Enterprise Expands Loan Products to Finance Housing and Healthcare Facilities Multifamily Mortgage Group Offers FHA and USDA Loan Products
Columbia, Md. – (February 21, 2008) – Enterprise Community Investment, Inc., a national leader in affordable housing finance and investment, today announced the expansion of debt products available in its Multifamily Mortgage Finance group. Enterprise is now an approved U.S. Department of Agriculture (USDA) Section 538 Rural Development lender and delivers Federal Housing Administration (FHA) multifamily and healthcare loan products as a HUD-approved Multifamily Accelerated Processing (MAP) lender. Also available from Enterprise is proprietary non-agency construction and permanent financing for multifamily properties in addition to its Fannie Mae DUS product offering.
“Enterprise is committed to offering the multifamily and commercial permanent debt products and services that developers need to support their work to revitalize and stabilize communities,” said Lamar Seats, senior vice president for Multifamily Mortgage Finance at Enterprise Community Investment, Inc. “We have the flexibility to lend to nonprofit, for-profit and joint venture partners to help them get critical financing for multifamily rental housing and healthcare facilities in urban, suburban or rural areas across the country.”
Enterprise’s multifamily lending portfolio has resulted in more than $436 million in financing to create approximately 15,000 affordable apartments and homes nationwide. This portfolio includes multifamily mortgages for the new construction, preservation, rehabilitation and building of green affordable housing.
“Enterprise’s approval as a rural development lender is very timely, particularly for Section 42 developers now applying for affordable housing fund reservations,” said Gary Alex, director of FHA Lending, Enterprise Community Investment, Inc. “Many states award extra points for utilizing the federal Section 538 program to provide the debt for low-income housing tax credit transactions. Also, as a full-service FHA mortgagee, we offer a streamlined approach to originating, processing, underwriting, funding and servicing FHA-insured loans.”
Enterprise’s FHA and Section 538 rural lending programs are launched from its suburban Atlanta office located at 6340 Sugarloaf Parkway in Duluth, Ga., 678.775.6780. Through this office and other local offices throughout the country, Enterprise provides a variety of multifamily mortgage products, including:
The USDA Section 538 Rural Development Loan Program can be utilized for multifamily rental properties targeted for people in rural areas with incomes at or below 115 percent of the area median income. Eligible projects must be in a designated rural area which is not part of or associated with an urban metropolitan area. Financing can be applied to new construction, rehabilitation of buildings, or acquisition costs when related to rehabilitation. It can also be used for the acquisition of buildings for projects that serve a special housing need or the development of related facilities, including community space, recreation, storage or maintenance structures.
The Federal Housing Administration provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family, multifamily, and manufactured homes, and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.
Enterprise Community Investment, Inc. is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. Enterprise leverages low-income housing, new markets and historic rehabilitation tax credits, short and long-term debt, and development services to capitalize projects that make a catalytic difference in communities. Enterprise has privately raised nearly $9 billion to finance more than 240,000 affordable rental and for-sale homes, create vital communities and help transform the lives of low-income Americans, particularly those at the lowest end of the economic scale. Currently, Enterprise is investing in communities at a rate of nearly $1 billion a year. Visit www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
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