FHA Affordable/221(d)(4) Training Program

The 2025 FHA Affordable/221(d)(4) Training Program application period is open! 

The comprehensive FHA Affordable/221 (d)(4) Training Program continues the learning MBA offers with regard to FHA multifamily lending. Upon completion of this course, participants can demonstrate mastery of knowledge, skills, and abilities expected of underwriters for underwriting affordable multifamily and new construction or substantial rehabilitation transactions. The course was developed in consultation with expert teams of MAP lenders, LIHTC experts, affordable housing experts, underwriters, building engineers, environmental professionals, appraisers, and attorneys.

Read what graduates have to say.

“I really enjoyed the class and learned a lot. Can’t emphasize that enough.”

Kane Springer, Greystone

“Great class and learned so much!”

Kimberly Dahlhausen, Wells Fargo

“I found the course challenging (specifically the project) but very beneficial and rewarding. Others and I, at CBRE, appreciate the benefit of the MBA courses and curriculum and I always recommend them to my colleagues."

William Wright, CBRE

“Thank you for everything that you did in running the course. I got a lot out of it that I hope to be able to apply in the future.”

Jacob Gross, Greystone

Learning Objectives

• Explore the current state of the affordable/LIHTC market
• Comprehend affordable housing and affordable housing finance terms
• Understand the low income housing tax credit and tax-exempt bonds
• Clarify HUD’s various roles in providing affordable housing
• Summarize regulations regarding affordable/LIHTC financing
• Explore the roles of the development team
• Review requirements for new construction and sub-rehab transactions
• Clarify HUD MAP Guide requirement
• Comprehend key underwriting components
• Categorize sources and uses as mortgageable and non-mortgageable
• Outline construction loan administration and servicing
• Evaluating risk in the affordable transaction

Key Business Applications Include:

• Improved quality and accuracy in FHA affordable/ and new construction/ substantial rehabilitation lending
• Improved processing times for FHA multifamily affordable/221(d)(4) loans
• Improved working relationships and consistency in decision-making by HUD staff and MAP lenders
• Increased awareness and application of multifamily affordable and new construction and substantial rehabilitation best practices

2025 Details/Schedule

The course is offered via a blended format, offering the advantages of various modes of learning: a virtual kickoff, scheduled webinars, and independent self-study assignments.

• Virtual kick-off on Thursday, September 4 (1:00 PM - 3:00 PM ET)
• Live webinars held 1:00 PM - 3:00 PM ET (see brochure for exact dates)
• Course live sessions conclude on December 19
• Final exam and final project window is open December 19 – January 23, 2026
• Approximately 3-5 hours per week of self-study and assignment completion outside of class

Courses in this Program

• Course 1: Introduction to LIHTC
• Course 2: Tax-Exempt Private Activity Bonds
• Course 3: HUD’s Various Roles
• Course 4: The Development Team and Development Budget
• Course 5: AEC Review
• Course 6: Appraisal and Market Study
• Course 7: Environmental Analysis
• Course 8: MAP Guide Chapter 8 and Related Chapters
• Course 9: Underwriting the Affordable Deal
• Course 10: Legal and Closing Matters
• Course 11: Construction Administration and Servicing
• Course 12: Underwriting Affordable Risk
• Final Session: Wrap Up, The Rest of the Industry and Finance Project Overview

Who Should Attend

Applicants must be employed and approved to participate by a lender fully approved under HUD's MAP Program or employed and approved to participate by HUD, or HUD staff. Additionally, professionals must be either FHA MAP certified or have earned MBA Education's FHA Multifamily Underwriter Training Program Certificate of Completion. 

Other suggestions:

• Minimum 3 years of experience underwriting FHA multifamily loans
• 1-3 years' experience with affordable housing
• 1-3 years' experience with new construction or substantial rehabilitation projects
• Be familiar with the concepts of construction and tax exempt bonds

2025 Application Deadlines

Application Deadline: June 27

Additional Dates:
Open Enrollment: March 24 - June 27
Selection Notification: July 18
Tuition Payment Deadline: August 15

For information on cancellations or refunds, please review MBA Education Policies

For more information, contact:
Amanda Straub
Manager, Education Programming
Mortgage Bankers Association
Phone: (202) 557-2921
Email: astraub@mba.org