Research · HUD data
FY2026 HUD multifamily production in numbers
HUD's FC/IE database records $16.21 billion of multifamily loans initially endorsed in fiscal year 2026, on 590 projects and 93,648 units: up 65% on FY2025 and the most since FY2022. 223(f) purchases and refinances were 50% of the dollars; new construction and substantial rehab were 36%.
- Fiscal year 2026: October 1, 2025 to September 30, 2026
- HUD data run October 8, 2026
By program
| Program | Loans | Dollars | Avg loan | Change |
|---|---|---|---|---|
| 223(f) purchase or refinance | 331 | $8.16B | $24.6M | +89% |
| New construction or substantial rehab (221(d)(4), 220, 231, 213) | 160 | $5.88B | $36.7M | +62% |
| 223(a)(7) streamlined refinance | 1 | $17.0M | $17.0M | new |
| 542(c) housing finance agency risk sharing | 70 | $1.73B | $24.7M | +9% |
| 542(b) qualified participating entity risk sharing | 5 | $109M | $21.8M | -20% |
| 241(a) supplemental loan | 23 | $322M | $14.0M | +73% |
| All programs | 590 | $16.21B | $27.5M | +65% |
The 223(f) channel grew from 222 loans in FY2025 to 331, and the average 223(f) loan rose from $19.4 million to $24.6 million. Construction volume grew from 121 to 160 loans. The 223(a)(7) streamlined refinance stayed nearly shut, with 1 endorsement. With most existing HUD apartment loans below 4% and new loans closing above 5% (see realized rates), few owners gain from a rate refinance.
Ten years of HUD multifamily volume
- 223(f)
- New construction / sub rehab
- 223(a)(7)
- Risk sharing
- 241(a) and other
Top ten lenders, FY2026
| # | Lender | Loans | Dollars | Share |
|---|---|---|---|---|
| 1 | Berkadia Commercial Mortgage LLC | 68 | $2.04B | 12.6% |
| 2 | Dwight Capital LLC | 45 | $1.68B | 10.3% |
| 3 | Lument Real Estate Capital, LLC | 66 | $1.38B | 8.5% |
| 4 | Walker & Dunlop, LLC | 39 | $1.20B | 7.4% |
| 5 | Mason Joseph, LLC | 23 | $896M | 5.5% |
| 6 | New York City Housing Development Corporation | 7 | $809M | 5.0% |
| 7 | Wells Fargo Bank, N.A. | 2 | $789M | 4.9% |
| 8 | Gershman Investment Corp. | 32 | $693M | 4.3% |
| 9 | Greystone Funding Company LLC | 23 | $600M | 3.7% |
| 10 | PGIM Real Estate Agency Financing, LLC | 15 | $473M | 2.9% |
The top five wrote 44% of FY2026 dollars. Full league table.
Firm commitment to closing
Median days from the firm commitment date HUD records to initial endorsement, for loans endorsed in each year.
| Program | FY2026 | FY2025 |
|---|---|---|
| 223(f) | 86 (331) | 98 (222) |
| New construction / sub rehab | 111 (160) | 128 (121) |
Loan counts in brackets. This is the closing stretch only, after HUD has underwritten the deal; it says nothing about the months before a firm commitment.
Where the money went: top 15 states
| # | State | Loans | Dollars | Share |
|---|---|---|---|---|
| 1 | Texas | 87 | $3.09B | 19.1% |
| 2 | New York | 38 | $2.72B | 16.8% |
| 3 | California | 34 | $1.09B | 6.7% |
| 4 | Florida | 24 | $1.01B | 6.2% |
| 5 | Virginia | 27 | $833M | 5.1% |
| 6 | Maryland | 19 | $544M | 3.4% |
| 7 | Massachusetts | 41 | $509M | 3.1% |
| 8 | North Carolina | 21 | $491M | 3.0% |
| 9 | South Carolina | 18 | $485M | 3.0% |
| 10 | Colorado | 14 | $369M | 2.3% |
| 11 | New Jersey | 12 | $345M | 2.1% |
| 12 | Minnesota | 23 | $326M | 2.0% |
| 13 | Utah | 10 | $325M | 2.0% |
| 14 | Michigan | 17 | $307M | 1.9% |
| 15 | Tennessee | 16 | $286M | 1.8% |
48 states and territories had at least one HUD multifamily endorsement in FY2026. Every state and year is in the state CSV below.
HUD's official total and ours
HUD's FY2026 Multifamily Production Summary, from a data run of October 16, 2026, reports $16,127,383,900 of initial endorsements on 587 projects and 92,978 units, against $9,797,260,733 on 433 projects in FY2025. Our figures come from the FC/IE database as of its October 8, 2026 data run and differ slightly. Use HUD's number for the headline total and these tables for the detail by lender, state and program.