This directory provides links to resources and information for banks and others interested in multifamily finance and investment programs.

• Guidance and Resources
• Multifamily Finance Programs
• Industry Multifamily Resources
• Multifamily Housing Data
• Energy Conservation and Green Building Resources

Guidance and Resources

Regulatory Guidance

Real Estate Lending
Guidelines for Real Estate Lending Policies
Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices (PDF) - Vol. 71 FR 74580, 2006-12-12, No. 238

Risk-Based Capital Treatment

• OCC Bulletin 1994-21, Risk-Based Capital Treatment of Multifamily Housing
• OCC Bulletin 2007-47, Implementation of the Advanced Approaches of the Basel II Capital Accord
• Treatment of Community Development Equity Exposures (including low-income housing tax credit), Final Rule, Vol. 72 FR 69426 2007-12-07 (PDF) (scroll to page 694260)
• Multifamily Housing, Final Rule, Vol. 72 FR 69337 2007-12-07 (PDF) (scroll to page 69337)

OCC Resources
OCC offers publications on topics related to multifamily and community development.

• Affordable Housing - Multifamily article archive
• "Effective Strategies (PDF 2.7 MB) for Community Development Finance"
• "Focus on Affordable Multifamily Housing," (PDF) , Community Developments newsletter, spring 2000
• Preservation of Affordable Multifamily Housing, Community Developments newsletter, spring 2008
• "USDA Rural Housing Finance Programs: Loan Guarantee, Leveraged Loan, and Multifamily Loan," (PDF) Community Developments Fact Sheet
• Community Affairs: Rural Community Development Banking Resource Directory
• Community Development Resource Guide (PDF)
• "Federal Home Loan Bank Programs for Community Investments," (PDF) Community Developments Fact Sheet
• Community Reinvestment Act (CRA) - Banks may receive positive CRA consideration for their participation in loans or investments in affordable multifamily housing.
  • OCC: General Information About CRA
  • OCC: Compliance Corner: Recent CRA Amendments and Agency Guidance, Community Developments newsletter
• OCC and Interagency Council on Homelessness Hosted Webinar on Bank Financing of Permanent Supportive Housing, April 25, 2012: This joint webinar provided an overview of bank financing of permanent supportive housing for people experiencing homelessness. Speakers provided background information and addressed how banks can finance permanent supportive housing by investing in low-income housing tax credits and pre-development loan pools.
  The PowerPoint presentation accompanying the webinar is titled, Financing Opportunities: Banks Assisting in Ending Homelessness, by Deputy Comptroller for Community Affairs Barry Wides.

Community Development Investments Resources under the Public Welfare Investment Authority, 12CFR24
Under the 12 CFR 24 public welfare investment authority, banks may invest, directly or indirectly, in real estate development. Real estate development includes affordable multifamily housing projects that primarily benefit low- and moderate-income individuals, low- and moderate-income areas, or other areas targeted by a government entity for redevelopment. Banks may also invest under 12 CFR 24 if the investment would receive consideration under 12 CFR 25.23 (the CRA regulation) as a "qualified investment." Also see the OCC's public welfare investments (12 CFR 24) and its uses.

Low Income Housing Tax Credit Program
This program encourages investment in multifamily housing targeted to low-income households. OCC offers several publications with information about the program for banks.

• OCC: Low-Income Housing Tax Credits article archive
• OCC: "Investing in Low-Income Housing Tax Credits: A Sound Opportunity for Community Banks," Community Development Investments, spring 2006
• OCC: "Low-Income Housing Tax Credits (PDF 1.1 MB): Affordable Housing Investment Opportunities for Banks," Community Developments Insights, February 2008
• OCC: Tax Credit Resource Directory

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Multifamily Finance Programs

U.S. Department of Housing and Urban Development (HUD) Multifamily Housing Programs
Lenders approved by HUD can participate in Federal Housing Administration (FHA) multifamily mortgage insurance programs, including programs for new construction, substantial rehabilitation, and refinance of rental and cooperative housing, as well as special needs, assisted living, and seniors housing. HUD also operates the Section 8 voucher program, which subsidizes rent payments for low-income individuals.

• FHA: Multifamily Mortgage Insurance Program Descriptions
• HUD: Mortgage Insurance for Rental Housing for Urban Renewal and Concentrated Development Areas, Section 220
• HUD: Mortgage Insurance for Rental and Cooperative Housing, Section 221(d)(3) and (4)
• HUD: Mortgage Insurance for Single Room Occupancy Projects, Section 221(d)(3) and (4)
• HUD: Mortgage Insurance for Purchase or Refinancing of Existing Multifamily Housing Projects, Section 207/223(f)
• HUD: Mortgage Insurance for Rental Housing for the Elderly, Section 231
• HUD: Mortgage Insurance for Supplemental Loans for Multifamily Projects, Section 241(a)
• HUD: Risk-Sharing Program - Qualified Participating Entities, Section 542(b)
• HUD: Housing Finance Agency Risk-Sharing, Section 542(c)

HUD Special Needs Multifamily Housing Programs

• HUD: Supportive Housing for the Elderly, Section 202
• HUD: Supportive Housing for Persons with Disabilities, Section 811
• HUD: Assisted Living Conversion
• HUD: Emergency Capital Repair

HUD Section 8 Programs

• HUD: Section 8 Rental Certificate Program is designed to serve very low-income families by providing a subsidy for the difference between 30 percent of the tenant's household income and the fair market rent.
• HUD: Office of Affordable Housing Preservation, provides assistance and information for preservation of properties with expiring subsidies.

