Housing Finance Authority

The Orange County Housing Finance Authority helps expand affordable homeownership and rental housing opportunities for residents in Central Florida. This article explains what the Authority does, how its homebuyer financing and down-payment assistance programs work, how renters can locate properties connected with its affordable housing programs, how property managers and developers interact with the agency, what eligibility requirements apply to homebuyer products, and which common misunderstandings can delay or misdirect a housing inquiry.

Housing Finance Authority Services

The Orange County Housing Finance Authority, commonly identified as OCHFA, is a public benefit, quasi-governmental organization established in 1978. Its mission is to promote and provide financial resources for affordable and workforce housing for Central Florida families and individuals. The Authority operates primarily within Orange County and, through interlocal agreements, also participates in housing finance activities affecting Lake, Osceola, and Seminole counties.

OCHFA's role is primarily financial. It uses housing finance programs, mortgage revenue bonds, down-payment assistance funds, and multifamily tax-exempt bond financing to help make qualifying home purchases and affordable rental developments financially feasible. The Authority does not function like a general housing department that directly owns apartments, accepts applications for rental subsidies, or makes consumer mortgage loans from its office.

The Authority's official profile explains that its financing activities are intended to lower homebuyers' purchasing costs and reduce developers' costs for acquiring, constructing, or rehabilitating qualifying rental housing. This distinction is useful when deciding where to begin: prospective homebuyers generally work through an OCHFA-approved lender, renters search properties developed or financed through affordable housing programs, and developers follow a separate bond-financing application process.

Geographic Service Area

Although Orange County is the Authority's primary jurisdiction, its homeownership financing activities can extend beyond the county. The homebuyer programs described by OCHFA may be used for qualifying properties in Orange, Lake, Osceola, or Seminole County. A property outside those counties does not meet the geographic requirement described for these mortgage products.

The property must also be used as the buyer's principal residence. A buyer should therefore confirm the county and intended occupancy before concentrating on income limits, purchase-price limits, down-payment assistance, or other program details.

Homebuyer Mortgage Programs

The OCHFA homebuyer program page describes affordable mortgage products that combine a 30-year mortgage with potential down-payment and closing-cost assistance. The consumer-facing program information provided by the Authority lists FHA, VA, USDA, and conventional financing options, with the exact eligibility rules depending on the mortgage product.

One of the most important points for prospective buyers is that OCHFA does not lend money directly to consumers. The Authority uses approved private lenders to qualify applicants and originate the mortgage. After an eligible loan closes and meets OCHFA requirements, the Authority participates in the financing structure described by its program.

This means a buyer should not treat the Housing Finance Authority office as a mortgage application counter. OCHFA can help determine whether its products may fit the applicant, but mortgage qualification and loan processing are handled through an approved lender.

First-Time Buyer Requirements

For the first-time homebuyer product described by OCHFA, a first-time homebuyer is a person who has not had an ownership interest in a primary residence and has not co-signed a mortgage, individually or jointly, during the previous three years. The buyer must also plan to occupy the purchased home as a primary residence.

OCHFA also describes a conventional mortgage option for which the applicant does not have to qualify as a first-time homebuyer. Because these products do not use identical eligibility rules, applicants should avoid assuming that a requirement shown for one mortgage option automatically applies to another.

Credit Score Standard

The homebuyer information states that applicants must have a FICO mid-score greater than 640. Applicants should pay attention to the wording: the stated requirement is greater than 640, rather than simply 640 or higher.

A credit score is only one part of eligibility. Meeting the score threshold by itself does not establish program approval. Income, property location, purchase price, property type, residency, lender qualification, and other applicable mortgage criteria also affect whether a buyer can use a particular OCHFA product.

Income and Purchase Limits

The first-time homebuyer product uses different income and purchase-price limits for targeted and non-targeted areas. The homebuyer information supplied by OCHFA lists the following maximum household income limits:

Non-targeted area, one or two people: $114,900.
Non-targeted area, three or more people: $132,135.
Targeted area, one or two people: $137,880.
Targeted area, three or more people: $160,860.

