The COVID-19 pandemic has had an unprecedented effect on the construction industry and multifamily development resulting in supply chain shortages, labor and workforce shortages, timing delays and increased costs. Given the volatility in the current market, on June 30, 2022, the Members of the Agency Board voted to approve a 10% increase of limits on Total Development Costs to be put into effect for the Multifamily Underwriting and Financing Guidelines (with certain permitted exclusions):
- $302,500 per unit for buildings of one to four residential stories
- $330,000 per unit for buildings with five or six residential stories
- $357,500 per unit for buildings with over six residential stories
*This increase is subject to the 10-business day veto period commencing after the June 30, 2022 Agency Board Approval.*
Please use the link below to view the updated guidelines.