Member News

RED Mortgage Capital announced the closing of a $60 million, 18 property portfolio in Union City, NJ through the Freddie Mac OptigoSM Small Balance Loan (SBL) program. The financing was for the acquisition of the multifamily properties, which include 481 units of affordable housing.

Novogradac updated its Rent & Income Limit Calculator© with HUD’s FY 2019 rent and income limit data. Using the HUD-published data, the Novogradac Rent & Income Limit Calculator© will calculate low-income housing tax credit (LIHTC) rent and income limits for every county and every metropolitan statistical area in the US.

The National Trust Community Investment Corporation (NTCIC) announced the successful financial closing for the rehabilitation of the vacant Philip Morris Blended Leaf Complex in downtown Richmond, VA into a new headquarters for Congregations Around Richmond To Assure Shelter (CARITAS).

Novogradac and Company released Part II of its analysis of the second tranche of Opportunity Zones regulations. In addition to the issues discussed in Part I, Michael Novogradac covers some of the issues getting the most attention including…

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.