The National Housing & Rehabilitation recently submitted two sets of comments to the U.S. Department of Housing and Urban Development (HUD) relating to FHA multifamily mortgage insurance programs:
One set of comments addressed changes that the Department is planning to make to the underwriting criteria for its FHA Section 223(f) and 221(d)(4) multifamily mortgage programs. In the second set of comments, NH&RA urged HUD to reconsider a recent policy decision and permit Section 221(d)(4) mortgages for multifamily rental projects created from failed condo projects that have pre-sold units. HUD recently directed its field offices not to accept 221(d)(4) applications for failed condos that have pre-sold units.
