| NOFA - Tax-Exempt Bonds and Gap Financing As demand grows for capital to preserve and create affordable multifamily housing, Kentucky Housing Corporation (KHC) has sought ways to expand available funding and equity. One way to do this is by increasing the use of conduit tax-exempt private activity bonds, which allow projects to access 4 percent Low Income Housing Tax Credits. To increase the use of Tax-Exempt Bonds (TEB), private investment, and the overall production or rehabilitation of affordable rental housing, KHC is making available a combined total of $19.2 million of KHC's Equity Bridge Loan, HOME Investment Partnerships (HOME) Program, National Housing Trust Fund (NHTF), and Affordable Housing Trust Fund (AHTF) monies through a Notice of Funding Availability (NOFA). In addition, the urban county governments of Louisville and Lexington have committed funds to be allocated via this NOFA. Louisville Metro has committed $1 million, combined in HOME funds and Louisville CARES equity bridge financing, for projects in Jefferson County, and Lexington-Fayette Urban County Government (LFUCG) has committed $1 million in funds, from HOME and/or its local Affordable Housing Fund, for projects in Fayette County. The NOFA is available on KHC's website, under Development; Multifamily; Applications, Guidelines, and Scoring, under the Application and Scoring dropdown. NOFA responses must be submitted through the Universal Funding Application. Applicants should select the "2016 TEB NOFA." Also, the 2016 NOFA Underwriting Model and Portfolio Summary are available under the Application Attachments dropdown. NOFA responses are due by Thursday, September 15, 2016; however, KHC reserves the right to extend this deadline to Friday, September 30, 2016, if KHC deems necessary in its sole discretion. If you have any questions, please contact Jeremy Ratliff toll-free in Kentucky at 800-633-8896 or 502-564-7630, extension 707; TTY 711; or email [email protected]. |
