National Housing Trust Fund Operating Subsidy
Narrative Questions
Last Updated: April 2025
Instructions: Complete the following sections if requesting National Housing Trust Fund Operating Subsidy (NHTF OS) funds. This form is applicable for the 2025 and 2026 Multifamily Consolidated Request for Proposals (RFP)/2026 and 2027 Housing Tax Credit (HTC) funding rounds.
Project Information
Applicant Name:      
Project Name:      
Project Street Address:      
Project City, State, ZIP Code:      
General Information
1.	Describe why the NHTF OS is needed to ensure the viability of the development, including why rent revenues will not cover the operating costs. NHTF OS can only be provided if the assisted units do not have any other federal or state subsidy or rental assistance, including project-based Section 8 and Housing Support (formerly known as Group Residential Housing).
	     
2.	Describe any temporary or other income secured and how this income will be used in addition to the current NHTF OS request.
	     
3.	How will you address the operating deficit if you are not awarded the NHTF OS requested for this project?
	     
Request Calculation
The NHTF OS funding award amount will be determined based on the cumulative negative net operating income (NOI) attributable to the units assisted by the NHTF OS for up to 15 years. Refer to the Multifamily Underwriting Standards and complete the NHTF Operating Subsidy Calculation Tool using the Multifamily Workbook help text provided.
Expenses associated with supportive services are not eligible for the NHTF OS.
1.	Total amount of NHTF OS request: $     
	Enter this amount on the proposed OS funding table on the sources tab of the Multifamily Workbook.
2.	Number of units that will be subsidized by the NHTF OS:      
	Indicate OpSubs for all units assisted by the OS in the housing income tab of the Multifamily Workbook. In the “source of rental assistance or operating subsidy” field, enter “NHTF OS.”