Commercial real estate development, duplex condominiums, multi-family housing
The HUD 221(d)(4) program is the primary means for profit-motivated developers to finance multi-family apartment projects. Under the 221(d)(4) program, HUD works with approved lenders and insures construction/permanent mortgage loans for financing the construction or substantial rehabilitation of multi-family rental housing. This program allows for long-term mortgages (up to 40 years).
HUD 221(d)(4) Loans are quite complex and require a lawyer who has experience with a myriad of governmental regulations and requirements.
Tom O'Brien has substantial experience with the HUD 221(d)(4) program throughout Virginia and the mid-Atlantic region, including:
- Representing developers of multi-family projects obtaining HUD Firm Commitments;
- Coordinating the initial closing of loans made under HUD 221(d)(4) program;
- Coordinating the final closing and obtaining HUD's "endorsement" on 221(d)(4) HUD-insured loans; and
- Resolving HUD compliance problems in the management and operation of HUD regulated projects.
Tom can be reached at (804) 697-2070 or tobrien@spottsfain.com.
