Answer first

In brief

Illinois has 806 active FHA-insured multifamily and healthcare loans with $8.2 billion of principal balance, according to HUD’s October 2026 active mortgage file. The balance-weighted note rate is 3.77%, and the largest program is 223(f) purchase or refinance (apartments) with 27.8% of loans.

Compiled by Bravo Capital, a HUD-approved MAP and LEAN lender, from the HUD public data files listed under Data source and method.

Key figures

806active insured loans
$8.2Bprincipal balance
111,097units and beds
3.77%weighted note rate
17.2%endorsed 2023 or later
29.3%on Section 8 properties
  • 806 active FHA-insured loans with $8.2 billion of principal balance in Illinois.
  • Balance-weighted note rate of 3.77%; 64.5% of loans are below 4.00%.
  • Largest program: 223(f) purchase or refinance (apartments) with 27.8% of loans.
  • 29.3% of loans are on properties HUD flags as Section 8.

Program mix

Active HUD-insured loans in Illinois by program
Program (section of the National Housing Act)LoansShareBalance
223(f) purchase or refinance (apartments)22427.8%$2.3B
Section 232/223(f) healthcare purchase or refinance18122.5%$1.8B
Section 232/223(a)(7) healthcare refinance11013.6%$962.6M
542(b) and 542(c) risk sharing (HFA and QPE)9211.4%$819.6M
221(d)(4) new construction or substantial rehab8610.7%$1.4B
223(a)(7) refinance of an existing HUD loan (apartments)779.6%$561.7M
Section 232 new construction or substantial rehab162.0%$221.1M
Section 241(a)/232 supplemental loans70.9%$42.7M
Other and legacy sections (213, 220, 231, 221(d)(3))70.9%$62.9M
Section 242 hospitals40.5%$85.9M
241(a) supplemental loans (apartments)20.2%$16.7M

Deeper cuts for this state: Section 232 healthcare loans in Illinois; 223(f) loans in Illinois.

Interest rate distribution

Note rate distribution, Illinois
Note rateLoansShare of loansBalance
Under 3.00%26032.3%$3.0B
3.00% to 3.99%26032.3%$2.6B
4.00% to 4.99%11614.4%$774.6M
5.00% to 5.99%11213.9%$1.2B
6.00% and above587.2%$531.5M
Balance-weighted note rate by endorsement vintage, Illinois
Initial endorsementLoansWeighted note rate
Before 2010684.63%
2010 to 20141993.47%
2015 to 20191853.50%
2020 to 20222152.91%
2023 to 20261395.74%

Maturity profile

Maturity profile, Illinois
Maturity yearLoansShare of loansBalance
2026 to 203081.0%$53.0M
2031 to 2035151.9%$29.6M
2036 to 204512515.5%$704.2M
2046 to 205532139.8%$2.9B
2056 and later33741.8%$4.5B

Where the loans are

Top metro areas in Illinois by active HUD loans
Metro area (CBSA)Loans in state
Chicago-Naperville-Elgin, IL-IN530
St. Louis, MO-IL41
Peoria, IL29
Davenport-Moline-Rock Island, IA-IL25
Rockford, IL24
Champaign-Urbana, IL16
Bloomington, IL13
Springfield, IL10
Top cities in Illinois by active HUD loans
CityLoans
Chicago235
Rockford15
Elgin15
Peoria13
Aurora11
Waukegan9

Holders and active lenders

Largest holders of record by loan count, Illinois
Holder of record (HUD file)LoansShareBalance
Merchants Capital Corp.10613.2%$1.0B
Illinois Housing Development Authority8710.8%$743.0M
Cambridge Realty Capital IL8210.2%$740.1M
Lument Real Estate Capital, LLC688.4%$620.8M
Walker & Dunlop LLC577.1%$789.0M
Berkadia Commercial Mortgage LLC445.5%$548.7M
Most active lenders at initial endorsement, Illinois, FY2022 to FY2026
Lender at initial endorsementLoans
Merchants Capital Corp.37
Illinois Housing Development Authority37
Dwight Capital LLC9
Lument Real Estate Capital, LLC6
Greystone Funding Company LLC3
Walker & Dunlop LLC3

37 different holders of record appear in Illinois.

