September 29, 2011
Love Funding Senior Vice President and Midwest Regional Director Bruce Gerhart and First Vice President – Originator Bob Smallwood will attend AHF Live!, November 2-4, 2011, at the Swissotel in Chicago. Stop by booth #125 to learn more about Love Funding’s affordable housing finance experience.
September 29, 2011
Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $9.22 million construction loan for Orchard Park of Murphy, an 84-bed assisted living center under development in Murphy, Texas.
Love Funding Vice President Joshua Hausfeld secured the loan through the U.S. Department of Housing and Urban Development’s Section 232 LEAN loan program. Using the program enabled the property’s owners, McFarlin Group and Caddis Partners, to lock in a non-recourse loan at a low fixed interest rate with a 40-year term.
Continued…
September 25, 2011
Love Funding First Vice President and Senior Loan Originator Len Lucas will be attending the Healthcare Association of New Jersey Conference, held October 25 – 27, 2011, in Atlantic City, New Jersey. Stop by booth # 631 to learn more about financing your healthcare facility through FHA.
September 20, 2011
Streamlined Procedures for LIHTC Projects Announced in 2012 MAP Guide
In advance of HUD’s expected Mortgagee Letter outlining the pilot multifamily insurance program for LIHTC project finance, HUD has included some of the changes to the process in Chapter 5 of the new MAP Guide. To view this section of the guide, click here.
HUD to Allow Financing of Sprinkler Systems
HUD’s Office of Healthcare Programs announced a pilot program to finance the installation of fire suppression sprinkler systems. This important program is in response to the Center for Medicare and Medicaid’s requirement that all long-term-care facilities have sprinkler systems installed by August of 2013. For more information, LEAN approved lenders should contact Vance Morris at HUD at vance.t.morris@hud.gov.
HUD Issues Mortgagee Letter on Underwriting Policies and Procedures for Commercial Space and Income
On Thursday, September 1st, HUD issued a mortgagee letter (ML 2011-32) giving instructions and guidance pertaining to the recognition of commercial income from non-residential uses in calculating the maximum insurable mortgage. These guidelines are effective immediately. To read the letter, click here.
Via the Mortgage Bankers Association
September 15, 2011
On Monday, August, 22nd, revisions to HUD’s multifamily underwriting and processing guidelines were announced in a revised edition of the Multifamily Accelerated Processing (MAP) Guide. Along with recent regulatory changes to underwriting requirements, enhancements to the loan process and revisions to the closing procedures and documents, the guide details the procedures MAP lenders must follow when submitting applications for FHA insurance. This version is written in plain language and contains the most substantial changes to multifamily procedures since 2002, when the MAP program was rolled out. The 661-page guide reflects updates in regulations and procedures including last year’s risk mitigation initiatives (ML 2010-21) and the relevant changes earlier this year in the multifamily closing documents. Comments on the new MAP Guide are due November 1, 2011. To access the MAP Guide, click here.
Via the Mortgage Bankers Association