In the 1980 classic movie, The Blues Brothers claimed they were on a mission from God. While it may not be as divinely-inspired as Jake’s and Elwood’s cause, HUD has
One word can summarize HUD’s 2023 mortgage insurance volume – meh! Here is a look at Fiscal Year (FY) 23, which ended on September 30.
The space between affordable and market rate housing development can be a lonely one. Affordable projects can participate in tax-credit, supplemental grants, and Section 8 housing assistance programs; market rate
Here are several of our observations on recent HUD matters that we’d like to share.
HUD multifamily lenders, like most of our conventional lending colleagues, underwrite deals based on metrics like loan-to-cost (LTC), loan-to-value (LTV) and debt service coverage (DSC).
We borrowed – and slightly amended - that classic line from Blazing Saddles, and before that, The Treasure of the Sierra Madre, to make this point.
HUD-insured multifamily construction loans offer terrific terms: 40 year amortization, high loan-to-cost ratios, low debt service coverage ratios and non-recourse provisions.
Last month HUD announced a new program – funded through the Inflation Reduction Act – that will assist affordable housing properties become more energy efficient, implement new cutting-edge environmental technologies
The Section 232/223(f) program is HUD’s primary refinancing program for existing skilled nursing homes, assisted living facilities and memory care centers. It provides long-term, fixed-rate financing with a maximum 35-year
"Sims Mortgage Funding has been a trusted partner of Parkview Community Hospital since 2011, when they helped us refinance our short-term, high interest rate debt with a HUD-insured loan. They have a strong knowledge of HUD's programs and procedures, and were able to skillfully lead the hospital, architect and construction manager through a complicated financing process and to a successful closing."
"We really appreciate all the hard work Sims provided our organization. They helped us navigate through a complicated HUD financing process that resulted in considerable financial benefit to the project and to our elderly residents"