The HUD LIHTC Pilot Program program provides permanent financing for affordable rental apartments with 4% or 9% Low Income Housing Tax Credits (LIHTCs) including projects with Section 8 HAP contracts.
HUD defines Affordable Housing as:

• projects that have a recorded regulatory agreement in effect for at least 15 years after final endorsement; or
• projects that meet at least the minimum LIHTC restrictions of 20% of units at 50% of the Area Median Income (AMI), or 40% with economic rents (portion paid by tenants) on those units no greater than LIHTC rents; or
• Mixed income projects if the minimum low income unit rent and occupancy restrictions and regulatory agreement meet above criteria.

The program provides 85% LTV for Affordable projects, and 87% LTV for projects that have 90% or greater of their units with rental assistance.