FHA Affordable/221(d)(4) Training Program: Starts Sept. 4, Applications Due by June 28

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Enrollment for the class of 2024 is open! Applications due June 28.

The comprehensive FHA Affordable/221 (d)(4) Training Program continues the learning MBA offers with regard to FHA multifamily lending. Upon completion of this course, participants can demonstrate mastery of knowledge, skills, and abilities expected of underwriters for underwriting affordable multifamily and new construction or substantial rehabilitation transactions. The course was developed in consultation with expert teams of MAP lenders, LIHTC experts, affordable housing experts, underwriters, building engineers, environmental professionals, appraisers, and attorneys.

Learning Objectives

• Explore the current state of the affordable/LIHTC market
• Comprehend affordable housing and affordable housing finance terms
• Understand the low income housing tax credit and tax-exempt bonds
• Clarify HUD’s various roles in providing affordable housing
• Summarize regulations regarding affordable/LIHTC financing
• Explore the roles of the development team
• Review requirements for new construction and sub-rehab transactions
• Clarify HUD MAP Guide requirement
• Comprehend key underwriting components
• Categorize sources and uses as mortgageable and non-mortgageable
• Outline construction loan administration and servicing
• Evaluating risk in the affordable transaction

Key Business Applications Include:

• Improved quality and accuracy in FHA affordable/ and new construction/ substantial rehabilitation lending
• Improved processing times for FHA multifamily affordable/221(d)(4) loans
• Improved working relationships and consistency in decision-making by HUD staff and MAP lenders
• Increased awareness and application of multifamily affordable and new construction and substantial rehabilitation best practices
• Successful completion of this program requires submitting weekly homework assignments, completing a final project, and passing the final exam.

2024 Details/Schedule

The course is offered via a blended format, offering the advantages of various modes of learning: a virtual kickoff, scheduled webinars, and independent self-study assignments.

• Virtual kick-off on Wednesday, Sept. 4 (1:00 PM – 2:00 PM ET)
• Twice-weekly, two-hour live webinars (Tuesdays and Fridays, 1:00 PM – 3:00 PM ET)
• Course live sessions conclude on Dec. 17
• Final exam and final project window is open Dec. 17 – Jan. 21
• Approximately 1-2 hours per week of self-study and assignment completion outside of class

Courses in this Program

• Course 1: Introduction to Affordable Housing
• Course 2: Tax-Exempt Private Activity Bonds
• Course 3: HUD’s Various Roles
• Course 4: The Development Team and Development Budget
• Course 5: AEC Review
• Course 6: Appraisal and Market Study
• Course 7: Environmental Analysis
• Course 8: MAP Guide Chapter 14 and Related Chapters
• Course 9: Underwriting the Affordable Deal
• Course 10: Legal and Closing Matters
• Course 11: Construction Administration
• Course 12: Evaluating Risk in Affordable Transactions
• Final Session: The Rest of the Industry and Final Project Overview

Who Should Attend

Applicants must be employed and approved to participate by a lender fully approved under HUD’s MAP Program or employed and approved to participate by HUD, or HUD staff. Additionally, professionals must be either FHA MAP certified or have earned MBA Education’s FHA Multifamily Underwriter Training Program Certificate of Completion. 

Other suggestions:

• Minimum 3 years of experience underwriting FHA multifamily loans
• 1-3 years’ experience with affordable housing
• 1-3 years’ experience with new construction or substantial rehabilitation projects
• Be familiar with the concepts of construction and tax exempt bonds

2024 Application Deadlines

Application Deadline: June 28

Additional Dates:
Open Enrollment: 
March 1
Selection Notification: July 19
Tuition Deadline: July 31
Tuition Non-Refundable: August 16 

For more information, contact:
Amanda Straub
Senior Training Coordination Specialist
Mortgage Bankers Association
Phone: (202) 557-2921
Email: astraub@mba.org