Multi-Family Finance

HUD recently released Notice H 2013-07 to provide supplemental guidance to previously issued Mortgagee Letter (ML) 2010-21 and Notice H 2010-11 to clarify processing procedures and to describe how lenders can obtain prior approval for mortgage insurance commitments.

HUD recently issued Housing Notice 2013-05 to detail recent changes regarding processing of Federal Housing Administration (FHA) multifamily mortgage insurance applications for transactions in New York and New Jersey, the communities hardest hit by Hurricane Sandy.

The Illinois Housing Development Authority (IHDA) is now accepting applications for their Affordable Advantage Mortgage. The mortgage was developed to address issues in the marketplace for first mortgage financing of low and moderate- income projects.

Freddie Mac recently announced its highest-producing multifamily mortgage sellers of 2012. The “highest-producing” are those lenders who transacted the most financing volume with Freddie Mac over the year, including a record $28.8 billion in new multifamily volume, comprising 435,000 rental units, and resulting in over $21 billion in mortgage securitizations.

The Community Development Financial Institutions (CDFI) Fund recently released the interim rule for implementation of the CDFI Bond Guarantee program, which was established through Section 1134 of the Small Business Jobs Act of 2010.

HUD has issued a set of draft documents for public comment for its Rental Assistance Demonstration (RAD) Program.

Today Maryland’s Governor Martin O’Malley announced he has proposed $25 million for the Rental Housing Works (RHW) program in his FY 2014 budget. The RHW program is a gap financing program for projects funded using DHCD’s Multifamily Bond Program (MBP); RHW applications are submitted in conjunction with a MBP application.

At his recent State of the State address, New York Governor Andrew Cuomo announced that New York State will significantly increase its affordable housing investment with a $1 billion program to preserve or produce 14,000 affordable housing units over the next 5 years.

Following the passage of The American Taxpayer Relief Act and the resulting extension of the 9 percent credit rate to allocations made before January 1, 2014, the Ohio Housing Finance Agency has announced that low-income housing tax credit applicants may use the 9% credit rate in its estimations for their 2013 housing tax credit amount. OHFA also announced the gap financing resources that will be available to applicants in 2013

The Texas Department of Housing & Community Affairs has released several updates for its multifamily housing programs.

On Monday December 31, 2012, the Senate approved the appointment of Carol J. Galante as the Commissioner of the Federal Housing Administration (FHA) and Assistant Secretary of Housing for HUD by a measure of 69-24, with 18 of the approving votes coming from Senate Republicans.

NH&RA was pleased to welcome over 200 industry professionals to our 2012 Fall Developers Forum. All conference materials including Power Point presentations, reports, memos and articles from the conference are available for download.