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For Sale: 272-Unit Former LIHTC Property, Columbia, SC - Wednesday, May 07, 2008
This 272-unit garden apartment community was developed in 1990 under the federal low-income housing tax credit program but is no longer subject to any rent or income restrictions. Offered at $11 million, the property provides a leveraged yield of 22% on a 5-year hold after completing a $1.25 million capital improvement plan. During the first two years of the hold, while payments of only interest are due, the property achieves an average cash-on-cash return of 12.5%.
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For Sale: 640-Unit Vacant Apartment Complex, Baltimore, MD - Wednesday, May 07, 2008
This 64-unit, vacant apartment complex was built in 1968 and is comprised of nine, three-story buildings. Offered through foreclosure sale: $100,000 earnest money deposit required to bid. (Bids due 7/9/2008)
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For Sale: 101-Unit Property with HAP Contract, Claremore, OK - Wednesday, April 30, 2008
This three-story apartment building constructed in 1983 has 100 one-bedroom and 1 two-bedroom units. A HUD Section 8 Housing Assistance Payments Contract (HAP) will be provided to the high bidder at closing. Project-based assistance is predicated on availability of funds. (Bids Due: 6/12/2008)
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For Sale: 270-Unit Affordable Housing Complex, Edwards, CO - Monday, April 14, 2008
Eagle County is soliciting purchase proposals for Lake Creek Village Apartments Affordable Housing Complex, an affordable housing apartment complex with 270 units in 34 two-story buildings on approximately 30 acres in Edwards, CO. The property is to be transferred with a deed restriction mandating continued affordable rental use of the project in perpetuity. (Proposals Due: 5/30/2008)
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For Sale: Year-15 LIHTC Qualified Contract Property, Columbia, SC - Wednesday, January 16, 2008
Eleven multi-story wood-and-vinyl buildings with 152 units targeted for families. Amenities include: on site laundry facility, washer/dryer connection in units, playground, picnic area, swimming pool, units wired for cable television, sidewalk access to parking, sprinkler/irrigation system, etc. Spring Valley Apartments will be on sale until a Qualified Contract to purchase the property is presented and accepted, or until November 30, 2008.
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Louisiana Solicits Requests for Housing Trust Funds - Monday, May 05, 2008
The Louisiana Housing Finance Agency is soliciting applications by May 30 for up to $23, 500,000 from the state housing trust fund that it administers. The funds will be be issued as soft loans through a competitive funding round for projects for the renovation, rehabilitation,or new construction of rental, home ownership, or permanent supportive housing to serve households at or below 120% of the area median income. Eligible applicants include for-profit developers, nonprofit Section 501(c)(3) and 501(c)(4) organizations, public housing authorities, local governments, and Native American Tribes.
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HUD Issues NOFA for Section 202 Demonstration Program - Wednesday, April 30, 2008
HUD has issued a Notice of Funding Availability soliciting applications for $4 million available under a demonstration program tied to its Section 202 Supportive Housing for the Elderly program. The demo will offer funding for dwelling units for intergenerational families in connection with Section 202 projects. The program’s purpose is to expand the supply of intergenerational dwelling units for very low-income grandparents or relatives who are 62 or older who are raising a child.. (Applications Due: 7/2/2008)
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HUD Issues NOFA for FY2008 Rural Housing and Economic Development Program - Wednesday, April 30, 2008
HUD has issued a Notice of Funding Availability soliciting requests for $17 million in funding available under its Rural Housing and Economic Development Program. Eligible applicants are local rural nonprofits, community development corporations, federally recognized Indian tribes, state housing finance agencies, and state economic development and community development agencies. (Applications Due: 5/30/2008)
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RHS Announces Available Funds, Solicits Applications - Tuesday, April 22, 2008
USDA’s Rural Housing Service is soliciting applications from lenders for rural rental housing projects wishing to participate in an FY 2008 demonstration program that will provide Section 538 guaranteed loans with a single note guarantee for the construction and permanent phases. Projects must already have an award of housing tax credits; applications to be considered must have been obligated by RHS during 10/1/07-9/30/08. Submission deadlines are 4/25/08, 7/11/08, and 9/29/08.
