NAA/NMHC continue to oppose efforts by HUD/FHA to make loan terms more restrictive, impose added liability requirements on borrowers and enact tougher underwriting conditions for the Section 221(d)(4) and Section 223(f) programs. While HUD’s intention is to tighten up market-rate refinancing and new construction loans, non-profit loans and loans to properties with rent restrictions are also impacted.
As part of a coalition of real estate groups representing developers, owners, lenders, affordable multifamily housing developers and managers, NAA/NMHC have submitted comments to HUD outlining opposition. Read the NAA/NMHC letter.