Answer first
In brief
These pages cover the 10 states with at least 200 active 223(f) loans and the 8 states with at least 90 active 221(d)(4) loans in HUD’s October 2026 file. Other states are covered on their state pages, where the program mix is shown in full.
Program pages
| Program and state | Active loans | Balance | Weighted rate | Endorsed FY2022 to FY2026 |
|---|---|---|---|---|
| 223(f) in Texas | 458 | $6.7B | 3.76% | 186 |
| 221(d)(4) in Texas | 446 | $11.9B | 4.29% | 179 |
| 223(f) in California | 382 | $5.3B | 3.75% | 108 |
| 223(f) in Ohio | 335 | $2.1B | 3.62% | 79 |
| 223(f) in Michigan | 318 | $2.9B | 3.64% | 84 |
| 223(f) in Massachusetts | 310 | $5.4B | 3.48% | 113 |
| 223(f) in New York | 277 | $4.9B | 3.93% | 97 |
| 223(f) in Indiana | 275 | $2.0B | 3.44% | 64 |
| 223(f) in Illinois | 224 | $2.3B | 3.30% | 50 |
| 223(f) in North Carolina | 215 | $2.2B | 3.29% | 59 |
| 223(f) in Florida | 212 | $3.8B | 3.72% | 82 |
| 221(d)(4) in Ohio | 132 | $925.1M | 3.96% | 27 |
| 221(d)(4) in Maryland | 127 | $2.2B | 3.98% | 35 |
| 221(d)(4) in North Carolina | 122 | $2.4B | 4.24% | 39 |
| 221(d)(4) in Florida | 98 | $2.7B | 4.40% | 36 |
| 221(d)(4) in Georgia | 94 | $1.0B | 4.24% | 17 |
| 221(d)(4) in Tennessee | 94 | $1.8B | 4.38% | 39 |
| 221(d)(4) in Virginia | 92 | $2.5B | 4.13% | 39 |
Data source and method
Data source: HUD Insured Multifamily Mortgages (active), file FHA-BF90-RM-A, as of the October 2026 release (loans endorsed through September 29, 2026); HUD FHA Multifamily Firm Commitments and Endorsements Database (FY2001 to Q4 FY2026, data run October 8, 2026); HUD Insured Multifamily Properties, HUD Open Data (updated October 6, 2026) for metro area and Section 8 flags. Aggregates computed by Bravo Capital; no owner or contact information is used.
Balances are HUD’s reported amortized principal balance. Interest rates are note rates as reported by HUD (mortgage insurance premium not included), and the average shown is weighted by balance. Metro areas use HUD’s Core Based Statistical Area assignment for each property. “Holder” is the holder of record in HUD’s file, which is often the servicer or Ginnie Mae issuer rather than the original lender. Initial endorsement counts come from HUD’s multifamily production database, which covers apartment programs and does not include Section 232 healthcare loans.
Common questions
Frequently asked questions
Why only some states?
A program page is published only where the state has enough loans in that program for the data to differ meaningfully from the state page: 200 or more active 223(f) loans or 90 or more active 221(d)(4) loans.
Created by Bravo Capital, a HUD-approved MAP and LEAN lender, and expert-reviewed by the Bravo Capital HUD Underwriting Team. Last updated . This page is educational and is not a credit decision or commitment to lend.