FHA Modernization proposed

By admin | July 24, 2008

Housing Tax Credit Program proposed by the HUD to modernize the FHA. Changes proposed include providing flexibility and cut costs.

“I want to thank FHA Commissioner Brian Montgomery and John Garvin, his Senior Advisor and Deputy Assistant Secretary for Multifamily Housing Programs, for taking a leadership role on this issue. This will assist the tax credit market by removing some of the impediments to financing with FHA insurance as well as eliminating unnecessary costs in the program,” said Kieran P. Quinn, CMB, Chairman of the MBA. “This is a major step forward in modernizing and enhancing FHA processes and will make it much easier to combine tax credits with FHA insurance, producing more affordable housing at a lower cost.”

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