HUD Programs

Multifamily Housing

Construction or Rehabilitation

The HUD 221d4 program provides non-recourse construction and permanent financing for multifamily properties, or substantial rehabilitation for existing multifamily properties.

Qualified properties can secure 40 year fixed rate, non-recourse financing. Properties can also be assumed by investors and retain the original interest rate.

Market rate properties qualify for 85% LTV, 87% for Affordable, and 90% for projects that have 90% or greater of their units with rental assistance.

Typically, the 221d4 program takes about 6 months to complete, and provides the best terms available for construction and rehabilitation projects. Under the program, borrowers can utilize a variety of credits to mitigate the equity requirement which could potentially increase the LTV to 90%+ for market rate properties.

Creative Solutions

BLC combines its FHA programs with our Advisory services to arrive at finance solutions for apartment owners and developers nationwide. Our programs finance acquisitions, refinances, new construction and substantial rehab and offer 80-95% financing and fixed rates for 35-40 years.

We have extensive experience in underwriting and funding deals for the following property types:

1. Market Rate Projects

2. Section 8 (HAP Contract) Properties

3. Mixed Use (Maximum 25% commercial)

4. Historical Tax Credits Transactions

5. Low Income Housing Tax Credits

6. Non-Profit Affordable Housing

7. 202 Properties

8. 236 Projects

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