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FY 03 Multifamily Initial Endorsements

Initial Endorsements increased dramatically in FY 03 as HUD endorsed 1131 Basic FHA & Risk Sharing loans totaling $7.4 billion and providing 177,925 units/beds. 80 lenders made Basic FHA loans in 47 states, the District of Columbia and Puerto Rico. The Basic FHA loans provide the public with a variety of shelter options: 941 apartment projects; 12 cooperatives; 93 assisted living/ board & care facilities; 207 nursing homes, and 4 mobile home parks. 16 states and the District of Columbia made 71 HFA risk sharing loans covering 9,649 units.

Measured by the number of loans endorsed, FY 03 Basic FHA production exceeded FY 02 production by 20% and FY 01 production by 85%. Similarly, Risk Sharing loans increased by 30%, from 57 loans in FY 02 to 74 loans in FY 03.

132 projects in 25 states and the District of Columbia received Low Income Housing Tax Credits (LIHTC). 41 of these projects were developed under Risk Sharing programs and 91 under Basic FHA programs.

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