The Spring Street Brief

New Hampshire Housing's Multifamily Housing Division has repealed its HFA 116 Conduit Multifamily Bond Financing Program Rules following a Board of Directors vote on October 29, 2026. The repeal is designated short-term to allow for a comprehensive review, but it immediately halts application intake for conduit bond deals — directly impacting 4% LIHTC transactions in the state. For developers, syndicators, and lenders active in New Hampshire, understanding the scope and timeline of this pause is critical to pipeline planning.

Show Notes

New Hampshire Housing's Multifamily Housing Division has repealed its HFA 116 Conduit Multifamily Bond Financing Program Rules following a Board of Directors vote on October 29, 2026. The repeal is designated short-term to allow for a comprehensive review, but it immediately halts application intake for conduit bond deals — directly impacting 4% LIHTC transactions in the state. For developers, syndicators, and lenders active in New Hampshire, understanding the scope and timeline of this pause is critical to pipeline planning.

Key Takeaways:

  • New Hampshire Housing's Board approved the repeal of HFA 116 rules on October 29, 2026 — no applications for conduit bond deals will be accepted during the repeal period.
  • The review is aimed at aligning rules with current bond markets, updated federal requirements, and contemporary industry practices — suggesting the existing framework was materially out of date.
  • 4% LIHTC deals in New Hampshire depend on conduit bond allocations from this agency; the pause creates a direct gap in the deal pipeline.
  • No timeline has been announced for completing the review or reinstating the program — developers should not assume a near-term reopening.
  • Developers with deals in early-stage structuring should evaluate alternative financing structures or adjust projected timelines accordingly.
  • The reopening signal will most likely appear in New Hampshire Housing Board meeting notices or state public rulemaking filings — monitor both channels.
  • If the review produces a modernized rule set aligned with current IRS and Treasury guidance, the long-term effect could be more efficient deal execution once the program resumes.

State HFA conduit bond program pauses — even short-term ones — have a way of stretching. With no announced completion timeline, stakeholders active in New Hampshire should treat this as an open-ended disruption until the agency signals otherwise. The silver lining is a potential rule modernization that better reflects post-HOTMA compliance structures and current bond market realities. Watch New Hampshire Housing's Board calendar and public rulemaking notices closely for the first indication of when the program will reopen.

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