BOSTON, MA - CWCapital LLC, a subsidiary of CW Financial Services and a leading national lender to the multifamily, seniors and healthcare industries, today announced it has been selected to participate in the U.S. Department of Housing and Urban Development (HUD) Multifamily Low Income Housing Tax Credit Pilot.
The pilot launch is mandated by the Housing and Economic Recovery Act of 2008 and is intended to streamline FHA mortgage insurance applications for projects with equity from the Low Income Housing Tax Credit (LIHTC) program. In an effort to prevent failure to meet tight bond closing or LIHTC performance deadlines, which could have a negative impact on a borrower’s ability to secure future LIHTC funds, HUD has created a distinct application form and processing track under the section 223 (f) program.
CWCapital is one of 20 lenders selected nationwide to participate in the pilot, which was restricted to approved Multifamily Accelerated Processing (MAP) lenders and HUD offices with proven tax credit lending expertise.
Uniquely positioned to successfully manage the new pilot program, CW began its HUD lending operations in 1972, was one of the first national lenders approved for HUD’s Multifamily Accelerated Processing (MAP) system, and closed the first MAP loan in the country. Since that time, the firm has established itself as an industry leader in HUD financing, closing $553 million in HUD loans in 2011, and placing it among the top ten producers in the nation. Long active in the Affordable Housing sector, CW formally launched an Affordable Housing platform in 2011.
Michael Berman, President and CEO of CWCapital, commented, “With our long history as a HUD lender and knowledge of the affordable housing sector, we are very pleased to see HUD implement this pilot and are equally pleased to lend our expertise to it. The country is experiencing a growing need for affordable housing and the industry’s ability to respond to that need is critical.”
CW Financial Services LLC is a unique, vertically integrated commercial real estate debt and equity platform. Offering a full range of products and services including multifamily lending, servicing, gap equity placement, special servicing, consulting, investment sales and investment management, CW Financial Services employs approximately 460 professionals in 17 offices nationwide.