Affordable Housing Insurance Program Inaugurated by Wells Fargo Insurance

Posted: November 18, 2011 in Uncategorized

A new financially manageable insurance program has been launched by Wells Fargo Insurance Services USA Inc. and the National Affordable Housing Management Association (NAHMA) called Multifamily Affordable Housing Insurance Program (MAHIP).
MAHIP is specially designed to face the needs of the affordable housing industry on a national level. Because multifamily affordable housing has unique risks from project development through operations, MAHIP advertises that it uses a cluster of insurance carriers to provide insurance products to confront these risks.
By means of MAHIP, customers are entitled to the following products:
Coverage for Bed Bug infestation coverage which formerly hadn’t been included from property insurance policies.
Tenant discrimination protection for both multifamily property owners and managers. This is in response to the rising number of tenant discrimination claims on basis of the Fair Housing Act and other regulatory agencies. MAHIP says that this is endorsed by NAHMA using input from industry leaders.
Multiple premium estimates needed for application for funding through the U.S. Department of Housing and Urban Development (HUD) Multifamily Assistance and Section 8 programs.
Coverage for projects in the Low Income Housing Tax Credit (LIHTC) program. In order to obtain federal subsidy—this could be used to finance the development of affordable rental housing for low-income households. Policyholders are mandated to have coverage for property and liabilities related to project development.

MAHIP also offers protection for property owners and managers from natural calamities such as wind, earthquake, and flood. Furthermore, risk management and loss control information and resources are available to program participants.
Submission for MAHIP can be made directly at Wells Fargo Insurance Services in Seattle or through approved sub-brokers.

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