Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Fannie Mae Program
Fannie Mae Affordable Housing Preservation Multifamily Loan
The Fannie Mae Affordable Housing Preservation Multifamily Loan is one of the Fannie Mae multifamily programs Select Commercial arranges nationwide. Its highlights and terms are below, and you can compare it on our Fannie Mae multifamily page or view today’s commercial mortgage rates.
Get a Free QuoteAbout the Affordable Housing Preservation Multifamily Loan
The Fannie Mae Affordable Housing Preservation Loan offers long-term financing to owners of stabilized affordable housing properties with rent restrictions, with competitive pricing and flexible terms for both acquisitions and refinances of affordable multifamily properties.
Program Highlights & Terms
- Loan Amount: $1,500,000 and up
- Loan Terms: 5 to 30 years
- Amortization: Maximum of 35 years
- Maximum LTV: Up to 80%
- Minimum DSCR: 1.20x
- Interest Rate: Both fixed and variable-rate options
- Eligible Properties: Must meet low-income guidelines: at least 20% of units occupied by families at no more than 50% of AMI; or at least 40% of units at no more than 60% of AMI; or a Section 8 HAP contract covering 20% or more of units
- Prepayment Penalty: Flexible options including yield maintenance and standard step-down
- Recourse: Non-recourse with standard carve-outs
- Loan Assumption: Assumable subject to lender discretion and review of the new borrower
- Other Terms: Supplemental loans usually available; escrows for replacement reserves, taxes and insurance; rate lock for 30 to 180 day commitments
Terms are indicative and set by Fannie Mae underwriting for your specific property.
What Our Clients Say
“I spoke to several commercial lenders before finding Select Commercial. They got me a lower rate and their service was exceptional. If you need a multifamily loan, you need to talk to Stephen.”
Nathan B. · Philadelphia, PA“Select Commercial was very helpful with my multifamily mortgage. Stephen went over several options and we came up with the best lender to meet my needs. I got the funds and also lowered my payments.”
Gary M. · Portland, OR“I found selectcommercial.com and saw they specialized in apartment building loans. In the end, they were by far the best company I have used. Next time I know who to call first.”
Jerry T. · Long Island, NY“As a real estate attorney, I trust that Select Commercial will deliver apartment building loans and commercial mortgages in a timely manner. The rates and terms offered are excellent. I heartily recommend them.”
David S. · New York CityGet Your Fannie Mae Quote
No cost, no obligation. Written answers within 48 hours on multifamily loans from $1,500,000.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up