Industry News

Omnibus Likely to Emerge Next Week, Chance for Cantwell-Hatch

While Washington anticipated an omnibus bill to appear this week, members of congress are now looking to early next week, citing continuing negotiations. The bill is seen by housing advocates as a prime vehicle for passing at least portions, if not all, of the Cantwell-Hatch bill to improve the Low Income Housing Tax Credit – legislation which narrowly missed inclusion in Republicans’ tax overhaul bill (H.R. 1) in December.  

U.S. Experiences 7.2 Million Affordable and Available Rental Unit Shortage

The National Low Income Housing Coalition released today its report The Gap: A Shortage of Affordable Homes, which finds a shortage of 7.2 million affordable and available rental homes for extremely low income (ELI) renter households, those with incomes at or below the poverty level or 30% of their area median income.

HUD: MAP Guide Allows GP Interest to Secure Equity Bridge Loan

The MAP Guide enumerates securities for an equity bridge loan as a pledge of tax credits and/or limited partners’ or investors members’ interests in the project’s ownership entity. Questions subsequently arose as to whether a pledge of the general partner’s interest could also secure an equity bridge loan.

Member News

Owen Bouton Joins Hunt Mortgage Group as Director

Bouton will focus on originating loans for clients located in the Southeast region of the country. He will operate out of the Charleston and Atlanta offices and will report to John Beam, Managing Director at Hunt Mortgage Group.

Sullivan & Worcester Adds Three Affordable Housing Partners to Growing Real Estate Group

John Gahan serves on the Board of Directors of the National Housing & Rehabilitation Association and the Executive Committee of Preservation Massachusetts. Deirdre Robinson sits on the board of the Lawyers Clearinghouse for Affordable Housing and is an active member in the ABA Affordable Housing Forum and CREW Boston. Karen Kepler is active in the Boston Bar Association Real Estate Section and the ABA Affordable Housing Forum and is a past-president of the Lawyers Clearinghouse for Affordable Housing and the Massachusetts Women’s Bar Association.

The Woda Group Restructured Under Employee Stock Ownership Plan, Becomes Woda Cooper Companies Inc.

Affordable housing leader The Woda Group, Inc. and its affiliates have been renamed Woda Cooper Companies, Inc. effective January 1, 2018. The firm, with operations in 15 states, was also restructured to become the first vertically-integrated affordable housing company in the nation to be owned by an Employee Stock Ownership Plan (ESOP).

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