walkitout (walkitout) wrote,
walkitout
walkitout

Call Me Ignorant: I didn't know about 221(d)(3) or 221(d)(4)

I've been saying the government should provide the same kind of backstop for mortgages on multifamily that they provide on single family.

And they do.

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/mfh/progdesc/rentcoophsg221d3n4

Silly me. Program already exists. Further, at least some developers are using it. (3) is for non-profit and can cover 100%; (4) is for for-profit and can cover 90%. While the project nominally has to be for moderate income, elderly or disabled, there don't have to be income limits on tenants.

ETA:

http://www.redcapitalgroup.com/News/2011/CTP-110060.shtm

Geez. That is quite huge.
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