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DOE Offers Technical Assistance Grants for Solar Facilities - Tuesday, February 05, 2008
The U.S. Department of Energy (DOE) is accepting requests for technical assistance for large-scale, high-visibility solar installation projects able to impact the market for solar technologies through large project size, use of a novel solar technology, and/or use of a novel application for a solar technology. Large-scale installations may include photovoltaic, concentrating solar power, solar water heating, and solar space heating applications. DOE is seeking projects with total capacity in excess of 100 kW. Any legal entity, including private for-profit and nonprofit organizations, sate and local governments, and trade and other associations may submit requests for technical assistance. Deadlines March 12 and June 12, 2008)
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New York City Solicits Applications for Trust Fund Dollars - Monday, November 26, 2007
The New York City Department of Housing Preservation and Development (HPD) has issued a second Notice of Funding Availability (NOFA) to solicit applications from developers for $30 million available from the New York City Housing Trust Fund to help finance affordable housing projects in the city. Applications are being accepted continuously; the window opened November 19th.
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Welcome to housingonline.com... |
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Housingonline.com is the National Housing & Rehabilitation Association's (NH&RA) Web site for developers, financiers, professionals and consultants in the affordable housing and historic rehabilitation businesses. Some sections are restricted to NH&RA members, others are restricted to subscribers of Tax Credit Advisor newsletter and other select content. To gain access to these sections you must register on the site and/or pay for access. We strive to provide you with the information you need to be successful in your business, please let us know how we can improve our site.
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NH&RA News & Conference Updates |
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Save the Dates & Call for Presentations: 2008 NH&RA Summer Institute - Wednesday, April 30, 2008
NH&RA is pleased to announce the dates for the 2008 Summer Institute & New Markets Tax Credit Symposium, July 23-27 at the Eldorado Hotel, Santa Fe, New Mexico. We are currently seeking submissions for topics and speakers for the Annual Meeting—please contact Thom Amdur at tamdur@dworbell.com or 202-939-1753 for details. The Hotel will begin taking reservations for the Summer Institute Friday, May 2.
National Housing & Rehabilitation Association (NH&RA) is a professional association of like-minded, successful and driven individuals who are involved in affordable housing, historic rehabilitation and New Markets Tax Credit development. We meet quarterly for serious discussions of significant issues affecting our business. Designed to foster relationships, our Summer Institute is renowned for its combination of cutting-edge information and opportunities to network and socialize.
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2008 Spring Developers Forum Approved for MCLE Credits in CA, OR; Event Just Two Weeks Away
There is still time to register for the NH&RA Spring Developers Forum, May 15-16 at the Hyatt Regency Century Plaza, Los Angeles, California. Join over one hundred affordable housing developers and professionals for two days of innovative case studies, educational sessions and networking. NH&RA coordinates with your national, state and/or local professional licensing organizations to help you fulfill your continuing education requirements. The State Bars of California and Oregon have each approved NH&RA's application to provide continuing legal education credits to attendees of its 2008 Spring Developers Forum at the Hyatt Regency Century Plaza in Los Angeles, CA May 15-16. A total of 9.5 credit hours are available to those who apply during the approval period, May 15, 2008 thru May 14, 2010. If you have any questions or concerns, please contact Thom Amdur at (202) 939-1753 or tamdur@dworbell.com.
