HUD FHA 221(d)(4) Multifamily Loan Program

Low rate, high leverage, long-term construction financing for both conventional and affordable multifamily properties

Hud 221 D4 Multifamily Construction

HUD FHA 221(d)(4) Multifamily Loan Program Overview

Section 221(d)(4) FHA apartment loans -- 221 (d)(3) for non-profits -- are available for the new construction or substantial rehabilitation of multifamily properties. Up to 83%-90% of eligible development cost and 40 year permanent fixed rate terms available.

  • Up to 90% leverage for affordable projects
  • Up to 40 year fixed rate terms
  • Affordable or conventional properties
  • One closing
  • Permanent rate lock at initial closing
  • Market rate or affordable projects

HUD FHA Section 221(d)(4) Construction Loan for Multifamily Properties Program Guidelines

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What You Need to Know About the HUD 221(d)(4) Multifamily Loan Program

Program descriptions, highlights and underwriting guidelines are helpful when considering if an apartment loan program is right for you and your property. However, they don't always tell the whole story. Below is what you need to know about the Section 221(d)(4) apartment construction loan program that program guidelines and highlights don't tell you.


  • One closing
  • 40 year fixed rate term
  • Higher leverage than traditional sources
  • Flexible prepay
  • Non-recourse


  • Longer processing and closing times
  • Higher cost
  • Annual audited financial statements required
  • Annual inspections
  • Owner distribution restrictions

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