In one sentence
The FHA program for acquiring or refinancing existing multifamily housing, insured by HUD and processed through approved MAP lenders.
The longer version
Section 223(f) insures long-term, fixed-rate, non-recourse loans on existing apartment properties, prized for their leverage and term. Processing runs through the MAP framework with prescribed exhibits and reviews.
223(f) closings are exhibit-heavy and predictable, which makes them ideal candidates for a templated checklist that starts every deal most of the way built.
Common questions
- What is a HUD 223(f) loan?
- An FHA-insured loan for acquiring or refinancing existing multifamily housing, made by HUD-approved lenders and offering long, fixed-rate, fully amortizing terms.
- Who qualifies for HUD 223(f) financing?
- Owners of stabilized existing multifamily properties that meet HUD's program requirements, including occupancy and condition standards, with limited repairs needed.
- Why is 223(f) attractive to borrowers?
- Long fixed-rate terms, full amortization, high leverage relative to many conventional options, and non-recourse structure, in exchange for HUD's processing time and requirements.
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