Draw Schedule: multifamily construction financing

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Apartment construction loans: HUD vs bank vs fund rules, sizing, Census starts and build times.

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compare_construction_options Read-only

Side-by-side rules for financing apartment construction four ways: HUD 221(d)(4), a bank construction loan, a debt fund and 4% tax credits with bonds. For each: maximum loan size and the rule behind it, rate type, term, coverage test, extra costs and process, with the regulation or HUD letter cited.

programsarray

Which to include; omit for all four.

Tools (4)

compare_construction_options

read-only

Argument	Type	Description
programs	array	Which to include; omit for all four.

Input schema (JSON)

{
  "type": "object",
  "properties": {
    "programs": {
      "type": "array",
      "items": {
        "enum": [
          "hud_221d4",
          "bank",
          "debt_fund",
          "lihtc_4pct"
        ],
        "type": "string"
      },
      "maxItems": 4,
      "minItems": 1,
      "description": "Which to include; omit for all four.",
      "uniqueItems": true
    }
  },
  "additionalProperties": false
}

get_build_timeline

Census Survey of Construction averages for apartment buildings: months from permit to start and from start to completion, by U.S. region and building size (5-9, 10-19 or 20+ units), for one completion year with the ten-year trend, plus what the build length means for HUD upfront MIP and construction interest.

read-only

Argument	Type	Description
year	integer	Year of completion; default is the latest Census year.
region	string	Census region; omit for all five rows.
building_size	string	Units in the building.

Input schema (JSON)

{
  "type": "object",
  "properties": {
    "year": {
      "type": "integer",
      "maximum": 2100,
      "minimum": 2016,
      "description": "Year of completion; default is the latest Census year."
    },
    "region": {
      "enum": [
        "United States",
        "Northeast",
        "Midwest",
        "South",
        "West"
      ],
      "type": "string",
      "description": "Census region; omit for all five rows."
    },
    "building_size": {
      "enum": [
        "5-9",
        "10-19",
        "20+"
      ],
      "type": "string",
      "default": "20+",
      "description": "Units in the building."
    }
  },
  "additionalProperties": false
}

get_construction_market

Latest U.S. apartment construction numbers for 5+ unit buildings from the Census Bureau (starts, permits, units under construction, completions; seasonally adjusted annual rate, with year-ago and the pipeline peak) and the Federal Reserve's loan officer survey on construction and multifamily lending standards and demand, plus 30-day SOFR. Optional monthly history.

read-only

Argument	Type	Description
history_months	integer	Months of history to include for each Census series (0 to 60). The Fed survey history covers the same span by quarter.

Input schema (JSON)

{
  "type": "object",
  "properties": {
    "history_months": {
      "type": "integer",
      "default": 0,
      "maximum": 60,
      "minimum": 0,
      "description": "Months of history to include for each Census series (0 to 60). The Fed survey history covers the same span by quarter."
    }
  },
  "additionalProperties": false
}

size_construction_loan

Runs the site's construction loan sizer on your project: the HUD 221(d)(4) loan (lower of 87%/90% of cost and the 1.15/1.11 coverage test, with HUD's construction-interest estimate and upfront MIP), the bank regulatory ceiling (80% of value and 15%-of-value HVCRE equity, plus your bank's loan-to-cost if given) and, if you give its loan-to-cost, a debt fund. Returns loan, binding limit, equity needed and interest.

read-only

Argument	Type	Description
rents	string	market = 87% / 1.15; affordable (or 90%+ assisted) = 90% / 1.11.
bank_ltc_pct	number	Your bank's own loan-to-cost policy, percent. Omit to see only the regulatory ceiling.
fund_ltc_pct	number	Quoted debt fund loan-to-cost, percent. Omit to leave the fund out.
hud_rate_pct	number	HUD note rate in percent; default 5.54 (median note rate on FHA apartment loans endorsed in the year to 2026-09-30).
stabilized_noi*	number	Projected stabilized net operating income, dollars per year.
bank_spread_pct	number	Quoted bank spread over SOFR, percent. Needed for the bank interest estimate.
fund_spread_pct

{ "type": "object", "required": [ "total_development_cost", "as_completed_value", "stabilized_noi" ], "properties": { "rents": { "enum": [ "market", "affordable" ], "type": "string", "default": "market", "description": "market = 87% / 1.15; affordable (or 90%+ assisted) = 90% / 1.11." }, "bank_ltc_pct": { "type": "number", "maximum": 100, "minimum": 1, "description": "Your bank's own loan-to-cost policy, percent. Omit to see only the regulatory ceiling." }, "fund_ltc_pct": { "type": "number", "maximum": 100, "minimum": 1, "description": "Quoted debt fund loan-to-cost, percent. Omit to leave the fund out." }, "hud_rate_pct": { "type": "number", "maximum": 12, "minimum": 1, "description": "HUD note rate in percent; default 5.54 (median note rate on FHA apartment loans endorsed in the year to 2026-09-30)." }, "stabilized_noi": { "type": "number", "maximum": 1000000000, "minimum": 0, "description": "Projected stabilized net operating income, dollars per year." }, "bank_spread_pct": { "type": "number", "maximum": 10, "minimum": 0, "description": "Quoted bank spread over SOFR, percent. Needed for the bank interest estimate." }, "fund_spread_pct": { "type": "number", "maximum": 15, "minimum": 0, "description": "Quoted debt fund spread over SOFR, percent." }, "as_completed_value": { "type": "number", "maximum": 10000000000, "minimum": 100000, "description": "Appraised value as completed, in dollars." }, "construction_months": { "type": "integer", "maximum": 48, "minimum": 6, "description": "Construction period in months; default is the Census national average for 20+ unit buildings." }, "total_development_cost": { "type": "number", "maximum": 5000000000, "minimum": 100000, "description": "Total development cost including land, in dollars, e.g. 48000000." } }, "additionalProperties": false }

Draw Schedule: multifamily construction financing

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compare_construction_options Read-only

Draw Schedule: multifamily construction financing

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compare_construction_options Read-only

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