The Federal Housing Administration (FHA) multifamily mortgage insurance programs support the construction and rehabilitation of affordable rental housing for low- and moderate-income households. In the past 20 years, FHA has insured multifamily mortgage loans of over $30 billion, and the agency continues to insure billions of dollars in multifamily mortgages, producing and/or preserving tens of thousands of affordable apartments each year.
Although the benefits of using FHA insurance are substantial, the process can be lengthy and burdensome. The Obama Administration recently implemented changes to improve the programs, which include strengthening risk management of the portfolio and improving efficiency.
NAHB continues to engage the HUD Office of Multifamily Housing on issues related to the new protocols, procedures, changes to the Multifamily Accelerated Processing (MAP) Guide and other policy initiatives.
Why It Matters
NAHB urges Congress to preserve the FHA multifamily rental housing and health care facilities mortgage insurance programs contained in Title II of the National Housing Act, including the Section 221(d)(4) program for the construction and substantial rehabilitation of both market-rate and affordable housing projects, and the Section 223(f) program for refinancing and rehabilitation of existing multifamily housing.