New FHA Express Lane Could Accelerate LIHTC Financing to Just 30 Days
For affordable housing developers, long lead times for financing can make it hard to get a deal to closing. A new FHA initiative aims to change that.
FHA has introduced its LIHTC Express Lane, offering experienced developers a streamlined path to financing for new construction projects under Section 221(d)(4), with a target of issuing firm commitments in as little as 30 days from application.
Key advantages include:
- Expedited underwriting and processing
- Eligibility for both 4% and 9% LIHTC projects
- No limit on the size of the project
- No minimum deferred developer fees
- Just 10% of tax credit equity required at Initial Endorsement
Who qualifies?
The Express Lane is designed for experienced LIHTC developers with proven track records and qualified development teams, including architects, general contractors, and property managers. Projects must be new construction, and early completion of environmental work is key to using the expedited process.
Could your next development qualify?
While the Express Lane won’t eliminate every financing challenge, it could help qualified developers move forward with greater speed and certainty.
AGM Financial Services can help you navigate the FHA financing process and get your project into the Express Lane.
About AGM Financial Services, Inc.
Family-owned with over 30 years of experience, AGM has closed over $10 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend. From new construction to substantial rehabilitation to acquisition and refinance — for both market-rate and affordable projects — we can get the deal done. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.