In April 2022, the Housing Stability Council approved a framework to provide funding gaps for projects that, due to the market conditions and construction cost increases, have not been able to close and start development.

These resources will be focused on projects with current reservation of OHCS funds that have not closed because of market and other cost increase conditions. Projects already under construction may be considered, subject to the availability of funds and demonstration of cost mitigation measures that the developer has put in place. OHCS will also make available through the MCOF, a separate funding resource for projects that may be carrying expensive acquisition costs.

Complete details regarding request submission requirement can be found here under “Gap Financing” –

The detailed narrative and documentation for the MCOF funding gap or the Acquisition Funds must be completed in full and emailed to Funding gap applications must also copy the email to the OHCS Production Analyst assigned to the project.