirements. If a MLP loan seems like a good fit for your LIHTC project, please be sure to fill out the MLP tab in the Affordable Housing Funding Application when submitting a nine percent LIHTC application, which is due February 11, 2021.  Here are some important highlights of the MLP Program:

  • All New LIHTC and Existing LIHTC MLP loans will be part of the Risk-Share program;
  • The new maximum MLP loan amount is $6 million;
  • MLP Borrowers may receive up to three loans per fiscal year, not to exceed $12 million in total loan funding;
  • A Part 58 Environmental Review must be conducted for all Risk-Share MLP loans; and
  • MLP loans can be used with nine and four percent LIHTC.

Please contact David Foust, multifamily lending manager, at dfoust@ohiohome.org with questions about the MLP Program and FHA Risk-Share program.

The final FAQs for the 2021 nine percent LIHTC Round have been posted with new information regarding the application submission process, substance abuse recovery subpool, and the inclusive tenant selection plan.