HUD 221(d)(4) program overview
Bedford’s presentation on apartment construction and substantial rehabilitation.
Documents for your project.
Start with the program overview and timeline. Additional requirements are grouped below.
Program overviews & timelines
HUD 221(d)(4) processing timeline
Stages, typical sequencing and preparation for construction financing.
HUD 223(f) program overview
Bedford’s presentation on apartment acquisition and refinancing.
HUD 223(f) processing timeline
A guide to the refinance and acquisition underwriting process.
HUD 232 term sheet
Detailed LEAN program terms, loan sizing, escrows, reports and borrower requirements. September 2026.
HUD 232/223(f) term sheet
Detailed LEAN program terms, loan sizing, escrows, reports and borrower requirements. September 2026.
HUD 232/223(a)(7) term sheet
Detailed LEAN program terms, loan sizing, escrows, reports and borrower requirements. September 2026.
HUD 223(f) term sheet
Detailed MAP program terms, updated loan sizing, MIP, repairs, reserves and application requirements. September 2026.
Construction requirements
BSPRA credit explained
How the credit works, eligibility and illustrative examples.
General contractor requirements
Financial qualifications, monthly draws, retainage, contracts and insurance.
Bonding & assurance of completion
Payment and performance bonds, completion assurance and letters of credit.
Construction & rehab escrows
Working capital, operating deficits, contingencies and escrow release requirements.
Identity of interest requirements
Requirements when the borrower, contractor or architect are affiliated.
Davis-Bacon contractor guide addendum (2022)
Contractor responsibilities, wage classifications and certified payroll reporting. 2022 reference edition.
HUD 221(d)(4) firm-application checklist
Downloadable sample exhibit checklist for organizing the firm application with Bedford.
HUD 221(d)(4) pre-application checklist
Downloadable sample exhibit checklist for organizing the pre-application with Bedford.
Ownership & closing
Management company requirements
Qualifications, underwriting documents and management-agent insurance.
HUD definitions of affordability
Affordability categories and how they affect underwriting.
Property insurance requirements
Coverage, evidence of insurance and lender requirements.
Financial statements & mortgage credit
Borrower entities, principal review and financial statement requirements.
HUD Multifamily Regulatory Agreement (2026)
Blank HUD-92466M reference for owners and closing counsel.
Building accessibility requirements
An overview of Fair Housing Act, Section 504 and ADA considerations.
Healthcare development team experience
Documentation of borrower, operator and management experience, including facility types, locations and responsibilities.
Secondary financing — MAP Guide excerpt (2021)
March 2021 reference covering public and private subordinate financing, surplus cash notes and tax-credit bridge loans.
Real estate tax abatements & TIFs
Bedford’s explanation of long- and short-term abatements, PILOTs and tax increment financing. Included numbers are illustrations, not a financing quote.
Technical reference
2026 HUD survey report — redlined Word reference
HUD-91073M / ALTA 2026 comparison copy. Confirm the final form before use.
Davis-Bacon labor standards handbook (2023)
HUD Handbook 1344.1 REV-3, issued January 2023. Detailed labor standards administration reference.
HUD square-footage definitions
Net rentable “paint-to-paint” and gross area definitions, with source references.
HUD Ask a Question archive — July 2024
Searchable Excel reference of historical HUD questions and answers. Answers reflect their original dates and may have been superseded.
Requirements depend on the transaction and current HUD guidance. The survey report is a redlined Word reference; confirm the final form with your surveyor and closing counsel.