FAQs

FAQs

Multifamily Housing Development Frequently Asked Questions


Q: What is the agency's approval process?

A: The agency's general guidelines, timelines and approval process can be viewed in the Multifamily Program and Underwriting Guide.
 

Q: How long does it take to receive an eligibility/inducement resolution?

A: After receipt of the Stage II application, it takes approximately four to six weeks for the agency's staff to process the application and present it to the agency's Board of Director's for inducement. The exact timing will depend on the readiness and completeness of the application and Board of Director's meeting schedule.
 

Q: How long does it take after final bond resolution to close a transaction?

A: Many variables impact the timing of closing. The type and readiness of the transaction will ultimately dictate the timing of closing. The Multifamily Program and Underwriting Guide has a schedule which includes general processing timelines. For more specificity, contact the Public Finance Department at 202-777-1655 and ask to speak to a development officer.
 

Q: Who is on the slate of investment bankers/underwriters, bond counsel, etc.?

A: As necessary to insure that the agency has the most diverse and best team available to carry out its mission, the agency publicly solicits and issues request for qualifications for professionals in a wide array of services including investment bankers/underwriters and bond counsel. Click here to see current slate of firms pre-approved to serve as investment bankers/underwriters, bond counsel, etc.
 

Q: Who selects bond counsel?

A: The agency selects bond counsel from its pre-approved slate of firms. Click here to see current slate of firms pre-approved to serve as bond counsel.
 

Q: Does the Agency have a list of Appraisers/Market Analysts?

A: As necessary, to ensure that the agency has the most diverse and best team available to carry out its mission, the agency publicly solicits and issues requests for qualifications for professionals in a wide array of services including multifamily appraisers and market analysts. Click here to see current slate of firms pre-approved to provide appraisal and market analysis services on agency transactions.
 

Q: How long are third party reports valid?

A: The agency's policy regarding the "shelf life" for various third party reports can be found in the Multifamily Program and Underwriting Guide.
 

Q: Does the Agency have a minimum size for bond issuances?

A: Generally, due to the regulatory complexity and associated costs of a bond issuance, transactions under $5 million dollars are not good candidates for bond financing.
 

Q: What are DCHFA's reserve requirements?

A: The Agency's reserve requirements can be found in the Multifamily Program and Underwriting Guide. Those listed are the Agency's standard requirements; they are subject to final review and approval, on a transaction by transaction basis, by the agency's staff and internal committees.
 

Q: What are the income and / or rent restrictions? How are they determined?

A: The agency's income and / or rent restrictions are governed by federal regulations for the Multifamily Mortgage Revenue Bond Program and the Low Income Housing Tax Credit Program. Information for income restrictions for both programs can be found in the Multifamily Program and Underwriting Guide. The current rent levels are available for reference at the HUD USER website.