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

The 2026 FHA Affordable/221(d)(4) Training Program application period is open. Applications are due June 26. 

Master the complexities of FHA affordable housing and 221(d)(4) underwriting through MBA Education’s advanced industry training program.

Designed for experienced FHA multifamily professionals, this comprehensive program provides in-depth instruction on affordable housing finance, LIHTC transactions, tax-exempt bonds, new construction, and substantial rehabilitation underwriting.

Developed in collaboration with leading MAP lenders, affordable housing experts, underwriters, engineers, appraisers, environmental professionals, and attorneys, the program equips participants with the practical skills and technical expertise needed to underwrite today’s most complex FHA multifamily transactions.

Read what graduates have to say.

“I found the content to be incredibly valuable to my understanding of these types of transactions. I’ve always had the goal of being able to work primarily on affordable deals and this course has been instrumental in my gaining confidence to do so. I really appreciate this being an offering from the MBA!”

Lily Goldaris, Colliers Mortgage

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

Kane Springer, Greystone

“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

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 of 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; demonstrate the ability to complete the 92013C and Draw/Flow of Funds
• 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
  

2026 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 Wednesday, September 2 (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 18
• Final exam and final project window is open December 18 – January 22, 2027
• 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

2026 Application Deadlines

Application Deadline: June 26

Additional Dates:
Open Enrollment: March 9 - June 26
Selection Notification: July 17
Tuition Payment Deadline: August 14

Submitted Applications Must Include:

• Application including answering questions about interest in program, previous training and experience and skill level
• Current resume
• Letter of recommendation from FHA Chief Underwriter or Senior Leadership  

Path to Opportunity Scholarship

MBA's Path to Opportunity Scholarship supports aspiring leaders dedicated to making a lasting impact in real estate finance, offering awards of up to $1,500 for select MBA Education courses and programs. It is open to all individuals committed to driving innovation, inclusion, and excellence for an equitable future. Learn more and apply.