Deeply committed to the preservation of quality, affordable housing across the nation, Rockport specializes in serving the needs and fulfilling the mission of profit and nonprofit motivated multifamily developers, owners and sponsors. With years of experience in the acquisition, construction, rehabilitation and refinance of affordable housing communities, we offer a variety of financing strategies and vehicles. Our expert staff is adept at simplifying complex processes and regulations, including those that govern Section 202 and Section 8 properties, as well as finance programs utilizing Low Income Housing Tax Credits (LIHTC). With our guidance our clients understand every option available to them, and make the most informed decisions on financing strategies that best suit their property and needs.
Rockport specializes in the following affordable housing, FHA-insured financing programs:
221(d)(4) – New Construction and Rehabilitation Financing
Providing a non-recourse construction loan that rolls into a 40-year, self-amortizing loan. The construction loan is interest only and converts to a permanent loan without performance requirements (i.e.: debt service coverage requirements). The construction-to-permanent loan is rate locked with a fixed interest rate before construction commences. Profit motivated, nonprofit motivated and public owners are eligible.
223(f) – Refinance and Acquisition Financing
Providing non-recourse, assumable financing for the purchase or refinance of existing multifamily developments. In most cases the development must be at least three years old. The program is available to market-rate and affordable properties. Profit motivated, non-profit motivated and public owners are eligible.
Providing non-recourse, assumable financing for affordable multifamily apartments projects with 4% or 9% Low Income Housing Tax Credits (LIHTC).
223(a)(7) – Refinance of an existing HUD-insured loan
This expedited program allows borrowers with an existing FHA-insured mortgage to refinance to a lower interest rate. The program allows for limited term extensions and provides funding for repairs and additional deposits to replacement reserves. The program is available to market-rate and affordable properties
241 – Addition and Renovation Financing
Providing mortgage insurance for a supplemental loan for the purposes of improvement or additions to a multifamily project, a nursing home, an intermediate care facility or a group practice facility covered by an FHA-insured loan, without the need for refinancing the existing loan. Profit, nonprofit motivated and public owners are eligible.
202 Pursuant to 223(f)
This program allows for HUD financing of Section 202 loans providing reductions in interest rate and debt service savings. Mortgage proceeds will be available for repairs and improvements and/or substantial rehabilitation as well as a developer’s fee. Equity out is now also allowable if the property is at or below market rents. In conjunction with the refinance HUD will renew Section 8 contracts for up to 20 years subject to available HUD appropriations.