Multi-Family Finance

In a new mortgagee letter (2010-27) dated August 30, 2010, HUD has renewed special the Department’s policy for the eligibility of projects for Mortgage insurance where Construction has started.

NH&RA is pleased to announce we’ll be extending early registration for our Fall Developers Forum one additional week. Register by 9/24 to take advantage of our early registration discount.

The House Financial Services Committee Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises will hold a hearing on the “Financial Losses and Progress of Fannie Mae and Freddie Mac” on September 15.

The Federal Housing Finance Agency (FHFA) has released its new housing goals effective for 2010 and 2011 for Fannie Mae and Freddie Mac, as amended by the Housing and Economic Recovery Act (HERA) in 2008.

A jail constructed in 1813 in Salem, Massachusetts converted to market rate apartments; a one-time Inn and girls finishing school in Silver Spring, Maryland re-conceived as affordable residences; and 19th century brewery buildings in both East Baltimore and Milwaukee now filled with corporate offices are all among the finalists for the 2010 J. Timothy Anderson Awards for Excellence in Historic Rehabilitation.

The National Housing & Rehabilitation Association has announced fourteen finalists in six categories for this year’s “Timmy Awards,” which will be presented at an awards luncheon and ceremony on October 19 in Boston, Massachusetts in conjunction with the association’s Annual Fall Developers Forum. The nominees are located in fourteen different communities in ten states from Massachusetts to Kentucky…

The U.S. Senate failed to clear a critical procedural hurdle on a new compromise version of HR 4213, the American Jobs and Closing Tax Loopholes Act of 2010 (Tax Extenders Legislation) on June 24. It is unclear when the measure will be taken up again. The current version of the measure includes a number of key tax credit provisions…

The Federal Housing Finance Agency (FHFA) has sent a final rule to the Federal Register establishing its 2010-2011 housing goals for Fannie Mae and Freddie Mac.

HUD’s Federal Housing Administration has issued regulations for its multifamily mortgage insurance program relating to a provision in Title VIII of the Housing and Economic Recovery Act of 2008 that prohibits a requirement that tax credit sales proceeds be placed into escrow, at the time of initial endorsement, for assurance of project completion and to pay the initial service charge, carrying charges, and legal and organizational expenses incident to the construction of the project.

HUD has issued a new mortgagee letter (2010-26) and Housing Notice (2010-16) to all FHA-Approved Multifamily Mortgagees issuing further policy guidance to defer submission of final architectural plans and specifications introduced by Mortgagee Letter 2008-19, 19), titled “Streamlined Processing of Multifamily Mortgage Insurance Applications Involving Low Income Housing Tax Credits (LIHTC).”

Today, the Obama administration is holding its Conference on the Future of Housing Finance at the Treasury Department. The conference will be moderated by Treasury Secretary Timothy Geithner and HUD Secretary Shawn Donovan, and will feature a diverse slate of panelists representing various stakeholder groups who will discuss housing finance reform as it pertains to the broader financial markets and the administration’s broader housing policy goals.

The Federal Housing Finance Agency (FHFA) has issued a notice soliciting public comments regarding the implementation of a proposed rule in the Housing & Economic Recovery Act (HERA) that authorizes FHFA to initiate enforcement over Fannie Mae and Freddie Mac, as well as the Federal Home Loan Banks.

The Office of the Comptroller of the Currency (OCC) announced today the appointment of Ted Wartell as Director of Community Affairs Policy. He will report to Deputy Comptroller for Community Affairs Barry Wides.