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FY 07 Multifamily Initial Endorsements

During FY 2007, Multifamily initially endorsed 881 loans totaling $4.2 billion and providing 90,614 units/ beds in the District of Columbia, Puerto Rico and all states except Alaska and South Dakota. 805 of these 881 loans were processed by FHA's production offices under Basic FHA programs and 76 loans were processed by state housing finance agencies and Fannie or Freddie under risk sharing arrangements with HUD. 58 lenders made the 805 Basic FHA loans and those loans provided a variety of shelter options: 623 apartment projects; 7 cooperatives; 67 assisted living / board; and 108 nursing homes. Risk Sharing programs created additional shelter. 15 states and the District of Columbia made 57 HFA risk sharing loans covering 5,683 units/beds. Fannie and Freddie made 19 loans covering 1,948 units.

404 (46%) of the 881 loans were made for properties located in Underserved Areas. 294 of the 881 loans refinanced Section 202 loans covering 21,342 units and 26 loans decoupled Section 236 Interest Reduction (IRP) contracts covering 4,400 units. 117 projects in 30 states and the District of Columbia received Low Income Housing Tax Credits (LIHTC) in conjunction with these loan transactions. 68 of the LIHTC projects were developed under Basic FHA programs and 49 under Risk Sharing programs.

Three FHA programs remained strong or increased. FHA endorsed 104 loans for new construction/ substantial rehab of apartments - the same number FHA endorsed in FY 06. Construction of assisted living facilities tripled, jumping from 5 loans in FY 06 to 16 in FY 07. And, 223f loans for purchase/ refinancing of apartments remained our largest program as FHA endorsed 355 loans, just slightly less than FY 06's 365 loans.

Five of our 18 MF Hubs endorsed more loans in FY 07 than in FY 06. Those Hubs are Chicago, Columbus, Fort Worth, Greensboro and Philadelphia. Our top producer for both FY 06 and FY 07-- the Chicago Hub -- remains strong, endorsing 92 loans, 3 more than in FY 06. The Fort Worth Hub, always our largest producer prior to Katrina, is recovering rapidly. With 78 endorsements in FY 07, FTW HUB had 2nd highest endorsement volume and endorsed 9 more loans than it had endorsed in FY 06.

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