Affordable Housing - Acquisition Refinance

Affordable Housing

Acquisition or Refinance

The HUD 223(f) program provides 35 year fixed rate, non-recourse financing for the purchase or refinance of affordable multifamily projects nationwide. The 223(f) program is an excellent way for projects to complete capital improvements, generate a large replacement reserve deposit, and potentially secure cash out. Bedford Lending specializes in helping borrowers, including non-profits and Housing Authorities, who have little to no familiarity with HUD financing successfully recapitalize their properties. We are a family business that acts as a free consultant in addition to a direct lender, and often work on transactions that are too small or complex for other lenders to review.

Typically, the 223(f) program takes about 4 months from start to finish.

Affordable projects qualify for minimum 87-90% LTV financing, which can be blended with grants and other equity sources (such as AHP) to meet or exceed 100% financing. For RAD conversions, the timing of the conversion process aligns with the HUD 223(f) program, and both can be processed concurrently. EPC loans and other debt can be paid off as part of a refinance if desired.

Projects do not need to use tax credits or have a HAP contract to qualify as "affordable housing". Please view our documents located to the right of this page for more information.


  • 35 Year Fixed Rate
  • Non-Recourse
  • Assumable
  • Declining Prepayment
  • 10-15% Developer’s Fee
  • Cash Out for Capital Improvements
  • RAD Conversions Eligible
  • Leverage can exceed 100%
  • Combine with LIHTC