Arbor Selected by HUD as Approved Lender for Low Income Housing Tax Credit Pilot Program
UNIONDALE, NY (January 30, 2013) – Arbor Commercial Mortgage, LLC (“Arbor”), a leading, direct commercial real estate lender originating on a national basis, has further expanded its multifamily Federal Housing Administration (FHA) loan origination capabilities with HUD approval to participate in the Low-Income Housing Tax Credit (“LIHTC”) Pilot Program.
The LIHTC Pilot program was launched to streamline the approval process for FHA-insured mortgage loans on affordable housing projects that utilize LIHTCs and allows for closings within 90 days. The program also significantly increases the amount of repairs/rehabilitation allowed under the Section 223(f) program and creates a separate application platform and processing track for Section 223(f) transactions.
The LIHTC Program initially launched in early 2012 through HUD offices in Chicago, Detroit, Boston and Los Angeles and recently expanded to the Atlanta, Denver, San Francisco, Seattle and Fort Worth, TX, offices.
“We are pleased to have been selected by HUD for this innovative pilot program. By offering the LIHTC Program in conjunction with our extensive experience and knowledge of the affordable housing marketplace, we will now be able to better fulfill our clients’ needs and help them secure quicker approval for the preservation of affordable housing,” said Joseph Donovan, Arbor’s Senior Vice President, Director of FHA Lending.
As an approved FHA Multifamily Accelerated Processing and LEAN Lender, Arbor’s FHA Group provides borrowers access to all FHA-insured multifamily and healthcare loan programs on an expedited basis. Arbor also provides Bridge loans that are underwritten to a permanent FHA loan take out.
Arbor Commercial Mortgage, LLC is a national direct lender specializing in finance origination and loan servicing for multifamily and other diverse commercial assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily Lender, an FHA Multifamily Accelerated Processing (MAP) Lender, and a HUD-Approved LIHTC Lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of $10 billion, Arbor is a primary commercial loan servicer and special servicer rated by Fitch Ratings and Standard & Poor’s. Arbor is also on the Standard & Poor’s Select Servicer List.
Arbor Commercial Mortgage, LLC also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in mortgage-related securities, real estate-related bridge, junior participating interests in first mortgages, mezzanine loans, preferred and direct equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, with full-service lending offices throughout the United States. For more information about Arbor, visit www.arbor.com.