Does anyone have any info on new construction HUD funding for multifamily

My family has 14 acres free and clear in a small town in south Georgia near the new high school and technical college, I have heard that HUD multifamily developments can be lucrative and some people from Savannah once did them all over the southeast but switched to office parks and do not have much knowledge on the steps to take anymore, any help would be appreciated. The property also is on a main road with all utilities
In General Area - Asked by NIck F. - May 21, 2009
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Answer(s)

Mahendra S.
Broker/Agent
Orlando, FL

have you had a engineer site plan to see how many units can property achieve? I assume that zoning, concurrency, and retention are not an issue. If that is an issue then your looking at 3 years out before you should even look at financing. But if you have no issues and already have a site plan email it to me samcrestholdings@aol.com and depending the cost of land and development financing can be achieved takes about 3 - 6 months (HUD)

May 22, 2009
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George H.
Lender/Mortgage Broker
West Palm Beach, FL

Yes, if permits are in place, this can be a go.
George

May 22, 2009
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Tai L.
Broker/Agent
San Diego, CA

I just know there are some great loan programs out there for purchasing. I don't know about construction. It's a whole different game. I just deal with investment sales. I don't do loans but I can refer you to somebody who know a great deal about the new loan programs that are out there.

May 22, 2009
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