If you're considering building or renovating a multifamily residential property with a HUD/FHA 221(d)(4) loan, you might be wondering if it restricts or limits the kinds of residents that can live in the development. And, in pretty much every case, the answer is no.
If you're interested in building multifamily housing, a HUD 221(d)(4) loan can be a great way to finance your project. But who is eligible to build a project with a HUD 221(d)(4) loan? Well, as long the borrower/developer has requisite experience and financial credentials, and HUD approves the project, almost any reputable organization or individual is edible for an FHA 221(d)(4) loan for multifamily construction.