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FY 04 Multifamily Initial Endorsements

Initial Endorsements continued to climb in FY 04. Measured by number of loans, FY 04 production exceeded FY 03's record levels by about 3.5% for Basic FHA programs and 12% for risk sharing loans. HUD endorsed 1497 loans (1,305 in Basic FHA programs and 192 in Risk Sharing programs). These loans totaled $7.56 billion and provided 178,755 units/beds.

229 projects in 30 states and the District of Columbia received Low Income Housing Tax Credits (LIHTC). 90 of these projects were developed under Basic FHA programs and 139 under Risk Sharing programs.

81 lenders made the 1,305 Basic FHA loans for properties located in the District of Columbia, Puerto Rico, the Virgin Islands and all states except Hawaii. The Basic FHA loans provide a variety of shelter options: 1019 apartment projects; 5 cooperatives; 84 assisted living/ board & care facilities; 196 nursing homes; and 1 mobile home park. Risk Sharing programs created additional shelter. 16 states and the District of Columbia made 151 HFA risk sharing loans covering 16,058 units. Fannie and Freddie made 41 loans covering 5,526 units

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