The Federal Housing Administration (FHA) Multifamily Accelerated Processing (MAP) Guide was revised in December and further updated March 19. The revised guide is now in effect. The revisions incorporate policy changes from the last four years and set out HUD's current policies on FHA-insured lending.
We were recently joined by Tom Bernaciak, Deputy Director, Office of Multifamily Housing Production, U.S. Department of Housing and Urban Development, and Michelle Small, Senior Vice President, FHA Chief Underwriter, Merchants Capital, for a discussion about what the revisions mean for multifamily borrowers of FHA-insured loans and how the revisions impact FHA financing for affordable housing moving forward.
During our presentation, "HUD's new MAP Guide — What borrowers need to know" we highlighted the changes in the MAP Guide, including:
- FHA & LIHTCs
- The "3-year rule" & using FHA-insured lending on newly constructed projects
- "Heavy" 223(f) vs. 221(d)(4) requirements
- Closing protocols and requirements