HUD Programs

Multifamily Housing

Refinance of FHA Loan

The HUD 223a7 program provides a streamlined process for borrowers with existing properties insured by FHA to lower their interest rate, increase the loan term and replacement reserves, and complete repairs that extend the economic viability of the project.

As part of the streamlined process, borrowers are not required to secure a new appraisal, market study or environmental assessment. A new PCNA (Property Capital Needs Assessment) is required as part of the application.

Minor repairs, improvements, and transaction costs can be included in the loan, and Davis-Bacon wages are not required for repairs completed as part of the loan. Additionally, money spent on repairs prior to the new loan may be included in the loan amount with HUD approval.

Typically, the a7 program takes about 90 days to complete..

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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