* Up to 90% Loan to Cost
* 40 year amortization
* 40 year term (no balloon)
* Loan is assumable
* Non-Recourse
* Rehab costs must exceed $6500/unit

The HUD 221d4 program provides non-recourse construction and permanent financing for multifamily properties, or substantial rehabilitation for existing multifamily properties.

40 year fixed rate, non-recourse financing can be secured for qualifying properties. This loan can also be assumed by investors and retain the original interest rate.

Market rate properties qualify for 83.3% LTV, 87% for Affordable, and 90% for projects that have 90% or greater of their units with rental assistance.

The 221d4 program provides the best terms available for construction and rehabilitation projects. Under the program, borrowers can utilize a variety of credits to mitigate the equity requirement which could potentially increase the LTV to 90%+ for market rate properties.

Click Here to Download New Construction and Rehab Guidelines