Multi-Family Finance

NH&RA member firm, Gallagher Evelius & Jones LLP, has drafted an excellent summary of notable 2011 affordable housing policy changes for the Maryland Affordable Housing Coalition. The memo summarizes a number of federal and local policy changes impacting the Low-Income Housing Tax Credit (LIHTC), compliance issues, the New Markets Tax Credit (NMTC), New Issue Bond Program (NIBP) as well as Maryland specific programs. The entire text of the memorandum is provided below.

According to a senior Treasury official, Michael Stegman, a housing and domestic policy director at the John D. and Catherine T. MacArthur Foundation, will join the Treasury Department in January 2012 as a counselor to Secretary Timothy Geithner.

In accordance with Section 206A of the National Housing Act, HUD has adjusted the basic statutory mortgage limits for Multifamily Housing Programs for 2012, effective January 1, 2012.

Recently the Senate Banking Committee voted to approve President Obama’s nomination of Carol Galante as the next Federal Housing Administration (FHA) Commissioner and Maurice A. Jones as the next Deputy Secretary of HUD.

NH&RA is pleased to present the PowerPoint presentations from the recent 2011 Fall Developers Forum (November 14-15) in Boston, Mass.

The White House Rental Policy Working Group which includes officials from the White House, the Department of Housing and Urban Development and the U.S. Department of Agricultural Rural Development has unveiled a pilot program, the Physical Inspections Alignment Program, as part of the Obama Administration’s recent goal to streamline Federal rental housing policy.

The US Senate Transportation-HUD Appropriations The US Senate Transportation-HUD Appropriations Subcommittee marked up and reported its FY 2012 Transportation, Housing and Urban Development, and Related Agencies Appropriations Bill on September 21. A summary released by the Committee reports the following funding decisions…

President Barack Obama recently announced his intent to nominate Carole J. Galante as HUD’s Assistant Secretary and Commissioner of the Federal Housing Administration (FHA). Galante previously served as Deputy Assistant Secretary for the Office of Multifamily Housing at HUD.

The Local Initiatives Support Corporation (LISC) has leveraged a $5 million grant from the federal Capital Magnet Fund and a $19 million loan from Morgan Stanley to launch the Neighborhood Revitalization Loan Fund.

Recently, the Oregon Legislative Fiscal Office requested that all state agencies that receive General Fund and Lottery funds prepare reduction scenarios and impacts before the 2012 supplemental session. Each agency must prepare 10.5 percent reductions occurring in three increments of 3.5 percent. These budget cuts affect the Oregon Housing and Community Services (OHCS) agency in several ways, including the Lottery funds that are allocated to OHCS for debt service on both past and future lottery-backed bonds.

The Minnesota Housing Finance Agency (MHFA) has announced Barb Sporlein as its new Deputy Commissioner.

A new Mortgage Bankers Association (MBA) report entitled “2010 Annual Report on Multifamily Lending” finds that the multifamily mortgage industry grew significantly between the years 2009 and 2010.