In an effort to preserve and expand the supply of affordable and workforce housing, the U.S. Department of Housing and Urban Development (HUD) has announced a major change to the FHA Section 223(f) program. Borrowers no longer need to wait 3 years after the original Certificate of Occupancy to apply for 223(f) refinancing. This means that new or recently rehabbed multifamily properties can now be refinanced with the great terms Section 223(f) is known for, including:
- Amortization up to 35 years
- LTVs up to 85% for Market Rate, and up to 90% for Affordable
- Cash Out Allowed up to 80%*
Eligibility is subject to the satisfaction of HUD underwriting requirements, which include a minimum DSCR of 1.17x for Market Rate properties and 1.11x for Broadly Affordable communities.
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- Fannie Mae – Conventional Multifamily, Small Loan Multifamily, Multifamily Affordable Housing, Seniors Housing, Manufactured Housing
- Freddie Mac -Conventional Multifamily, Small Balance Loans, Targeted Affordable Housing, Manufactured Housing
- FHA – Multifamily Refinance or Acquisition, Multifamily Construction or Substantial Rehab, Senior Housing Acquisition or Refinance, Senior Housing New Construction or Substantial Rehab
- Balance Sheet Bridge Loans
- Proprietary Fixed-Rate Loans
- Multifamily Mezzanine Loans