The Federal Housing Administration's (FHA) Office of Multifamily Housing has seen an almost 95% increase in endorsements this fiscal year compared to last, FHA Commissioner David Stevens wrote last week. From Oct. 1, 2009, to Sept. 9, 2010, the office endorsed 888 multifamily loans.
The office, which endorsed 456 multifamily loans in fiscal year 2009, projects it will process another 87 loans before the fiscal year is over.
The loans already endorsed cover some 148,00 housing units, according to Stevens. The FHA predicts it will endorse more than $10.2 billion in multifamily loans this year – three times the dollar amount endorsed in fiscal year 2009.
The FHA's multifamily mortgage insurance programs are generating revenue, Stevens added.
‘Because of revenue collected from insurance premiums, our multifamily business is projected to add $369 million to the government's coffers in [fiscal year] 2010,’ he wrote.
SOURCE: Federal Housing Administration