The maximum contracted home purchase price listed for that program is $566,354 in non-targeted areas and $692,211 in targeted areas. Applicable FHA or VA limits may also affect the transaction when those mortgage products are used.

For the conventional option described by OCHFA, the applicant does not have to be a first-time buyer. The program information lists a maximum 1003 Loan Application income of $160,860 and a maximum contracted purchase price of $692,211.

These limits should be matched to the specific OCHFA product under consideration. Using a limit from the conventional option to evaluate eligibility for the first-time homebuyer product, or vice versa, can produce an incorrect result.

Targeted Area Rules

Federal targeted areas are neighborhoods identified as historically underserved in mortgage loan originations and areas where increased homeownership is desired. OCHFA's homebuyer information states that targeted areas may allow higher income and purchase-price limits. Buyers purchasing in a targeted area do not have to qualify as first-time homebuyers, but the home still must be occupied as the buyer's primary residence.

OCHFA provides census tract information for targeted areas in Orange, Lake, Osceola, and Seminole counties and directs buyers to the federal FFIEC geocoding system to evaluate a property address. Buyers should verify the actual property location instead of assuming that an entire ZIP code, city, or neighborhood automatically qualifies as a targeted area.

Eligible Property Types

OCHFA homebuyer financing is limited to qualifying residential property types. Under the first-time homebuyer program information, eligible properties include single-family homes, townhomes or townhouses, condominiums, and duplexes. Mobile homes and manufactured homes are identified as ineligible.

The conventional option also identifies single-family homes, townhomes or townhouses, condominiums, and certain two-to-four-unit housing as eligible, while mobile and manufactured homes are excluded. Because the precise property categories differ between program descriptions, buyers considering a condominium, duplex, or multi-unit property should make sure the property matches the rules for the mortgage product being used.

In all cases described by OCHFA, the property must serve as the homebuyer's principal residence and must be located in Orange, Lake, Osceola, or Seminole County.

Down-Payment Assistance Terms

OCHFA's first-time homebuyer product lists up to $10,000 for down-payment assistance and/or closing-cost assistance. The conventional option lists $7,500 for down-payment and/or closing-cost assistance. The amounts are associated with different mortgage products and should not be treated as interchangeable.

A critical limitation is that OCHFA down-payment assistance is not a gift or grant. It is an interest-free, 0% loan payable at the end of 30 years. Certain events can require repayment before the end of that period.

According to the Authority's program terms, repayment is required when an applicable triggering event occurs, including:

The borrower sells, transfers, or otherwise disposes of the property.
The borrower stops occupying the home as the principal residence.
The borrower dies.
The borrower refinances the first mortgage.
A default occurs under the first mortgage or another applicable superior mortgage.

Buyers should therefore avoid treating the assistance amount as permanently forgiven cash when calculating the long-term cost of purchasing the property. The assistance creates a repayment obligation governed by the program terms.

Homebuyer Application Process

OCHFA describes a sequence that begins with an eligibility inquiry rather than a direct mortgage application. The Authority first helps determine whether the prospective buyer appears to meet criteria such as income limits, credit-score requirements, and other program conditions. When the applicant appears eligible, OCHFA refers the buyer to an approved lender.

The buyer must also complete an approved homebuyer education course. Courses may be completed online or in a classroom setting. The education requirement applies to the homeownership programs described by the Authority.

After eligibility is established, an approved OCHFA lender can prequalify the applicant and process the first mortgage together with the applicable down-payment assistance. The official lender resource reinforces that only OCHFA-approved lenders and loan officers may originate and qualify homebuyers for these mortgage products.

Florida Residency Requirement

OCHFA's homeownership requirements state that applicants must be current Florida residents and must have at least one year of Florida residency. Prospective buyers who otherwise meet income, credit, and property requirements should account for this residency requirement before moving forward with the program.