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LIHTC Developer Breaks Ground on Project Combining Senior, Workforce Units - Wednesday, May 07, 2008
Nonprofit developer Community Preservation and Development Corporation has begun construction on the gut rehab of Parkside Terrace Apartments in Washington, DC. The 12-story, a failed former HUD Section 8 project developed in the late 1990s, has been vacant since 2005. The redeveloped property will feature an unusual unit mix: the bottom seven floors will be converted into rental housing for low-income seniors assisted by rent subsidies from the District of Columbia Housing Authority, while the the top five floors will be converted to workforce housing units targeted at small families. Funding sources for the $73 million project include $23 million in tax-exempt financing, $25.6 million in low-income housing tax credit equity, and more than $20 million in gap financing from the District of Columbia Department of Housing and Community Development. The property also secured a special tax status from City Council. The acquisition of the property was financed through DC’s Site Acquisition Fund Initiative.
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Ways and Means Releases Report on Bill - Tuesday, May 06, 2008
The House Ways and Means Committee has released a committee report (HRpt 110-606) containing the text and an explanation of the provisions of H.R. 5720, a bill approved by the panel on April 9 that would make extensive changes to the low-income housing tax credit program, plus a few modifications to the federal historic rehabilitation tax credit.
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CA Housing Finance Agency Releases Annual Report - Tuesday, May 06, 2008
The California Tax Credit Allocation Committee (TCAC) recently released its 2007 Annual Report on the Allocation of Federal and State Low Income Housing Tax Credits in California. According to the report, there are more than 232,000 LIHTC units in California. In 2007, TCAC awarded nearly $75.9 million in competitive 9 percent federal LIHTCs to 70 proposed housing projects. In addition, $71 million in state tax credits were awarded to 19 competitive 9 percent projects, and $23.4 million state LIHTCs were allocated to nine projects receiving 4 percent LIHTCs with tax-exempt bonds.
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Wisconsin Agency Publishes Revised Version of Compliance Manual - Friday, May 02, 2008
The Wisconsin Housing & Economic Development Authority’s Compliance & Preservation Division has published a new, revised version of its Compliance Manual for its low-income housing tax credit program.
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Pennsylvania Seeks Comments on its 2009 LIHTC Program - Wednesday, April 30, 2008
The Pennsylvania Housing Finance Agency has announced a public hearing to obtain comments on its proposed 2009 Low Income Housing Tax Credit Allocation Plan. This public hearing will be held on May 1 at 9 a.m. at the Pennsylvania Housing Finance Agency in Harrisburg, PA.
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HUD Programs and Regulatory News |
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HUD Issues Memo Indicating Economic Stimulus Checks Will Not Impact Income Calculations as They Impa - Wednesday, May 07, 2008
HUD has issued a new memo noting that the economic stimulus payments authorized by Congress in February 2008 should not be used for income calculations determining tenant eligibility and rents.
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HUD Issues Notice on Veterans Housing, Vouchers - Wednesday, May 07, 2008
HUD has published a notice that outlines policies and procedures for the administration of tenant-based Section 8 Housing Choice Voucher (HCV) rental assistance under the HUD-Veterans Affairs Supportive Housing (HUD-VASH) program administered by local public housing agencies that have partnered with local Veterans Affairs medical centers. The program serves homeless veterans.
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HUD Issues Guidance on Energy Performance Contracts - Friday, May 02, 2008
HUD‘s Office of Public and Indian Housing has issued a new notice (PIH 2008-22) reinstating an existing notice and providing additional guidance regarding energy performance contracts for public housing. It also describes how the terms of such contacts may be extended, through a HUD waiver, from the current 12 years up to 20 years, and about how contacts may be expanded to develop and implement energy efficiency measures to produce additional cost savings that can reasonably be anticipated to service the debt of the new measures.
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HUD Notice Outlines Transition Under Homeless Funding Program - Friday, May 02, 2008
HUD has published a notice providing details of its plan to transition to electronic applications for FY 2008 funding under its Continuum of Care homeless assistance programs. The notice announces how individuals can register for e-snaps, an electronic system; and provides information that applicants should be familiar with before applying for funds. About $1.423 billion will be available.
