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PILOT PROGRAM TO ACCELERATE LIHTC DEVELOPMENT FINANCING

Friday, February 10, 2012 - 8:00AM

The Federal Housing Administration (FHA) today announced a pilot program to test an accelerated approval process for the purchase or refinancing of low-income housing tax credit (LIHTC) properties. The Multifamily Low Income Housing Tax Credit Pilot program aims to reduce the time needed to review and approve LIHTC-assisted financing applications from one year to 90 to 120 days by reducing the time required to review and approve financing applications under FHA’s Section 223(f) program. FHA is launching this first phase of the pilot program in Chicago, Detroit, Boston and Los Angeles.

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