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NIFA has the authority to issue revenue bonds or other debt instruments to finance projects that involve the acquisition, construction or rehabilitation of rental housing projects in Nebraska for low to moderate-income households. If the bonds meet federal tax law requirements, the interest on the bonds is exempt from federal income tax and Nebraska state income tax. The bonds are repaid from the proceeds received by NIFA from the private developer under a revenue agreement (such as a lease, loan agreement or installment sale contract).
Projects financed under the Multifamily Financing program are subject to the Low Income Housing Tax Credit (LIHTC) program administered by NIFA. Therefore, a specified minimum percentage of units in the project must be set-aside for occupancy by low-income households. All other units must be rented to low and moderate-income households (incomes not in excess of 150% of area median income).