Multi-Family Finance

The U.S. Department of Housing and Urban Development has adjusted its statutory mortgage limits for its multifamily housing loan programs for calendar 2010, effective January 1, 2010. The limits are adjusted annually based on changes in an index.

Snowed in? Washington, DC got over two feet of snow last weekend and we are looking at as much as another 10 inches of snow tomorrow – so much for living in the South! But just because we can’t dig our cars out doesn’t mean you can’t plan your trip for an upcoming NH&RA event in a much WARMER climate!

Financial Services Committee Chairman Barney Frank (D-MA) announced today the committee will hold a hearing on March 2 to begin the process of considering the future of housing finance. The hearing will focus on all the private and public entities that support the mortgage market, which include the Federal Housing Administration, Ginnie Mae, Fannie Mae, Freddie Mac, Federal Home Loan Banks, and private lenders and securitizers.

HUD is issuing for public comment a comprehensive set of revised closing documents for use in Federal Housing Administration (FHA) multifamily rental projects.

The U.S. Department of Treasury, in partnership with Department of Housing and Urban Development (HUD), and the Federal Housing Finance Agency (FHFA) has announced the purchase $13.9 billion in housing bonds from 50 of its state Housing Finance Agency (HFA) members under the Obama Administration’s HFA Initiative.  The initiative was unveiled October 19.  In addition to a single-family component, the HFA Initiative will make affordable financing available to provide affordable multifamily loans that will help keep rents affordable for tens of thousands of renters.

While tax credit equity remains the biggest industry concern, debt financing is also elusive for many developers. 2010 promises to be a challenging year–originations are down, underwriting standards are only becoming stricter and, with then end of the TCAP program and declining state budgets, gap financing will become even more difficult to obtain. NH&RA can help!

The Federal Housing Finance Agency (FHFA) today issued a final rule that authorizes non-federally insured community development financial institutions (CDFIs) that have been certified by the CDFI Fund, including community development loan funds, venture capital funds, and State-chartered credit unions, to become members of a Federal Home Loan Bank (FHLB).

The U.S. Department of Housing and Urban Development’s Office of Policy Development & Research has published a Regulatory Impact Analysis for the Housing Trust Fund, which was established by the Housing and Economic Recovery Act of 2008 to expand the supply of affordable rental units, and increase homeownership opportunities for extremely low- and very low-income households.

Massachusetts Governor Deval Patrick recently signed into law a statute dubbed the “expiring use” bill, aimed at preserving as affordable, thousands of units of housing in Massachusetts intended to be used by low-income residents.

Did you miss the NH&RA Fall Developers Forum? For a limited time only we are making available for purchase select conference recordings and materials including…

The National Housing & Rehabilitation Association is pleased to announce that it has made available the PowerPoint presentations displayed during the recent 2009 Fall Developers Forum, held November 2-3, 2009 in Boston, Mass.

The U.S. Department of Housing has issued a reminder that HUD-assisted multifamily housing owners and management agents must seek access to the Department’s Enterprise Income Verification (EIV) system if they don’t already have access, in order to avoid non-compliance penalties imposed by a final rule that makes use of the system mandatory as of 1/31/10.