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


(+/-) Change Previous


(+/-) 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 visit to register.

For any additional questions or comments on the Statewide Housing Plan, please contact Shoshanah Oppenheim at 503-400-2787 or

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.

Rep. DelBene Introduce Legislation Expanding LIHTC by 50 Percent

According to a press release issued on October 31, 2017 Congresswoman Suzan DelBene (WA-01) today led members of the Washington state delegation representing King County in introducing the Access to Affordable Housing Act to increase the Low Income Housing Tax Credit (LIHTC) by 50 percent.  At press time bill text was not yet available.

“Making sure that every American has a safe and affordable place to call home is a moral imperative that we must address,” DelBene said. “To help lift families out of poverty and expand access to affordable housing, we need to increase the Low Income Housing Tax Credit. Washington has seen it firsthand, housing options are not keeping pace with demand and my legislation would help ensure more families can find stable, affordable housing.”

Reps. Adam Smith (WA-09) and Pramila Jayapal (WA-07) are original cosponsors of DelBene’s bill – all of whom represent King County, where housing demand and costs have sky rocketed in recent years. In Washington state, nearly 400,000 households pay half their income in rent.

“A growing number of our community members are experiencing housing insecurity. We need to do more to address our affordable housing crisis,” said Smith. “Housing is critical component of economic mobility. I am proud to join my colleagues in introducing this legislation to strengthen and expand the Low Income Housing Tax Credit. This is a necessary step in building an equitable future and ensuring that families in Washington state and across the country have access to homes they can afford.”

“Seattle is facing a housing crisis and we need to employ every tool in our toolbox to expand our low-income housing stock. I am so proud to join my colleagues in Washington state as we introduce the Access to Affordable Housing Act and tackle the housing crisis head-on,” said Jayapal. “All of our neighbors, and everyone across the country, deserves access to a safe, affordable home and a greater sense of stability. By raising the Low Income Housing Tax Credit, we are not only increasing our state’s ability to build low income housing, we are opening doors to opportunity for people across our communities.”

The Access to Affordable Housing Act would increase the Low Income Housing Tax Credit (LIHTC) by 50 percent, which could result in as many as 400,000 more affordable housing units developed over 10 years.

DelBene serves on the House Ways and Means Committee, which has jurisdiction over tax issues. DelBene is also a cosponsor of the bipartisan Affordable Housing Credit Improvement Act, a comprehensive bill to strengthen the LIHTC by providing states flexibility and encouraging development in rural communities.

Property Advisory Group Celebrates Grand Opening With US Senator Jack Reed; Project Financed Using U.S. Treasury-HUD Federal Financing Bank HFA Multifamily Risk Sharing Loan Financing Initiative

U.S. Senator Jack Reed and Mayor Scott Avedisian joined Barbara Fields, Executive Director of RIHousing and representatives from Property Advisory Group & Cathedral Development Group to celebrate the completion of renovations at Greenwood Terrace, a housing development for low-income seniors on Post Road.

The event came as Rhode Island faces a serious housing shortage, particularly for the growing number of seniors and Millennials. The rehabilitation of Greenwood Terrace ensures that 53 apartments for seniors will be preserved for the next generation.

Greenwood Terrace Apartments is a garden-style apartment complex located just east of Warwick and Rhode Island malls. Originally constructed in 1978, the renovations provide upgrades for units, as well as for common areas, windows and roofs.

“I commend all the partners who helped make this project a reality.  That includes the significant federal financing for this project. It is important for the federal government to be a reliable partner for states and communities to make smart investments in building and maintaining budget-friendly housing for seniors,” said Senator Reed, the Ranking Member of the Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies (THUD). “We must do a better job integrating affordable senior housing into existing communities so more seniors can live independently, staying engaged in their neighborhoods and connected to their communities.”

The primary source of funding for the preservation of this development is a $4.385 million permanent taxable loan insured through the U.S. Treasury-HUD Federal Financing Bank (“FFB”) HFA Multifamily Risk Sharing Loan Financing Initiative. Risk Share provides credit enhancement for mortgages of multifamily housing projects whose loans are underwritten, processed and serviced by housing finance agencies like RIHousing. HUD and the housing finance agency share in the risk of the mortgage.

Under the FFB program, RIHousing is able to provide reduced interest rates for the preservation of affordable multifamily apartments. The low interest rates and affordability of the units are locked in for the length of the loan term, which is 40 years for Greenwood Terrace.

“We are extremely grateful to be able to provide quality, affordable housing to our residents,” said Mayor Avedisian. “Agencies like RIHousing, with support from our partners in federal government, make such options in Warwick a reality. With numerous municipal services available to all families, regardless of age or socioeconomic backgrounds, we strive to be a vibrant, safe and energized community for all residents who make their home here. The renovations to Greenwood Terrace will certainly add to the quality of life for all residents who live there.”

This development marks the seventh time RIHousing has financed the preservation of an existing development through the FFB Risk Sharing program. Rhode Island was the third state to be approved by HUD to use the program, after New York and Massachusetts.

“Rhode Island is facing a housing crisis, with seniors especially affected,” said Barbara Fields, Executive Director of RIHousing. “RIHousing is extremely proud to be a longtime partner of Property Advisory Group & Cathedral Development Group on Greenwood Terrace and other developments like this in our state to provide good homes for seniors. We are also very thankful to U.S. Senator Jack Reed for his leadership on the federal level. As the ranking member of THUD, Senator Reed is in a unique position to advocate for the housing needs of Rhode Islanders, and we are grateful for his efforts.”

“Greenwood Terrace is the latest example of the collaborative relationship between RIHousing and Property Advisory Group/Cathedral Development Group,” said John B. Bentz, President of Property Advisory Group, the property manager. “Our work will not only enhance these units for the current residents, but will also ensure they are preserved for years to come.”