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New HUD Rule Eases Low Income Insurance Process

WASHINGTON, DC-A new HUD notice allows low income housing developers to bring in equity throughout the construction process.

By Erika Morphy | Updated on July 22, 2008

WASHINGTON, DC-The US Department of Housing and Urban Development Agency has streamlined and revised rules to make it easier for low income housing multifamily developers to get mortgage insurance through the FHA. The changes are significant enough to increase the price of low income housing tax credits by 5 cents, Cheryl Malloy, senior vice president of multifamily and governance with the Mortgage Bankers Association, tells GlobeSt.com.

“This is a huge accomplishment for HUD that will directly impact low income housing tenants,” she says. “A number of low income housing projects that wouldn’t ordinarily get done, will now get done because these changes.”

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