U.S. Department of Agriculture Rural Housing
The U.S. Department of Agriculture (USDA) offers several Rural Development Multifamily Housing Programs that offer loans and grants to developers of low-income community housing.

• USDA: Farm Labor Housing Loan Program, Section 514
• USDA: Rural Rental Housing Guaranteed Loan Program, Section 538
• USDA: Rural Rental Housing Loan Program, Section 515
• OCC: "USDA Rural Housing Finance Programs: Loan Guarantee, Leveraged Loan, and Multifamily Loan," (PDF) Community Developments Fact Sheet
• USDA: The USDA Rural Development Housing and Community Facilities Programs offer rental assistance to individuals who are elderly, disabled, or low-income residents of multifamily housing complexes financed by the Housing and Community Facilities Programs. The Rental Assistance Program (Section 521) provides qualified applicants with subsidies for the difference between 30 percent of the tenants' household income and the fair market rent.

Fannie Mae
Fannie Mae offers financial products for affordable and market-rate rental housing on apartment buildings, condominiums, and cooperatives with five or more individual units. Fannie Mae multifamily programs include debt financing through lenders for small and large multifamily loans, seasoned pool purchases, and structured transactions. Fannie Mae-approved Delegated Underwriting and Servicing lenders can underwrite, close, and deliver most loans without pre-review by Fannie Mae. The company also provides credit enhancement for tax-exempt bonds issued to finance the acquisition, new construction, refinancing, or moderate or substantial rehabilitation of multifamily housing. Additionally, Fannie Mae offers forward commitments, which allow lenders to lock in rates.

Fannie Mae published a report discussing its role in the small multifamily loan market in early 2011.

Freddie Mac
Freddie Mac multifamily programs help to ensure an ample supply of affordable rental housing by purchasing mortgages on apartment buildings with five or more units. Freddie Mac enables the purchase, refinance, and rehabilitation of older buildings and the construction of new affordable apartments, as well as senior and student housing. Freddie Mac purchases loans on mid-rise, high-rise, walk-ups, garden-style apartment complexes, and co-op buildings (but not individual units). Freddie Mac purchases these loans from its network of Program Plus and Targeted Affordable Housing Correspondents with over 100 branches nationwide.

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Industry Multifamily Resources

• Enterprise Community Partners Inc. is a national nonprofit intermediary with more than 25 years of experience in the community development and affordable housing field and is the leading provider of capital and expertise for affordable housing and community development.
  
  
• Local Initiative Support Corporation, a national nonprofit intermediary, assembles private and public resources, enabling local organizations to access national resources and expertise and funding partners to leverage their investments.
  
  
• Housing Assistance Council, a national nonprofit intermediary, was created to increase the availability of decent and affordable housing for rural, low-income people.
  
  
• National Association of Affordable Housing Lenders is a membership organization committed to increasing private lending and investing in low- and moderate-income communities for affordable housing and community economic development through its private sector lenders and investors.
  
  
• National Association of Housing and Redevelopment Officials is a housing and community development organization whose members administer such HUD programs as public housing, Section 8, community development block grants, and HOME.
  
  
• National Housing Trust is a nonprofit intermediary dedicated to the preservation of federally assisted, decent, safe, and affordable housing.
  
  
• Mortgage Bankers Association, a membership organization, represents the real estate finance industry.
  
  
• National Association of Home Builders, a membership organization, represents the home building industry, including multifamily builders and developers.
  
  
• National Multi Housing Council, a membership organization, represents firms engaged in all aspects of the apartment industry including ownership, development, management, and financing.

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Multifamily Housing Data

• Housing Assistance Council Publications and Data on USDA Rural Development
• HUD User
• HUD Multifamily Data
• Center for Housing Policy's "Paycheck to Paycheck" database (measures of wages and housing costs)
• National Multi Housing Council's Research and Statistics
• Mortgage Bankers Association's Products and Surveys

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Energy Conservation and Green Building Resources

• Housing Assistance Council's Going for Green
• U.S. Environmental Protection Agency's Green Building
• National Multi Housing Council's Green Building and Energy Policy
• National Association of Home Builders' Green Building, Remodeling & Development
• Enterprise Community Partners’ Enterprise Green Communities
• Local Initiatives Support Corporation’s Green Development Center

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