The Tax Credit Pilot Program was originally mandated more than three years ago by the Housing and Economic Recovery Act (HERA) of 2008. But a change in administrations, and several bureaucratic hold-ups, have delayed its implementation. The program, modeled on the LEAN program for healthcare loans, will expedite the processing of deals using low-income housing tax credits (LIHTCs).
The FHA has made many programmatic strides in its desire to do more LIHTC deals—essentially making its process and requirements more borrower-friendly over the past three years. The agency even included a chapter on tax credit deals for the first time in its latest revision of the Multifamily Accelerated Processing (MAP) guide.
Read the full article on MFE Online.
Reprinted with permission from Multifamily Executive, a publication of Hanley Wood © December 2011