The company expects its participation in the program will help expedite the approval process for Federal Housing Administration-insured mortgages on affordable housing projects that use LIHTCs as intended, allowing for closings within 90 days.
The program also increases the amount of repairs/rehabilitation allowed under the Section 223(f) program and creates a separate application platform and processing track for Section 223(f) transactions, according to the company.
Launched in early 2012, the program originally was available through HUD offices in Chicago, Detroit, Boston and Los Angeles. Recently, an expansion brought it to Atlanta, Denver, San Francisco, Seattle, and Fort Worth, Texas.
