Enterprise Will Now Provide FHA Multifamily, Healthcare Loans

By Anuradha Kher, Online News EditorColumbia, Md.–Enterprise Community Investment Inc., an affordable housing finance and investment company, will now provide U.S. Department of Agriculture (USDA) Section 538 Rural Development loans and will deliver Federal Housing Administration (FHA) multifamily and healthcare loan products as a HUD-approved Multifamily Accelerated Processing (MAP) lender.Enterprise will also provide proprietary non-agency construction and permanent financing for multifamily properties in addition to its Fannie Mae DUS products.“Enterprise is committed to offering the multifamily and commercial permanent debt products and services that developers need to support their work to revitalize and stabilize communities,” says Lamar Seats, senior vice president for Multifamily Mortgage Finance at Enterprise Community Investment Inc. “We have the flexibility to lend to nonprofit, for-profit and joint venture partners to help them get critical financing for multifamily rental housing and healthcare facilities in urban, suburban or rural areas across the country,” adds Seats.Gary Alex, director of FHA Lending, Enterprise Community Investment Inc., says,  “Enterprise’s approval as a rural development lender is very timely, particularly for Section 42 developers now applying for affordable housing fund reservations.“Many states award extra points for utilizing the federal Section 538 program to provide the debt for low-income housing tax credit transactions. Also, as a full-service FHA mortgagee, we offer a streamlined approach to originating, processing, underwriting, funding and servicing FHA-insured loans.”Enterprise’s multifamily lending portfolio has raised more than $436 million in financing to create approximately 15,000 affordable apartments and homes across the U.S.