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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.

We engaged BLC to assess our construction options. They are the only company in the country that are both HUD and USDA lenders and certified tax credit consultants. Their knowledge was invaluable in developing a creative finance solution. We plan to use BLC for all our deals. "

Our Finance Options

• HUD/FHA Construction
• HUD/FHA Permanent Loans
• USDA (538) Loans
• USDA Low Income Housing
• USDA Community Facilities Program
• HUD 202 Loans
• Non-Profit Affordable Housing
• Section 8 Loans
• HAP Contract Loans
• Conventional
• Low Income Housing
• Rural Affordable Housing
• 4% and 9% Tax Credit
• Federal & State Tax Credit
• New Market Tax Credit
• Bond advisory
• Private placement advisor
• Credit Enhancements
• SBA Loans
• Forward Commitments
• Bridge Loans
• Mezzanine Debt Fixed and Adjustable Loans
• Participation Loans
• Sale Leaseback Financing
• Distressed/Turnaround Properties
• Blanket Mortgages