All posts by Thom Amdur

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New Developments, Act Now!

What I love most about the affordable housing industry is that it is populated by so many makers, doers and visionaries. Where most people see a piece of dirt, a blighted factory or a run-down apartment community, the tax credit developer seeks to fill an unmet societal need or market niche and conceives a future community.

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HUD Launches New Section 8(bb) Preservation Tool

If a PBRA HAP contract is terminated or expires and is not renewed, HUD is authorized to transfer any remaining budget authority to either a new or an existing PBRA HAP contract to provide assistance to eligible families. HUD provides a list of potential properties which are eligible for an 8(bb) transfer, which will be useful to owners who are interested in transferring their PBRA budget authority.

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Economic and Fixed Income Insights: November 22, 2017

Presented by Stifel, Nicolaus & Company, Incorporated

On Monday, Federal Reserve Chair Janet Yellen said she would step down from the Federal Reserve once her successor is sworn into office. Her departure leaves President Trump with four seats to fill on the Fed’s board of governors. President Trump has nominated Jerome Powell to replace Yellen, when her term ends in February, though his chairmanship is still subject to Senate confirmation. It’s a short week due to the Thanksgiving holiday and a relatively light economic calendar. According to Bloomberg, existing home sales rose 2% in October from 5.37 million to a 5.48 million unit pace, significantly above the 0.2% rise expected. Taxable rates fell along the curve while tax-exempt rates continued to tick upward. The 10-year UST finished the week down 1 basis point to yield 2.36%, and the 30-year UST finished 7 basis points lower to yield 2.76%. The 10-year MMD finished 4 basis points higher to yield 2.04% while the 30-year MMD finished 3 basis points higher to yield 2.73%.

Interest Rate Observations

Benchmark Current Previous

Week

(+/-) Change Previous

Year

(+/-) Change
10-Year UST 2.36% 2.37% (1) 2.22% 14
30-Year UST 2.76% 2.83% (7) 2.92% (16)
10-Year MMD 2.04% 2.00% 4 2.21% (17)
30-Year MMD 2.73% 2.70% 3 3.01% (28)
Federal Funds Rate 1.25% 1.25% 0 0.50% 75
1-month LIBOR 1.31% 1.26% 5 0.55% 76
SIFMA 0.94% 0.92% 2 0.55% 39
10-year LIBOR Swap 2.36% 2.36% 0 2.08% 28

Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of November 21, 2017

Important Disclosures

This material was prepared by Stifel, Nicolaus & Company, Incorporated (“Stifel”). This material is for informational purposes only and is not an offer or solicitation to purchase or sell any security or instrument or to participate in any trading strategy discussed herein. The information contained is taken from sources believed to be reliable, but is not guaranteed by Stifel as to accuracy or completeness. Past performance is not necessarily a guide to future performance. Stifel does not provide accounting; tax or legal advice and clients are advised to consult with their accounting, tax or legal advisors prior to making any investment decision.

Stifel, Nicolaus & Company, Incorporated is a broker-dealer registered with the United States Securities and Exchange Commission and is a member FINRA, NYSE & SIPC. @ 2017

 

Novogradac & Company Provides Analysis of Jobs Lost Due to Affordable Housing Provisions in House Tax Reform Legislation

Novogradac & Company has expanded its recent analysis of the  currently drafted H.R. 1, the Tax Cuts and Jobs Act, which would reduce the future supply of affordable rental housing by nearly 1 million rental homes, a loss of as much as two-thirds current affordable rental housing production.

That significant reduction in housing production would also mean the loss of more than a million jobs and billions of dollars in business income and federal, state and local tax revenue across the United StatesClick here to view the full post on Novogradac & Companies website.

Here is how these losses would break down by state:

New Developments, Expanding Pay for Success

When you think of innovation in American business you probably think of Apple, Google and the myriad of tech “unicorns” (i.e. billion dollar startups) which dominate the business news. What do all of these companies have in common? Their business models are fundamentally all based on disruption.

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Oregon Schedules Statewide Housing Plan Webinar

Oregon Housing and Community Services (OHCS) is placing a greater emphasis on strategic planning and the way we invest our resources. Over the past several years we have been restructuring, refocusing and reimagining our department. Our work has led to a greater emphasis on data, research and customer service. In 2017, we are carrying that effort forward with the development of the Statewide Housing Plan, which will set a data driven, long-term plan to address affordable housing need in Oregon.

The Statewide Housing Plan includes an assessment of housing need in Oregon, down to the county level. OHCS has been sharing that housing need data with communities across the state this fall, and we welcome your feedback and suggestions. A current list of planned outreach meetings is available online.

While we are unable to visit every county, OHCS is pleased to offer a webinar opportunity to engage with the Statewide Housing Plan process and provide feedback on our housing need data.

The Statewide Housing Plan outreach webinar will be offered on November 16th at 11:30 a.m. Please visithttps://register.gotowebinar.com/register/832525301749036290 to register.

For any additional questions or comments on the Statewide Housing Plan, please contact Shoshanah Oppenheim at 503-400-2787 or shoshanah.oppenheim@oregon.gov.

California Schedules Workshop for Affordable Energy Efficiency Financing Pilot

California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) is hosting a public workshop on the Affordable Multifamily Energy Efficiency Financing Pilot under the California Hub for Energy Efficiency Financing (CHEEF) on Tuesday, November 7, 2017.  CAEATFA, in its partnership with the CPUC, will provide a credit enhancement to private capital lenders to expand access to financing for energy efficiency retrofits on affordable multifamily properties. The purpose of this workshop is to solicit stakeholder input on the proposed pilot design. TCAC would like its stakeholders to be aware of the following opportunity and encourages participation in this workshop.

The workshop will be held on Tuesday, November 7, 2017 from 1:00-4:00pm PST at the PG&E Pacific Energy Center: 851 Howard Street, San Francisco, CA 94103. Participants may attend in person or by webinar.

Presentation slides will be made available prior to the workshop. For additional information and to RSVP, please visit the Affordable Multifamily Financing Pilot webpage.