HUD & GNMA CONSULTING
Since 1959, the U.S. Department of Housing and Urban Development (HUD) has financed thousands of multifamily properties with HUD Direct Loans. These properties, as well as many other multifamily types, are eligible to refinance through the Government National Mortgage Association (GNMA) at substantially lower interest rates than traditional loans. Long-term, fixed-rate loans with amortizations up to 40 years are available through Sec. 232 and 232/223(f) of HUD/FHA.
North Garden Group is experienced with assisting property owners in obtaining certification for HUD refinancing. Contact us at for more information as to how we may assist you.
HUD Sec. 202
HUD provides capital advances to finance the construction, rehabilitation or acquisition with or without rehabilitation of structures that will serve as supportive housing for very low-income elderly persons, including the frail elderly, and provides rent subsidies for the projects to help make them affordable.
HUD provides interest-free capital advances to private, nonprofit sponsors to finance the development of supportive housing for the elderly. The capital advance does not have to be repaid as long as the project serves very low-income elderly persons for 40 years.
HUD Sec. 207/223(f)
Section 207/223(f) insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing. These projects may have been financed originally with conventional or FHA insured mortgages. Properties requiring substantial rehabilitation are not eligible for mortgage insurance under this program. HUD requires completion of critical repairs before endorsement of the mortgage and permits the completion of non-critical repairs after the endorsement for mortgage insurance.