Arbor Selected by HUD as Approved Lender for Low Income Housing Tax Credit
UNIONDALE, N.Y. -- 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)/LEAN 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
Arbor Commercial Mortgage, LLC
Chris Ostrowski, (516) 506-4255
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