Program aims to accelerate affordable housing development
ARLINGTON, Va., July 09, 2012 - Prudential Huntoon Paige, the Federal Housing Administration lending business of Prudential Mortgage Capital Company, today announced that it will participate in a federal program designed to accelerate the purchase or refinancing of affordable multi-family properties. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).
Prudential Huntoon Paige is one of 20 lenders the Department of Housing and Urban Development recently selected to participate in its Housing Tax Credit Pilot Program, which is designed to reduce the approval time for low-income housing transactions to 90-120 days from about one year. The pilot program will be deployed in Chicago, Detroit, Boston and Los Angeles.
“We are proud to be a participant in HUD’s Housing Tax Credit Pilot Program. There is tremendous demand in this country for quality affordable housing,” said Paige Warren, president of Prudential Huntoon Paige and managing director at Prudential Mortgage Capital Company. “By reducing the approval times for these transactions, this program will play an important role in addressing that demand.”
Kenji Tamaoki, principal at Prudential Mortgage Capital Company added, “As a participant in the pilot program, Prudential Mortgage Capital Company has increased the variety of loan solutions we offer to our clients while continuing to provide the same high quality service they expect. Our borrowers can now take advantage of very attractive FHA loan interest rates and still feel confident that they can meet the tight timing deadlines that are typical in affordable housing deals.”
The Housing Tax Credit Pilot Program was developed to comply with the Housing and Economic Recovery Act of 2008, which requires the FHA to streamline mortgage insurance applications for projects with equity from the program.
Prudential Huntoon Paige is one of the nation's leading originators of Federal Housing Administration multifamily and healthcare loans. FHA financing provides long-term, fully amortizing, fixed rate, non-recourse loans. Its regional offices, located throughout the United States, are staffed with highly qualified and experienced loan officers, underwriters and analysts.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $72 billion in assets under management and administration as of March 31, 2012. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $68.8 billion, as of March 31, 2012. For more information, please visit http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $943 billion of assets under management as of March 31, 2012, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.