The Federal Housing Administration will speed the approval of applications made by owners of multi-family apartments in New York and New Jersey looking to refinance mortgages, substantially rehabilitate their properties, or construct new developments in Hurricane Sandy-impacted areas, U.S. Housing and Urban Development Secretary Shaun Donovan said in a news release.
According to a release, the order is effective immediately. The streamlined approval process, by design, is intended to accelerate access to mortgage financing for apartment owners and to facilitate recovery in the multi-family residential sector.
From a release:
December 7, 2012, the President issued an Executive Order establishing the Hurricane Sandy Rebuilding Task Force and directed Donovan to lead the Task Force and, to the extent permitted by law, align relevant programs and authorities with a long-term rebuilding plan that supports the region’s economic vitality, enhance infrastructure, and ensure appropriate accountability.
“Today’s announcement is intended to make certain that those multifamily apartment owners in New York and New Jersey get priority treatment when applying for FHA-insured mortgages,” Donovan said in a release. “We have to do everything we can to support the long-term rebuilding efforts in these impacted areas to the greatest degree we can and this is one way we can.”