The Federal Housing Administration has implemented a streamlined approval process designed to accelerate access to mortgage financing for multifamily apartment owners and developers in New York and New Jersey.
It will benefit multifamily apartment owners who are seeking to refinance their mortgages so they can “substantially rehabilitate their properties” or start new construction projects in areas especially hard hit by Hurricane Sandy.
“Effective immediately,” said Housing and Urban Development secretary Shaun Donovan, who also chairs President Obama’s Hurricane Sandy Rebuilding Task Force, the faster approval process will facilitate recovery efforts in the residential housing sector in both states.
The process is open “to any multifamily project applying for mortgage insurance in presidentially declared disaster areas in New York or New Jersey, whether or not the property was directly damaged by the recent storms.”
Multifamily apartment owners in both states will get “priority treatment when applying for FHA-insured mortgages,” to ensure ongoing support for the long-term rebuilding efforts in these areas, said Donovan, whose job description as chair of the task force allows him to align available resources with a long-term rebuilding plan for the region.