HUD’s FHA Commissioner, Carol Galante, recently released a statement on President Obama’s FY 2014 HUD budget request. According to Galante, “the President’s budget demonstrates how we can invest in the things we need to grow our economy, create jobs and strengthen the middle class while further reducing the deficit in a balanced way.” Specific to FHA’s Multifamily business, Galante notes that the additional commitment authority of $30 billion that the administration requested will be for financing new healthcare facilities and multifamily properties, in addition to refinancing the debt of existing properties. She also notes that the request for additional commitment authority comes in response to the high volume of refinances that FHA is currently experiencing in both the multifamily and healthcare portfolio and that this activity will likely provide approximately $889 million in offsetting receipts in FY 2014.

Click here to read the Galante memo.