HUD recently issued Housing Notice 2013-05 to detail recent changes regarding processing of Federal Housing Administration (FHA) multifamily mortgage insurance applications for transactions in New York and New Jersey, the communities hardest hit by Hurricane Sandy. The changes are intended to facilitate recovery efforts by ensuring the timely availability of FHA’s Multifamily Housing programs. The expedited procedures apply to multifamily properties requesting financing under the Section 220, 221(d)(4), 223(a)(7), 223(f), 231 and 241(a) multifamily mortgage insurance programs. Housing Notice 2013-05 also revises certain provisions of the FHA Tax Credit Pilot Program.
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