Information to Prepare

Although the reference material does not provide a universal document checklist, prospective applicants can prepare the information that directly corresponds to the eligibility standards published by OCHFA. This includes the household size used for the applicable income limit, household or loan-application income as required by the selected product, the anticipated purchase price, the county where the property is located, the property's housing type, the applicant's Florida residency status, and information needed by the approved lender to evaluate mortgage eligibility.

Applicants considering the first-time buyer product should also be prepared to establish whether they have held an ownership interest in a primary residence or co-signed a mortgage during the preceding three years. Buyers relying on targeted-area rules should verify the actual property address rather than relying on a general neighborhood description.

Affordable Rental Housing

OCHFA's role for renters differs substantially from its homebuyer role. The Authority's rental housing information explains that it has partnered with agencies and local governments to provide affordable rental housing in Central Florida. The privately owned apartments associated with these programs are intended for households earning 80% or less of the median income in their area.

OCHFA does not provide housing directly to renters, does not provide direct rental assistance, and does not maintain a renter waiting list. These distinctions can prevent a common mistake: contacting the Authority expecting to submit a general application for an apartment or rental subsidy.

Instead, renters can review the affordable rental properties identified through OCHFA and then deal with the appropriate property for leasing and tenant-related matters. The Authority's financing and compliance role should not be confused with the responsibilities of the private property owner or property manager.

Rental Property Compliance

Properties financed through OCHFA's multifamily tax-exempt bond programs are subject to continuing compliance requirements. The property manager compliance information states that the Compliance Division monitors financed properties to support long-term preservation of affordable multifamily housing and compliance with federal law and Authority requirements.

Property managers are responsible for submitting completed compliance forms in a timely manner. When a project receives its temporary certificate of occupancy, the property manager is expected to contact the Compliance Division and begin the required reporting process.

OCHFA identifies compliance materials that include tenant income certificates, monthly bond reports, student-status affidavits, employment verification, child-support information, unemployment or income statements, asset addenda, and property data update forms. The exact forms required will depend on the compliance circumstances of the financed property.

Rental Income Classifications

For multifamily rental compliance, OCHFA explains income classifications based on area median income. A household is classified as low income when earnings are 80% or less of the median income applicable to the area and household size. Very-low-income classification generally uses 50% or less of median income, while extremely-low-income classification uses 30% or less.

The Authority publishes multifamily rental income limits for the Orlando metropolitan area, which includes Lake, Orange, Osceola, and Seminole counties. Property managers should use the program-specific limits and compliance materials applicable to the financed development rather than relying on homebuyer income limits, which serve a different purpose.

Developer Bond Financing

Developers have a separate relationship with the Housing Finance Authority. The OCHFA developer resource covers multifamily bond financing intended to preserve and expand affordable rental housing in Orange, Osceola, Lake, and Seminole counties.

The Authority can issue below-market multifamily tax-exempt mortgage revenue bonds that reduce financing costs associated with acquiring, constructing, or rehabilitating qualifying rental housing. Taxable bonds may also be issued in connection with affordable rental housing production.

Each financing program has its own underwriting guidelines, requirements, applications, and forms. Approval is not automatic merely because a development serves affordable housing purposes.

Affordable Unit Set-Asides

For tax-exempt bond financing, OCHFA describes federal set-aside standards under which a project generally must reserve at least 20% of its units for households at or below 50% of area median income, or 40% of its units for households at or below 60% of area median income.

The Authority's Compliance Division continues monitoring applicable financial, physical, and occupancy requirements after financing. Developers and property managers therefore have ongoing responsibilities beyond receiving initial bond approval.

Application Submission Rules

For applicable multifamily applications, OCHFA states that submissions are accepted Monday through Friday no later than 5:00 p.m. A submission must be complete, and applicable fees must accompany it. For programs requiring the standard bond application fee, OCHFA identifies the fee as 0.10% of the requested total bond principal.

Applications that satisfy threshold requirements may proceed to consideration by the Authority's Board of Directors. Preliminary approval can involve an inducement resolution, followed by the process for obtaining a reservation of tax-exempt bonds from the state's volume cap. Final approval involves additional underwriting, transaction structuring, and document preparation.

