Member News

This blog from Glenn A. Graff, Dan Klaff, Eric Mittereder and Ben Swartzendruber with Applegate & Thorne-Thomsen highlights some of the questions addressed by the second set of OZ regulations.

Forrest David Milder with Nixon Peabody released this alert on the second round of Opportunity Zone Guidance released by the Department of the Treasury.

Enterprise Community Partners is hosting a congressional briefing on May 2 from 10-11:30 am EDT in the Capitol Visitor Center (SVC 212) on policy solutions for improving disaster recovery.

RED Mortgage Capital announced the hire of D. Edward Greene as Chief Underwriter for Affordable Housing. Greene joins RED from Freddie Mac, where he most recently served as Senior Managing Director of Underwriting and Credit. In that role, Greene focused on Freddie Mac’s Targeted Affordable Housing and Specialty Products. 

NH&RA member Michael Novogradac, CPA, discussed the second tranche of opportunity zones (OZ) guidance released by Treasury in a Notes from Novogradac blog post. The post is Part I of a two-part series reviewing the issues addressed in the release, as well as some of the open questions that remain.

Red Stone Tax-Exempt Funding (Red Stone) successfully structured and closed three tax-exempt and taxable bond transactions totaling $85.27 million via its Red Stone Direct investment platform.  These investments will provide debt financing for the new construction of affordable rental communities in California, Texas, and Utah. 

CEO Frank Sinito announced Jim Brady as chief financial officer (CFO). Brady is succeeding John W. McGinty, who is remaining with the organization.

A new article from Glen Graff, Attorney at Applegate & Thorne-Thomsen, published in Novogradac and Company’s Journal of Tax Credits April 2019 issue covers the issues and opportunities when combining Opportunity Zones and LIHTC.

Local Initiatives Support Corporation (LISC) Boston invites applications from community development corporations (CDCs) and community housing development corporations (CHDOs) in Massachusetts for capacity building support to drive inclusive investment in one or more low income communities that has been designated a federally-qualified opportunity zone by the Commonwealth of Massachusetts.

On April 4, 2019, HUD published a proposed regulation to implement the policies of Section 3 of the Housing and Urban Development Act of 1968, as amended. As proposed, the new rule would represent an overhaul of HUD oversight and administration of Section 3 by integrating requirements into regular program oversight and enforcement mechanisms and removing a separate compliance review process.

Vitus announced the preservation and renovation of the 140-unit La Playa Apartments (formerly known as Suburban Apartments) in Baton Rouge. The renovation is the company’s first project in Louisiana and includes large-scale improvements to an apartment complex that has provided affordable housing to low-income families in Baton Rouge and East Baton Rouge Parish for 43 years.

The National Equity Fund announced the appointment of Matthew Reilein as president and CEO, effective June 1, 2019. Reilein will succeed Joseph S. Hagan who is retiring after 19 years with the organization.