FHA Launches Tax Credit Program

The Federal Housing Administration announced it is planning to launch the first phase of its Multifamily Low-Income Housing Tax Credit Pilot program, which will test an accelerated approval process for the purchase or refinancing of LIHTC properties. The program aims to reduce the time needed to review and approve LIHTC-assisted financing applications from one year to 90 to 120 days by reducing the time required to review and approve financing applications under FHA’s Section 223(f) program.