FHA Expands LIHTC Pilot Program

The Federal Housing Administration’s (FHA’s) Low Income Housing Tax Credit Pilot Program is being expanded to five additional offices, essentially making the effort a national program. Atlanta; Denver; Fort Worth, Texas; San Francisco; and Seattle hub offices will join Boston, Chicago, Detroit, and Los Angeles, announced the Department of Housing and Urban Development. This means that the pilot, which aims to expedite the processing time for FHA-backed deals that use housing tax credits, will now have a geographic reach throughout the country, so projects from all states are eligible. Projects not located in the jurisdictions of the nine processing offices will be assigned at headquarters to one of the offices for underwriting. HUD also said it plans to begin qualifying additional multifamily accelerated processing lenders this month through a second lender selection process.

Housing Finance

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