WASHINGTON, April 26, 2012 /PRNewswire/ -- Love Funding, one of the nation's leading providers of FHA multifamily and healthcare financing, announced that it is one of a select number of lenders approved to participate in a new housing tax credit pilot program run by the U.S. Department of Housing and Urban Development's Federal Housing Administration.
The program will test an accelerated approval process for the purchase or refinancing of multifamily rental properties that will undergo moderate rehabilitation and re-syndicate Low-Income Housing Tax Credits (LIHTCs). The program will also finance housing with 90% or more project-based rental assistance in need of moderate rehabilitation. Love Funding will now be able to offer its clients fast-track processing for such loans in the Chicago, Detroit, Boston and Los Angeles hubs. FHA's Office of Multifamily Housing Programs believes it can reduce the time needed to review and approve applications from about one year to as little as 90 days.
Love Funding became one of the nation's biggest FHA-only lenders in 2007, when the company exited other commercial financing businesses to focus on developing its expertise in HUD's multifamily and healthcare financing programs. The company originated, underwrote and closed five transactions totaling $48.1 million over the last three fiscal years that involved LIHTC's and tax-exempt bonds.
"Love Funding made a commitment to affordable housing years ago and we are proud that HUD has recognized that commitment by making us part of this important program," said Love Funding President Mark Dellonte. "Being a part of the tax credit program will better enable us to serve our clients' needs and help them obtain faster financing approvals for these time-sensitive transactions."
About Love Funding
Love Funding is a fully-approved HUD LEAN and MAP lender serving clients across the country from its headquarters in Washington D.C. and offices in Boston, Chicago, Cleveland, Dallas, Denver, Kansas City, Knoxville, Los Angeles, New York, Palm Beach, Tampa and St. Louis. The company offers refinance, construction and acquisition financing programs for multifamily, senior housing and healthcare facilities, including hospitals. Love Funding is one of the Love Companies, a St. Louis-based investment holding company with origins dating back to 1875. To learn more please visit our website and join us on Facebook and Twitter.
SOURCE Love Funding