New apartments

The Department of Housing and Urban Development announced this week that the Federal Housing Administration is expanding its low-income housing tax credit financing program for multifamily properties.

According to HUD, the move is a “significant expansion” of an FHA pilot program that streamlines mortgage insurance applications for affordable housing developments that have equity through the LIHTC program.

Back in 2012, the FHA rolled out a LIHTC pilot program that dealt specifically with applications to refinance mortgage debt under FHA’s Section 223(f) program.

Under the new expansion, FHA will begin to support “new construction and substantial rehabilitation” under its Section 221(d)(4) and Section 220 programs.

“Today, we take another important step to stimulate capital investment in affordable housing at a time when we need affordable housing more than ever,” HUD Secretary Ben Carson said…