Wells Fargo Insurance Services USA Inc. and the National Affordable Housing Management Association (NAHMA) have launched a Multifamily Affordable Housing Insurance Program (MAHIP).
The program is designed to meet the needs of the affordable housing industry nationally. As multifamily affordable housing faces unique risks from project development through operations, MAHIP said it uses a group of insurance carriers to provide insurance products to address these risks.
With MAHIP, customers have access to the following products:
• Coverage for projects participating in the Low-Income Housing Tax Credit (LIHTC) program. The federal subsidy, which can be used to finance the development of affordable rental housing for low-income households, often requires coverage for property and liabilities related to project development.
• Multiple premium estimates needed to apply for funding through the U.S. Department of Housing and Urban Development (HUD) Multifamily Assistance and Section 8 programs.
• Bed bug infestation coverage, which has historically been excluded from property insurance policies.
• Tenant discrimination protection for multifamily property owners and managers against the rising number of tenant discrimination claims based on the Fair Housing Act and other regulatory agencies. MAHIP said this was developed with input from industry leaders and is endorsed by NAHMA.
MAHIP also provides protection for property owners and managers from catastrophic perils such as wind, earthquake, and flood. Additionally, risk management and loss control information and resources are available to program participants.
MAHIP is administered out of Wells Fargo Insurance Services in Seattle, where submissions may be made direct or through approved sub-brokers.
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