HUD 223(f) Term Sheet
Detailed MAP program terms, updated loan sizing, MIP, repairs, reserves and application requirements. September 2026.
Multifamily
Financing that follows your investment strategy.
Built around your property.
From stabilized acquisitions to new communities, Bedford helps apartment owners and developers evaluate financing around property performance, improvement plans and long-term ownership goals.
Eligible build-to-rent communities can also use HUD financing: 221(d)(4) for new construction, or 223(f) for acquisition or refinancing when the certificate of occupancy is less than three years old at application. These must be cohesive rental communities, not scattered collections of single-family homes.
Discuss your projectExplore your financing options.
HUD 223(f)
Multifamily acquisition & refinance
Acquire or refinance an existing apartment community with long-term, fixed-rate HUD financing.
- Up to 35 years, fixed rate.
- Cash-out refinancing up to 80% LTV.
Multifamily construction & substantial rehab
Build or substantially renovate an apartment community with construction-to-permanent HUD financing.
- Up to 40 years, fixed rate.
- Construction and permanent financing in one loan.
Multifamily streamlined refinance
Refinance an existing HUD-insured apartment loan to improve its long-term financing structure.
- Potential extension of up to 12 years.
- Fixed-rate refinancing of existing HUD debt.
Multifamily supplemental financing
Improve or expand an eligible apartment property while retaining its existing FHA-insured first mortgage.
- Fixed-rate financing for improvements and additions.
- Keep your existing FHA-insured first mortgage.
Program documents.
More documents for this program 2 files
Ownership & closing
Build-to-Rent Financing
Eligible programs, site and parcel rules, management, lease-up and accessibility under ML 2026-12.
Technical reference
HUD Build-to-Rent Eligibility — ML 2026-12
Official HUD guidance for eligible BTR new construction and recently developed rental communities; effective immediately.