Timing matters because the Authority's Board of Directors meets on the first Wednesday of the month and applications must follow dates specified in the applicable application package. Developers should use the current program application rather than relying on a previous year's schedule or requirements.

Current Region 8 Status

The developer information provided by OCHFA states that the Authority is currently not accepting applications for its 2026 Open Cycle Allocation for Region 8, which covers Orange County. It also states that Region 8 volume-cap financing is no longer available under OCHFA's 2026 Open Cycle Process.

This restriction applies to that particular process and should not be generalized to every multifamily financing program. The same OCHFA information states that applications are being accepted for the Multifamily 501(c)(3) program for Orange, Lake, Osceola, and Seminole counties. Developers must identify the exact financing program before determining whether an application can currently be submitted.

Short-Form Applications

OCHFA also identifies a Multifamily Short-Form Application for use with Local HFA Bonds. For a complete Short-Form submission, the Authority requires one hard copy and a PDF of the complete application and supporting documents, a $500 nonrefundable application fee payable to the Orange County Housing Finance Authority, and original signatures on the original application. Failure to meet those submission requirements results in rejection under the stated program rules.

Common Housing Program Mistakes

Several OCHFA programs operate under the same agency name, so selecting the correct process is essential. A renter looking for an affordable apartment should not begin with the homebuyer mortgage process. A homebuyer should not attempt to apply directly to OCHFA for a mortgage as if the Authority were the originating bank. A developer seeking tax-exempt financing should not use consumer homebuyer eligibility standards to evaluate a multifamily project.

Other avoidable problems include comparing household income with the wrong program limit, assuming all properties in a general neighborhood are within a targeted area, treating down-payment assistance as a grant, overlooking the principal-residence requirement, or assuming that a credit score above the stated threshold guarantees financing.

Applicants should also pay attention to which version of a program they are reviewing. Income limits, purchase-price limits, rates, program availability, and developer application cycles can change. The current homebuyer, rental, property manager, or developer page should be matched to the type of assistance or financing being pursued.

Housing Finance Authority Office

Orange County Housing Finance Authority
2211 E. Hillcrest St., Orlando, FL 32803
407-894-0014

Housing Finance Authority FAQs

Can I combine OCHFA financing with other down-payment assistance?

Potentially. OCHFA states that down-payment assistance offered by county or local governments may be available as a second mortgage and may be combined with its homebuyer program. This can include assistance programs offered through Orange County, Lake County, Osceola County, Seminole County, or the City of Orlando. Eligibility and stacking rules can differ by program, so buyers should have their OCHFA-approved lender determine whether the additional assistance can be used with the selected first mortgage. The official OCHFA homebuyer information identifies the local programs that may provide additional assistance.

Does the homebuyer program eliminate documentary stamp and intangible taxes?

OCHFA lists no intangible taxes and no documentary stamp fees among the benefits of its FHA, VA, and USDA homebuyer financing program. These benefits apply within the specific OCHFA mortgage structure and should not be interpreted as eliminating every tax, fee, prepaid expense, or closing charge associated with buying a home. A buyer should review the lender's loan estimate and closing disclosures to understand the remaining transaction costs.

Can I check my credit report before applying?

Yes. OCHFA notes that federal law allows consumers to obtain a free credit report from each nationwide credit reporting company every 12 months. A credit report does not necessarily include the credit score used for mortgage qualification, but reviewing it can help identify incorrect accounts, unfamiliar activity, or reporting problems before a lender evaluates the application. The Federal Trade Commission's free credit report guidance explains consumers' rights and the federally authorized process for obtaining reports.

Does OCHFA collect property taxes or assessments?

No. According to the Authority's official special district reporting information, OCHFA has no taxing power and does not collect taxes or assessments. It may collect fees from borrowers seeking or obtaining financing through multifamily housing revenue bonds, but those financing-related fees are separate from county property taxes and assessments.