Thom Amdur Author Archives

Public housing authorities (PHAs) have more flexibility when setting flat rents that are based on fair market rents (FMR), following HUD’s interim rule PIH-2015-13, which was published September 8, 2015.

Boston Capital is investing in the construction of two communities that will provide affordable housing for residents making 60% of the area median income. The communities will be developed by Affirmed Housing, using tax credit equity from the low-income housing tax credit program.

Freddie Mac Multifamily is encouraging energy efficiency and affordability in apartment properties and strengthening the market for green investments by offering a Green Rebate to borrowers on qualified property loans who voluntarily provide an ENERGY STAR® score with their loan documents.

Rockport Mortgage Corporation provided $17 million for the acquisition and substantial rehabilitation of a low- and moderate-income housing community in Knoxville, Tennessee. Through the HUD 221(d)(4) program, the complex debt structure includes the 4% Low Income Housing Tax Credits (LIHTCs), short-term tax-exempt bonds, and multiple tranche financing.

Michael J. Dirrane has been appointed by Governor Baker as Chairman of the MassHousing Board of Directors. It is the second time Mr. Dirrane has led the nine-member Board that governs the affordable housing agency.

Massachusetts Housing Investment Corporation announced closing of a $3.6 million low-income housing tax credit investment for new construction of affordable rental housing in Cambridge, Mass.

The Community Builders is using $15.6 million in MassHousing financing to renovate a property in Lincoln, MA, that includes 72 apartments that are affordable to lower-income families through the LIHTC program.

City Real Estate Advisors, Inc. (CREA) announced that Richard Shea has joined the organization as senior vice president of acquisitions. Shea will be responsible for identifying, structuring and closing affordable housing equity opportunities throughout the California.

HUD and Enterprise released the Ready to Respond: Disaster Staffing Toolkit, which guides affordable housing organizations through the process of building an emergency plan that ensures business continuity, engages residents, and protects properties.

HUD is trying to reduce the time it takes to approve underwriters for Multifamily Accelerated Processing (MAP) and Section 232 lenders. Instead of getting written approval for each underwriter, MAP and Section 232 lenders will now designate a qualified individual as “Chief Underwriter,” and work with this person to designate and approve MAP and/or Section 232 underwriters on staff.

Love Funding announced the closing of a $14.3 million loan to rehabilitate Thorpe Village, a senior apartment community in Sparkill, New York. The property consists of 200 age-restricted units, of which 198 are covered by a Section 8 contract.

Novogradac & Company LLP has been named to INSIDE Public Accounting’s (IPA’s) list of “Best of the Best Firms” for the 13th time. The national firm was also named one of the 50 largest accounting firms for 2015.