Multi-Family Finance

The White House’s Rental Policy Working Group recently released realignment requirements for several critical administrative policy areas in order to better align Federal rental policy. As one of the first initiatives to be tested, the Michigan State Housing Development Authority (MSHDA) has been selected as the nation’s first housing authority to implement federal subsidy layering review realignment.

The Montana Board of Housing announced Mary Bair as its new Multifamily Program Manager.

On Thursday, October 6th, the Insurance, Housing and Community Opportunity Subcommittee of the House Financial Services Committee held a hearing entitled, “The Obama Administration’s Response to the Housing Crisis.” The hearing examined the Administration’s response to the housing crisis, including new proposals announced by the President during his recent speech to a joint session of Congress.

PowerPoint presentations from the Affordable Housing Underwriting Forum & NCAHMA Annual Meeting are now available for download.

The U.S. Department of the Treasury Community Development Financial Institutions Fund (CDFI Fund) released public comments submitted in response to its Request for Public Comment regarding the CDFI Bond Guarantee Program (BGP). The BGP was enacted through the Small Business Jobs Act of 2010 on September 27, 2010 and is authorized through fiscal year 2014

New York Governor Andrew Cuomo recently signed a pair of affordable housing bills sponsored by Senator Catharine Young.

On Thursday, August 25, 2011, the Colorado Housing and Finance Agency (CHFA) announced Patricia Hippe as its new chief financial officer (CFO).

Fannie Mae, drawing on data from Real Capital Analytics (RCA), reported recently that multifamily investment sales have spiked during 2011, reaching $13.9 billion during the second quarter of 2011, or more than one and a half times as much as the first quarter 2011 total of $9 billion.

In a press release dated August 22, HUD’s Federal Housing Administration announced that there been such demand for FHA-insured financing to build, rehabilitate or refinance multifamily apartment properties. FHA today announced that it has endorsed $10.5 billion in multifamily rental housing loans since last October, with another month-and-a-half remaining in the fiscal year.

On Monday August 22, 2011, the Federal Housing Administration (FHA) issued an updated version of its Multifamily Accelerated Processing (MAP) Guide. The was updated in response to a significant increase in demand for FHA insured multifamily development loans for the current fiscal year. This year alone, the FHA has insured almost 1,100 loans nearing $10.5 billion, which is about seven times greater than the demand for FHA insured loans from three years ago. In order to meet this new demand, the new guide will help expedite and better manage the processing of new loan applications.

Freddie Mac recently released its U.S. Economic and Housing Market Outlook for August 2011, which indicates that, despite the recent ups and downs in the capital markets, the likelihood of an extended period of both relatively low short- and long-term interest rates is helpful news for the housing market’s recovery as it continues to struggle.

Freddie Mac recently completed a regional training initiative entitled “Customer Package Training ““ How to Improve Execution” and released the training materials for download through their website.