Lean Processing Update: New Construction/Substantial Rehabilitation and Second Tier Programs Coming
FHA's plans to fully implement Lean processing to all Section 232 Insured Loan activities continues to move forward: on January 1, 2009, applications for new construction and/or substantial rehabilitation transactions can be filed under Lean at the Lender's option; by March 1, 2009 all such applications will have to be filed under Lean.
Also effective on January 1, Lean processing will be available at the Lender's option for FHA's "second tier" mortgage insurance programs for existing Section 232 insured projects: Section 241 Supplemental Loans, Section 223(a)(7) Refinance Loans and Section 223(d) Operating Loss Loans. After March 1, applications under these programs must be filed under Lean.
I engaged Bedford Lending to develop finance and tax credit strategies for a 180 unit mill renovation. They developed a strategy which combined their HUD loan progam with Federal and State Tax Credits and a CBDG grant. Their knowledge and execution to details was impressive and I will use BLC many times in the future. "
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