Recent endorsement activity

Apartment loans initially endorsed, Illinois, FY2022 to FY2026
Fiscal yearLoansMortgage amountUnits
FY202243$790.4M6,738
FY202320$235.8M2,726
FY202425$340.1M2,944
FY202516$168.5M1,899
FY202616$233.2M2,051

Section 8 and affordability overlap

236 of Illinois’s active insured loans (29.3%) are on properties HUD flags as Section 8, and 244 (30.3%) are on properties with any active HUD rental assistance contract. HUD’s mortgage file marks 233 loans (28.9%) as low-income housing tax credit properties and 104 as tax-exempt bond financed.

What stands out in Illinois

  • Section 232 healthcare loans make up 39.0% of active loans in Illinois, compared with 25.7% for the national portfolio.
  • 223(f) purchase and refinance loans make up 27.8% of active loans in Illinois, compared with 36.3% for the national portfolio.
  • HUD’s file flags 28.9% of Illinois’s loans as tax-credit (LIHTC) properties, versus 21.2% for the national portfolio.
  • 223(a)(7) refinances make up 9.6% of active loans in Illinois, compared with 13.7% for the national portfolio.
  • The balance-weighted note rate in Illinois is 3.77%, 0.18 percentage points below the national portfolio (3.95%).

The bridge-to-HUD angle in Illinois

HUD’s production database shows 120 apartment loans in Illinois reaching initial endorsement from FY2022 through FY2026 ($1.8 billion). FY2026 produced 16, down from 25 in FY2024. 50 of them were 223(f) purchase or refinance loans, each of which either funded an acquisition or replaced other debt such as a bank, CMBS, construction or bridge loan.

Because 65% of the existing HUD loans here carry rates below 4.00%, few current HUD borrowers in Illinois have a rate reason to refinance. New HUD volume depends mostly on properties that come to HUD from other debt, which is where a bridge loan sized to a HUD exit fits.

58 loans in Illinois carry note rates of 6.00% or higher. For those borrowers the streamlined option is a 223(a)(7) refinance when permanent rates allow; Bravo’s 223(a)(7) guide covers eligibility and process.

Healthcare is a large part of the market: 39% of active loans in Illinois are Section 232. Operator transitions and turnaround periods are the usual reasons a skilled nursing or assisted living facility uses a bridge loan before a Section 232 refinance.

For a transaction-specific view, Bravo Capital reviews bridge-to-HUD and HUD 223(f) requests through its loan inquiry.

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

How many HUD multifamily loans are active in Illinois?

HUD’s active insured mortgage file lists 806 FHA-insured multifamily and healthcare loans in Illinois with $8.2 billion of amortized principal balance, covering 111,097 units or beds, as of the October 2026 release.

What interest rates do HUD loans in Illinois carry?

The balance-weighted note rate is 3.77%. The most common band is Under 3.00% (32.3% of loans), and 7.2% of loans carry rates of 6.00% or higher. Rates exclude the mortgage insurance premium.

Who holds the most HUD loans in Illinois?

Merchants Capital Corp. is holder of record on 106 loans (13.2%) in HUD’s file. The holder of record is often the servicer or Ginnie Mae issuer, which can differ from the lender that originated the loan.

How much HUD debt in Illinois matures soon?

11 loans (1.4%) mature by the end of 2031. Most HUD loans are fully amortizing over 35 to 40 years, so maturities are spread thinly and refinancing is usually driven by rates, cash-out needs or a sale rather than a maturity date.

Editorial review

Created by Bravo Capital, a HUD-approved MAP and LEAN lender, and expert-reviewed by the Bravo Capital HUD Underwriting Team. Figures are computed from HUD public data files listed above. Last updated . This page is educational and is not a credit decision or commitment to lend.