Loan Programs

Affordable Housing

Acquisition or Refinance

The HUD 223(f) program provides 35 year fixed rate, non-recourse, assumable debt financing for the purchase or refinance of multifamily projects nationwide. The 223(f) program is an excellent way for projects to complete small to large 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 portfolios. We are a family business that acts as a (free) consultant in addition to a direct lender. On some transactions we have worked for years in advance before commencing with underwriting, to make sure our clients are headed down the right path and not unnecessarily incurring costs that would burden their properties in the future.

As an added protection, the first step in the process after our extensive due diligence, is a formal discussion with HUD - called a "Concept Meeting" before any third parties are secured or money is spent. Bedford Lending prepares are 15 page document about the proposed loan and has a formal discussion with your team and HUD together to discuss all assumptions. This "pre-loan committee" provides comfort before moving into the formal underwriting process. Bedford Lending does not charge up-front, or pro-rated fees, we only receive our finance fee at successful closing. Typically, the 223(f) program takes about 3-4 months to complete.

Projects do not need to use LIHTCs to qualify for affordable underwriting so long as they meet the above requirements.Typically the projects we finance have a HAP contract covering the majority or 100% of the units, and/or are blended with tax credits if additional equity is needed. We also have extensive experience funding RAD conversions. Please view our documents located to the right of this page for more information.

Affordable projects qualify for 87-90% LTV financing, which can be blended with grants and other equity sources to meet or exceed 100% financing. 

Creative Solutions

Bedford Lending is a nationwide leader in providing finance solutions for affordable housing projects throughout the United States. We are a direct lender, not a broker or intermediary. No project is too big, small, or complex. We frequently finance loans that other lenders or institutions have difficulty completing. We have successfully worked on projects funded by, including, or requesting:

  • Section 202 Loans
  • Section 236 Loans (inc IRP Decoupling)
  • RAD Conversions
  • 9% & 4% Low Income Housing Tax Credits ( LIHTC )
  • Tax Exempt Bond Financing
  • Flex Subsidies
  • HAP Contracts

Often times, we meld subordinated loans or grants with our direct loan programs to fill critical equity gaps. Our direct HUD programs can be used to fund capital improvements, replenish replacement reserves and to add supportive services. In addition, we have extensive experience securing rent increases and helping with regulatory issues free of charge.


  • 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