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IRS Solicit Recommendation for 2008-2009 Guidance Priority List
The U.S. Treasury Department and Internal Revenue Service invite public comment on recommendations for items that should be included in the 2008-2009 Guidance Priority List. Treasury’s Office of Tax Policy and IRS use the Guidance Priority List each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance in the next 12-month period. The Guidance Priority List focuses resources on guidance items that are most important to taxpayers and tax administration. Published guidance plays an important role in increasing voluntary compliance by helping to clarify ambiguous areas of federal tax law. (Recommendations Due: 5/31/2008)
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Former HUD Assistant Secretary Speaks Out On HOPE VI Program - Wednesday, April 30, 2008
Former HUD Assistant Secretary for Public and Indian Housing Orlando Cabrera comments on the renewal of the Department’s HOPE VI program in an op-ed article in the April 2008 issue of Affordable Housing Finance magazine. Cabrera urges Congress to reauthorize the HOPE VI program with a focus on “creating the legislative pathway to build the maximum number of viable affordable units, keeping development moving quickly, and introducing measures to make HOPE VI work better with the tax credit and private-activity bond world (and, importantly, any state-funded subsidy).” Cabrera criticizes the Senate and House versions of the HOPE VI reauthorization bills as “too prescriptive,” and says “Congress would do well to better dovetail legislation with the Internal Revenue Code.”
The National Housing & Rehabilitation Association has formed a HOPE VI Working Group comprised of some of the most active developers and consultants involved in the HOPE VI program, to focus on the ongoing operations of HOPE VI properties as well as program reauthorization. The working group is currently conducting a nationwide survey on operational issues associated with the HOPE VI program, and exploring issues pertaining to Green/Sustainable Development with the HOPE VI Program, temporary transformation of ACC units, and other issues. Interested parties should contact Thom Amdur at 202-939-1753 or tamdur@dworbell.com for more details.
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HUD Announces Availability of HOPE VI Funds - Monday, March 31, 2008
HUD has published a Notice of Availability soliciting applications for roughly $97.6 million in FY 2008 grant funds available under the Department’s HOPE VI public housing revitalization program. The maximum grant award is $20 million. The notice outlines statutory, regulatory, and threshold requirements for the funding competition, as well as the applicable rating factors for applications. Applications must be submitted electronically. (Application deadline: June 20, 2008)
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CDFI Fund Releases QEI Report for May - Wednesday, May 07, 2008
The CDFI Fund has released its New Markets Tax Credit (NMTC) Qualified Equity Investment (QEI) Issuance Report for May 2008. It identifies, for each community development entity (CDE) that has received one or more NMTC allocations, the: name of the entity; total allocation amount received; dollar amount of allocation authority issued to investors; amount remaining to be issued to investors; and the predominant markets to be served by the CDE.
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GOP Senators Urge Approval for AMT Package - Tuesday, May 06, 2008
Forty-two senators recently sent a joint letter to Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Charles Grassley (R-IA) to voice their support for passage of the Alternative Minimum Tax and Extenders Tax Relief Act of 2008. Baucus and Grassley introduced the legislation (S. 2886) on April 17. In addition to increasing the AMT exemption and allowing nonrefundable personal credits against AMT, S. 2886 would provide a one-year extension of the new markets tax credit (NMTC), through 2009.
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Committee Report Issued on Foreclosure Bill - Wednesday, May 07, 2008
The House Financial Services Committee has issued a committee report (HRpt 10-616) to a bill (H.R. 5818) it recently passed that, among other things, would authorize HUD to make loans and grants to states for reallocation to qualified metropolitan cities and urban counties to acquire homes in neighborhoods with high foreclosure rates and facilitate their purchase or occupancy. The full House is expected very shortly to consider and vote on H.R. 5818, the Neighborhood Stabilization Act of 2008, as well as related measure (H.R. 3221), the American Housing Rescue and Foreclosure Prevention Act of 2008.
