Paul Connolly Author Archives

National Equity Fund, Inc. (NEF) said it has named Mark Furey vice president of originations to lead NEF’s work with community-focused developers in the Southeast to structure deals, connect with capital and move forward with construction on Low Income Housing Tax Credit (LIHTC) projects. Furey was most recently director of acquisitions with Berkadia Affordable Tax Credit Solutions.

Kirk & Company COO Brett Pelletier has been appointed to the business and economics faculty at Salve Regina University in Newport, RI. Pelletier has been with Kirk & Company since 2005, and holds degrees from Bentley University, Bryant College and Harvard University.

Standard Communities, the affordable housing division of Standard Companies, said it has acquired Ritch Homes Apartments, located at 1420 and 1424 R Street NW, Washington, D.C.  The property consists of 42 rent-subsidized apartments for low income families. As part of a public-private partnership, Standard will add four units to the site as part of an […]

SCG Development announced the closing of Ovation at Arrowbrook Apartments, located in Herndon, VA. Ovation will be a $100 million mixed-use development located in close proximity to the future Innovation Center Silver Line Metro Station and the Center for Innovative Technology in Herndon, VA. The development will feature 274 affordable apartment homes with 38,000 square […]

National Equity Fund, Inc. (NEF), Metropolitan Atlanta Rapid Transit Authority (MARTA) and Morgan Stanley announced the launch of the $100 million Greater Atlanta Transit Oriented Affordable Housing Preservation Fund. The Fund will provide financing to multi-family property owners to help low-income families and individuals stay in their homes, and not be displaced as rents increase in transit-rich neighborhoods throughout the Greater Atlanta metropolitan area.

Enterprise Community Partners announced the promotion of David Edwards to chief information officer. In this role, Edwards will oversee the strategic direction and operational management of the information technology backbone for Enterprise, as well as the optimization of Enterprise’s business operations platforms, back-office solutions and core technology infrastructure.

President Joe Biden recently unveiled his COVID-19 and economic recovery plan. Of interest to our members, the sweeping $1.9 trillion plan calls for another round of $1,400 stimulus payments to individuals, an eviction moratorium on federal guaranteed mortgages until September 30, 2021, an additional $30 billion for rental assistance ($5 billion of which is dedicated to home energy and water costs and arrears), $5 billion in emergency assistance to help secure housing for people experiencing or at risk of homelessness.

Affordable housing, evictions, housing finance reform, and the LIHTC came up several times during the confirmation hearing for Treasury Secretary nominee Dr. Janet Yellen. During her questioning Senator Maria Cantwell (D-WA) reiterated the importance of affordable housing saying, “I look forward to working with you to increase Affordable Housing Tax Credits.”

Internal Revenue Service Notice 2021-12 extends the temporary relief for qualified LIHTC projects. The 10 percent test for carryover allocations and the 24-month minimum rehabilitation expenditure period are extended until September 30. The deadline for income recertifications and compliance monitoring is extended until October 1 and the placed-in-service deadline is extended to December 31.

The Department of the Treasury released FAQs for the new $25 billion emergency rental assistance (ERA), which: requires applicants for assistance to provide third-party source documentation evidencing income and their experience of unemployment or financial hardship due directly or indirectly to COVID-19; clarifies that applicants who occupy a federally-subsidized or mixed-use property, including LIHTC properties, […]

Yesterday, HUD published the proposed rule for the National Standards for the Physical Inspection of Real Estate (NSPIRE).  Comments are due by March 15. This publication represents the most significant formal milestone to date for NSPIRE and will establish the regulatory framework necessary for the implementation of the program when final. Through the proposed rule, […]

FHA will host the following three webinars on its new Multifamily Accelerated Processing (MAP) Guide: January 21 from 2-3:30 p.m. ET: Learn about Chapter Two, Lender Qualifications and Practices paired with Chapter 15, Oversight of MAP Program Requirements; Chapter Three, a general summary of program requirements; Chapter Five, Architectural and Construction Analysis paired with Chapter […]