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Multifamily Financing

View The Real Estate Finance Options At First Housing

Multifamily Finance Solutions Designed for You

First Housing uses its HUD platform, other loan products, and its expertise to finance transactions nationally.  As an approved HUD/FHA Multifamily Accelerated Processing (MAP) Lender, First Housing has strong relationships with multiple HUD offices, with 100% of our submissions approved. Our elite group of real estate professionals has the experience necessary to evaluate any financing proposal and recommend a structure and plan to make it happen.


Financing Options

First Housing specializes in the HUD/FHA Multifamily Finance Programs.  From affordable to market-rate housing, we provide the financing options for acquisition, refinance, or new construction, all with fixed terms.  We also offer our very own Affordable Housing Lending Pool finance product specifically for the creation of affordable housing in the State of Florida.

Inside Business

New Construction and Sub-Rehab - 221(d)(4)

HUD 221(d)(4) is the product used to finance new construction and substantial rehab of affordable and market rate multifamily developments.  First Housing's staff has significant construction expertise with most projects outperforming financial projections.  The HUD 221(d)(4) is non-recourse, offers some of the most competitive interest rates in the market, a maximum 40-year amortization, and allows for financing up to 85-90% of costs, depending upon the project type.  HUD recently approved an expedited timeframe for the new construction of affordable housing developments.  First Housing has experience executing these types of transactions as well as tremendous expertise in affordable housing as one of three underwriters of Low-Income Housing Tax Credit transactions for the State of Florida.

Acquisition and Refinance - 223(f)

HUD 223(f) is the product used to finance real estate acquisitions and refinance existing affordable and market rate multifamily developments. The HUD 223(f) is non-recourse, offers some of the most competitive interest rates in the market, a maximum 35-year amortization with the potential to cash-out, and allows for financing up to 85-90% of appraised value, depending upon the project type.  A recent development is that HUD is now permitting the use of the 223(f) to refinance newly constructed or substantially rehabbed properties.   This is a game changer, since borrowers are now eligible to take advantage of the 223(f) as soon as they achieve the applicable programmatic Debt Service Coverage Ratio (DSCR) for a minimum of one full month post construction completion.

Refinance HUD Insured Asset - 223(a)(7)

HUD 223(a)(7) is the product used to refinance existing HUD debt on multifamily properties.  The product is often used to reduce the interest rate and increase the amortization to improve property cashflow.  Owners can also use cost savings to make green improvements and reduce their Mortgage Insurance Premium (MIP).  The HUD 223(a)(7) typically closes within 60 days from application and third-party reports are limited to a project capital needs assessment (PCNA), making for a relatively easy execution.

Affordable Housing Lending Pool (AHLP)

First Housing has had a commitment to finance affordable housing since it began 40 years ago.  The benefits of the affordable housing lending pool are competitive pricing, a maximum 35-year amortization, quick execution, an automatic conversion, no yield maintenance, rate lock, or delivery assurance fees, and the option to refinance into a First Housing HUD 223(f) without a prepayment penalty.  Currently, eight of First Housing's stockholders participate in the lending pool to provide construction and permanent financing to multifamily affordable housing and workforce developments across the State of Florida.  

FINANCE: Services

Term Sheets and Resources

Provided is information for each HUD Program and First Housing's Lending Pool (AHLP)

FHA 223(a)(7)

FHA 223(f)

221(d)(4) - LIHTC Pilot

FHA 232

FHA 232/223(f)


Recent HUD Guidance

Multifamily Finance Team

Discover Our Expertise


Scott Moreman

Sr. Vice President



Ed Busansky

Sr. Vice President

AHLP/Credit Underwriting


Joann Lundquist

Assistant Vice President

HUD/FHA Closings

Contact Us

107 S. Willow Ave. Tampa, Florida 33606

(813) 289-9410

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