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Harvard’s Joint Center Issues New Report on Rental Housing - Friday, May 02, 2008
University’s Joint Center for Housing Studies has issued a new report, entitled "America’s Rental Housing- The Key to a Balanced National Policy." The study looks at rental housing issues, and in particular the effect that current mortgage market meltdown is having on the wellbeing of renters and the construction and preservation of the rental housing inventory. Its goal is to provide public policy makers, state and local housing agencies and private business leaders engaged in the rental market with information about the role of rental housing in the national housing agenda, and shed light on this important resource at a time when many are rethinking national housing policy.
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HUD Issues Market Reports for Baton Rouge, Camden - Friday, May 02, 2008
HUD has issued new comprehensive market analysis reports for Baton Rouge, LA, and Camden, NJ.
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GAO Issues Report on Leverage in HUD & Treasury Programs - Friday, February 22, 2008
The Government Accountability Office has released a new report, entitled “HUD and Treasury Programs: More Information on Leverage Measures' Accuracy and Linkage to Program Goals Is Needed in Assessing Performance.” This is the second of two reports on the leveraging of federal funds in housing and community and economic development programs. It examines (1) the leverage measures and the transparency of the data and methods used to calculate them, and (2) the relevance of such measures in assessing performance that the U.S. Department of Housing and Urban Development (HUD) and the U.S. Treasury reported for six selected programs. Among those analyzed were the federal low-income housing and new markets tax credit programs.
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Vermont Publishes Green Building and Design Standards - Wednesday, April 30, 2008
The Vermont Housing Finance Agency has published its Green Building and Design Standards for housing developers. The standards encourage developers who apply for VHFA financing and low-income housing tax credits to embrace green practices, materials, and design in planning and constructing buildings.
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Los Angeles Passes Major Green Building Ordinance - Wednesday, April 30, 2008
The City of Los Angeles has passed a major green building ordinance based on the national Leadership in Energy and Environmental Design (LEED). The new ordinance will require all buildings over 50,000 square feet to be 15 percent more energy efficient than California code standards.
NH&RA will be exploring this new ordinance as part of a greater innovative Green Case Studies session at our upcoming 2008 Spring Developers Forum, May 15-16 at the Hyatt Regency Century Plaza in Los Angeles.
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State & Local Housing News |
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NYDHCR Streamlines Community Revitalization Programs - Wednesday, May 07, 2008
The New York State Division of Housing and Community Renewal (DHCR) has announced several changes in the mission and responsibilities of the Office For Small Cities (OFSC) to improve the effectiveness of the state's community development and revitalization efforts. OFSC, which has administered the federal Community Development Block Grant program in New York since 2000, will now also manage the New York Main Street program. The latter provides financial resources and technical assistance to revitalize the state's traditional Main Streets and neighborhoods. The program provides funds from the New York State Housing Trust Fund Corporation to business improvement districts and other nonprofit organizations committed to revitalizing historic downtowns, mixed-use neighborhood commercial districts, and village centers.
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Wisconsin Schedules Several Tax Credit Events - Wednesday, April 30, 2008
The Wisconsin Housing & Economic Development Authority has scheduled low-income tax credit workshops in Madison (May 21 & July 24) and Brookfield (September 18). Additionally, WHEDA has scheduled its 2008 Section 42 Developers Discussion Group for May 9 in Madison.
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North Carolina Schedules Housing Conference - Wednesday, April 30, 2008
The 2008 North Carolina Affordable Housing Conference: Housing Moving Forward conference is scheduled for October 16-17 in Durham.
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Kentucky Seeks Applications for Tax-Exempt Bond Lease-Purchase Program - Wednesday, April 30, 2008
The Kentucky Housing Corporation (KHC) is soliciting project proposals for its Tax-Exempt Bond Lease-Purchase Program. KHC is requesting proposals from nonprofits wishing to serve as a general partner and/or limited liability company (LLC) managing member responsible for project development, with a limited partner or LLC member serving as the equity investor. This program provides an option that enables families to transition from renter to homeowner. Under this program, renters have an option to guy their unit at or after the end of the 15-year low-income housing tax credit compliance period for a price equal to the remaining mortgage balance. (Applications Due: 5/16/2008)
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Pennsylvania Not Accepting Additional 2008 Bond Financing Applications - Wednesday, April 30, 2008
The Pennsylvania Housing Finance Agency has announced it is not currently accepting any new applications seeking 2008 tax-exempt bond volume cap for new low-income rental housing projects. But it added that if additional bond authority does become available, it will issue a notice of availability and provide application instructions.
