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| Joseph Donovan |
UNIONDALE, NY (Jan. 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.
Contact: Christopher Ostrowski, costrowski@arbor.com
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