Multi-Family Finance

Fannie Mae has announced the introduction of a new Guaranteed Multifamily Structures, or Fannie Mae GeMSTM, an expanded multifamily mortgage-backed securities (MBS) execution that will include DUS Megas, DUS REMICs and syndicated DUS Megas.

The Center for American Progress, an influential policy think-tank, has issued a new report titled “A Responsible Market for Housing Finance: A Progressive Plan to Reform the U.S. Secondary Market for Residential Mortgages.”

Joseph Smith, President Obama’s nominee to run the Federal Housing Finance Agency (FHFA), has withdrawn his nomination after strong opposition from Republican Senators.

The U.S. Treasury Department’s report to Congress on the future of Fannie Mae and Freddie Mac will be delivered in mid-February, rather than by January 31, as mandated by the Frank-Dodd law enacted in July of last year.

NH&RA’s Council for Energy Friendly Affordable Housing recently authored a new white paper suggesting way to improve how utility allowances are calculated for energy efficient LIHTC and HUD-assisted multifamily housing.

The 2011 CDFI Institute will take place on March 1-2 at the Embassy Suites Hotel ““ Convention Center in Washington, DC.

The Illinois Housing Development Authority (IHDA) has announced that it will extend its Multi-Family Initiative Bond program through 2011, providing low-cost fixed-rate permanent financing which will provide resources to borrowers to finance new construction, acquisition and rehabilitation or adaptive reuse of existing developments.

In order to enable Kentucky Housing staff to meet the demands of site review requests, technical assistance trainings will be conducted by the Multifamily Finance Department.

On behalf of the entire staff at NH&RA, we wish you a happy and healthy Holiday season!

Both houses of Congress and the White House are reportedly considering varying forms of legislation that could, among other things, extend expiring tax credits provisions.

Sen. Max Baucus (D-MT) has introduced the Middle Class Tax Cut Act of 2010. The legislation contains extensions of numerous affordable housing, new markets and renewable energy tax credit and bond programs.

The National Housing & Rehabilitation Association is now accepting registrations for the 2011 Annual Meeting and Pre-Conference Symposium on New Markets Tax Credits, scheduled February 23-26, 2011 in Bonita Springs, Florida.