Industry News

Economic and Fixed Income Insights, Feb. 19, 2019

Patience, for now, was the theme in the minutes from January’s meeting of Fed officials.  Policymakers decided the pause does little to threaten the domestic economy while allowing the central bank to weigh the impact of trade and waning tax reform stimulus. The overall tone of the minutes was cautiously positive, reiterating a forecast of continued expansion and strong labor market conditions. U.S. government yields trended lower ahead of the release.  Both the 10-year and 30-year UST were down 5 basis points for the week to yield 2.64% and 2.98% respectively.  Tax-exempt municipal yields were also slightly lower, falling 1 basis point in both the 10-year and 30-year maturities.  

FY 2019 & 2020 Federal Budget Update

Last week Congress and the President averted another shutdown by passing funding for the remainder of FY 2019, which runs through Sept. 30, 2019. Overall, the bill provides HUD programs with more than $12 billion above the President’s request and provides $1.5 billion in new resources in FY 2019.

Missouri FY 2019 Draft Action Plan, Webinar Feb. 22

The Missouri Department of Economic Development, in conjunction with the Missouri Housing Development Commission, the Missouri Department of Social Services, and the Missouri Department of Health and Senior Services, will host a webinar on the draft 2019 Action Plan for the State of Missouri. 

Member News

McCormack Baron Salazar’s Renaissance Square Welcomes Residents

McCormack Baron Salazar, Inc. and the Puerto Rico Department of Housing have officially opened Renaissance Square, a new mixed-income apartment community located in the Hato Rey Barrio of San Juan, Puerto Rico. Located in the heart of the San Juan’s Financial District’s “Golden Mile,” the community has walk-up and townhome-style apartment buildings with market-rate amenities, green energy-saving design, and resilient features.

Red Mortgage Capital Adds New York Lending Office

RED Mortgage Capital, a division of ORIX Real Estate Capital, LLC, has hired Sean Cullen and Ronnie Gyani to lead its multifamily affordable lending activities in the greater New York City area. Cullen and Gyani have worked together since 2010 and both bring a strong level of affordable housing finance experience to RED’s New York and East Coast operations.

Michaels Closes $61 Million Workforce Housing Deal in the Texas’s ‘Innovation Corridor’

The Michaels Organization successfully closed on $61 million in financing for Mission Trail at El Camino Real, a new mixed-income housing community in San Marcos, Texas, that will serve the city’s growing workforce. The majority of the 352 apartments will be reserved for households earning 60 percent or less of the area median income, while 10 percent of the units will be reserved for individuals and families earning less than 140 percent of the area median income. The community will also offer 35 apartments without any income restrictions