FHA Announces Series of Incentives for Affordable Multifamily Housing in OZs
The Federal Housing Administration (FHA) today announced a series of incentives to encourage affordable multifamily property owners to invest in opportunity zones (OZs). FHA will reduce application fees for certain affordable housing programs in OZs and will designate a team of underwriters to speed up the processing of those applications. Fees for properties with at least 90 percent of units eligible for Section 8 or low-income housing tax credit residents will be reduced by two-thirds. The incentives are available immediately for affordable housing properties that haven’t applied. HUD estimates the changes will spur approximately $100 million investment in OZs.