Update From Multifamily Development Division

Good Afternoon THDA Multifamily Participants,

Greetings Multifamily Development Partners,

THDA received its 2017 allocation of private activity bond authority of $232,791,650 on January 9, 2017. The Multifamily Development program has reserved up to $210,000,000 of that authority for the development of multifamily rental housing.

The Multifamily Tax Exempt Bond Authority (MTBA) program is governed by the 2017 Multifamily Tax-Exempt Bond Authority Program Description (PD) which allows for local issuers to allocate this authority. Per the 2017 PD there will be $70,000,000 available in East Tennessee, $70,000,000 in Middle Tennessee, and $70,000,000 in West Tennessee. As of January 23, 2017, there is $80,510,000 of MTBA authority remaining with $66,000,000 for West Tennessee, no availability for Middle Tennessee and $22,300,000 available for East Tennessee. The most recent MTBA program activity can always be found at: https://s3.amazonaws.com/thda.org/2017-BOND-WGD.pdf.

Any unused, recaptured or released amounts after April 1, 2017 will be available first to any remaining eligible applications from that same Grand Division. If there are no remaining eligible applications from that same Grand Division, then the Multifamily Tax-Exempt Bond Authority will be available to the next highest ranking application regardless of Grand Divisions until the end of the application submission period as defined in Part IV of the 2017 PD.

For more information regarding eligibility, scoring, application fees, and other specific MTBA items, please review the 2017 MTBA program description that is posted on the MTBA webpage at https://thda.org/business-partners/multi-family-tax-exempt-bonds.

Felita Hamilton
Multifamily Systems Coordinator
502 Deaderick Street, Third Floor
Nashville, TN 37243
615-815-2145 (phone) 615-564-2783 (fax)