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Major Housing Package to Be Considered in the House of Representatives This Week - Wednesday, May 07, 2008
The House of Representatives is expected within days to consider several major housing bills as part of a broad housing package. Most of the bills are expected to be incorporated into H.R. 3221 as amendments. HR 3221 originally passed the House as an energy bill. This Senate subsequently approved a version that inserted a housing stimulus package but retained the original bill number and returned the measure to the House for action. The House is expected to replace this version with provisions from H.R. 5720 (Housing Assistance Tax Act of 2008), H.R. 5830 (Neighborhood Stabilization Act of 2008), H.R. 1427 (Federal Housing Finance Reform Act of 2007), H.R. 1852 (Expanding American Homeownership Act of 2007), H.R. 5579 (Emergency Mortgage Loan Modification Act of 2008), and the yet-to-be- introduced Housing Tax Credit Coordination Act of 2008. Some believe Congressional leaders intend to adopt an omnibus housing package to send to President Bush before the summer congressional recess. Key highlights of the proposed package pertaining to multifamily housing production include...
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Sponsorship Opportunities Are Available for the NH&RA 2007 Summer Institute and New Markets Tax Credit Symposium, 2007 Fall Forum and 2008 Annual Meeting. Contact Thom Amdur at 202-939-1753 or tamdur@dworbell.com for details.
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2008 NH&RA Spring Forum
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Thursday, May 15, 2008
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May 15-16, 2008
The Hyatt Regency Century Plaza
Los Angeles, Calif.
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2008 NH&RA Summer Institute
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Wednesday, July 23, 2008
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July 23-27, 2008
Eldorado Hotel & Spa
Santa Fe, New Mexico
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2008 Summer New Markets Tax Credit Symposium
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Wednesday, July 23, 2008
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July 23, 2008
Eldorado Hotel & Spa
Santa Fe, New Mexico
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Short |
Mid |
Long |
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Annual |
1.64% |
2.74% |
4.21% |
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Semi-Annual |
1.63% |
2.72% |
4.17% |
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Quart. |
1.63% |
2.71% |
4.15% |
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Monthly |
1.62% |
2.70% |
4.13% |
Previous Monthly Rates
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State |
Deadline |
Arkansas |
2/9/2007 |
Idaho (Round 2) |
2/9/2007 |
Illinois (Round 1) |
12/4/2006 |
Illinois (Round 2) |
4/2/2007 |
Indiana |
3/2/2007 |
Iowa |
11/20/2006 |
Kansas (Round 1) |
2/2/2007 |
Kansas (Round 2) |
8/3/2007 |
Kentucky |
3/12/2007 |
Maine |
11/3/2006 |
Maryland (Round 1) |
Spring 2007 |
Maryland (Round 2) |
Fall 2007 |
Massachusetts (Round 2) |
February 2007 |
Michigan (Round 2) |
TBD |
Minnesota |
2/1/2007 |
Mississippi (Round 1) |
11/6/2006 |
Mississippi (Round 2) |
3/9/2007 |
Mississippi (Round 3) |
7/13/2007 |
Mississippi (Round 4) |
11/9/2007 |
Montana (Round 1) |
2/2/2007 |
Montana (Round 2) |
5/4/2007 |
Nebraska (Round 1) |
11/3/2006 |
Nebraska (Round 2) |
4/6/2007 |
Nevada |
5/4/2007 |
New Mexico |
1/31/2007 |
New York |
February 2007 |
Pennsylvania (Round 2) |
4/13/2007 |
Virginia |
March 2007 |
Wyoming |
1/26/2007 |
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