COVID-19

Ginnie Mae issued a memo, which announces a new version of the existing Pass-Through Assistance Program (PTAP) for use by Multifamily Mortgage-backed Securities (MF MBS) Issuers facing a temporary liquidity shortfall directly attributable to COVID-19.

Kentucky Housing Corporation (KHC) amended the 2015-2019 Consolidated Plan and 2019 Annual Action Plan and is accepting comments through May 19. KHC recently received additional funding allocations through the CARES Act for CDBG, ESG and HOPWA, necessitating amendments to planning documents.

The New Jersey Housing and Mortgage Finance Agency is extending the ten percent test and placed-in-service deadlines for all 2018 and 2019 nine percent LIHTC owners

The Ohio Housing Finance Agency (OHFA) strongly encourages that owners and management companies of housing projects financed in whole or in part by the agency, suspend all rent increases while Governor Mike DeWine’s COVID-19 State of Emergency or the President’s Major Disaster Declaration remain in effect. 

HUD’s Office of Multifamily Housing Programs updated its Multifamily Q&A Guidance for COVID-19 on May 1. The new questions address nutrition resources for residents, calculating tenant income from the CARES Act, forbearance, evictions for criminal activity, subsidy payments for deceased tenants due to COVID-19 and more. Search “5/1/20” to search for the new questions and […]

In this blog post, Whitney Airgood-Obrycki with the Joint Center for Housing Studies of Harvard University estimates assistance for renters with at-risk wages could range from $274 million up to a staggering $7.5 billion.

According to Terner Center estimates, nearly 16.5 million renter households have at least one worker in an industry likely to be immediately affected by efforts to flatten the curve in the COVID-19 pandemic.

Any mortgagor of a multifamily rental housing development in the Connecticut Housing Finance Agency (CHFA) portfolio who is experiencing financial distress due to COVID-19

The New Jersey Housing and Mortgage Finance Agency (NJHFMA) is extending the following deadlines for properties with 2018 and 2019 nine percent LIHTCs:

Ten Percent Test: The deadline to submit evidence that ten percent requirement of §42(h)(1)(E)(ii) was met is now 12 months after the date the carryover agreement was signed.

Placed-In-Service Deadline: The deadline to place affected projects in-service has been extended by 12 months following the end of the two-year period described in §42(h)(1)(E)(i).   

The Virginia Housing Development Authority (VHDA) continues to accept Rental Housing applications and underwrite loans, although they stopped posting a daily rate sheet on their website. Upon completion of its May capital markets activity, VHDA expects to reassess its access to the capital markets and to establish a schedule for future taxable and tax-exempt Rental Housing bond issuance that could provide funding for new production. The earliest such schedule is expected to require signed commitments and payment of points is by June 30, to accommodate a mid-July bond pricing.

Senate Majority Leader Mitch McConnell (R-KY) announced that the Senate will be in session on May 4. The House announced it would return from recess only to reverse course after conflicting advice from the Capitol physician and an outcry from members. In the next Coronavirus relief package, Leader McConnell will push for liability protections for […]

HUD created a resource for residents and families living in multifamily properties, which addresses steps residents can take in case of lost income during COVID-19, provides local contact information and explains the eviction moratorium in the CARES Act.