The Federal Housing Administration’s (FHA’s) Low Income Housing Tax Credit Pilot Program is being expanded to five additional offices, essentially making the effort a national program.
Atlanta; Denver; Fort Worth, Texas; San Francisco; and Seattle hub offices will join Boston, Chicago, Detroit, and Los Angeles, announced the Department of Housing and Urban Development.
This means that the pilot, which aims to expedite the processing time for FHA-backed deals that use housing tax credits, will now have a geographic reach throughout the country, so projects from all states are eligible. Projects not located in the jurisdictions of the nine processing offices will be assigned at headquarters to one of the offices for underwriting.
Federal housing officials also said that the qualifying of additional lenders for the program will also begin in September. The first 20 lenders taking part in the pilot were announced earlier this year.
