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In 2012, HUD and the Federal Housing Administration (FHA) introduced a new Multifamily Low Income Housing Tax Credit Pilot Program intended to speed project financing of tax credit sites. Before, the Section 223(f) program for FHA-insured loans couldn’t be used for substantial rehabilitation projects; however, HUD expanded its usual concept of moderate rehabilitation to allow certain tax credit projects to take advantage of the streamlined 223(f) process.
By its original design, the key features of the pilot include:
