Multi-Family Finance

National Council of Affordable Housing Market Analysts (NCAHMA) has made available the PowerPoint slides presented during its recent 2009 Affordable Housing Underwriting Forum & Annual Meeting, held November 9-10, 2009 at the Doubletree Hotel Magnificent Mile in Chicago, IL.

The US Treasury Department has denied a request from Fannie Mae to transfer nearly $3 billion of the equity interests in its low-income housing tax credit (LIHTC) investments to third-party investors Goldman Sachs Group Inc. and Berkshire Hathaway Inc.

The Obama administration has announced a new initiative for state and local housing finance agencies (HFAs) that will support lower mortgage rates and expand resources for low-income borrowers to rent or purchase affordable housing.

HUD’s Federal Housing Administration (FHA) has proposed a new rule that would conform multifamily mortgage insurance regulations 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.

The United States Senate passed the FY-2010 the Transportation, Housing and Urban Development (THUD) appropriations bill (HR 3228) provides $45.8 billion to HUD. The measure now awaits consideration by a conference committee to reconcile the differences between the House and Senate passed versions of the measure.

The National Housing & Rehabilitation Association is honored to announce that Helen R. Kanovsky, the new General Counsel for the Department of Housing and Urban Development””and a former member of NH&RA””will deliver the keynote address at our Fall Developers Forum on November 2 in Boston.

The US House or Representatives passed the “FHA Multifamily Loan Limit Adjustment Act of 2009″ (HR 3527) on a voice vote on September 15. The measure was passed unanimously under a suspension of House rules and thus did not go through the typical committee process.

NH&RA is pleased to announce that it has extended its early registration for the 2009 Fall Developers Forum, November 2-3, 2009 at the Taj Hotel in Boston. Register by Wednesday, September 30 and save $100 off your conference registration fee.

The House Committee on Ways and Means Select Revenue Measures Subcommittee Chairman Richard E. Neal (D-MA) has announced a hearing on tax incentives for distressed communities on Wednesday, October 7, 2009. The hearing will focus on tax incentives for distressed communities, including the Empowerment Zone and Renewal Communities programs, which expire on December 31, 2009.

The U.S. Government Accountability Office (GAO) recently released a report and letter to Congress with regards to the future structure and function of Fannie Mae and Freddie Mac, the Government-sponsored enterprises that were put into conservatorship under the Federal Housing Finance Agency (FHFA) in 2008.

We are pleased to announce that we will be returning to Chicago for this years Affordable Housing Underwriting Forum & NCAHMA Annual Meeting. We will be convening November 9-10 at the Doubletree Hotel Chicago Magnificent Mile. If you are a market analyst, appraiser, debt or equity underwriter or developer, join your colleagues to discuss critical underwriting and market study developments in affordable housing.

If you missed the 2009 Summer Institute in Woodstock, VT you can still purchase conference materials and video and/or audio recordings of select sessions.