FHA Makes Strides on Speeding Up Its Multifamily Tax Credit Loan Process.

February 17, 2012 by admin
Filed under: Multifamily Investments, The Economy and Current Affairs

[The FHA] is ushering in the long-awaited Tax Credit Pilot Program, mandated by the 2008 Housing and Economic Recovery Act.

The pilot program aims to drastically speed up the processing time of FHA-backed deals that use low-income housing tax credits (LIHTCs). In the past, LIHTC developers had difficulty using the FHA—the LIHTC program carries strict deadlines, and affordable housing owners and developers just couldn’t wait around for the FHA’s notoriously slow turnaround times.

This new program aims to fix all that. “Expediting our delivery system is a big agenda for us,” says Head. “And it’s one of my biggest priorities.” See the whole MFE Mag article here: FHA Makes Strides on Speeding Up Its Tax Credit Process

Tags: Apartment building investment, commercial property, lending, LIHTC, multifamily, Sec. 223(f)