Thom Amdur Author Archives

The U.S Department of Housing & Urban Development (HUD) announced changes to the Rental Assistance Demonstration (RAD) program Resource Desk for 1st component awardees. These changes seek to better allow for the exchange of transaction documents and communications.

USA Properties Fund Inc. President and Chief Executive Officer Geoff Brown, a longtime advocate and developer of affordable communities, has been named a Housing Hall of Fame Honoree by the California Housing Consortium.

Love Funding announced the closing of a $13.6 million refinancing loan for Sunset Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles, California.

Herman & Kittle Properties, Inc. announced two promotions that are effective immediately: Jay Kellogg is now Executive Vice President – Development and Construction and Pat O’Connor is now Executive Vice President – Capital.

The Federal Housing Finance Agency (FHFA) announced that it is revising the affordable housing lending categories that are excluded from the multifamily lending purchase caps established in the 2015 Scorecard for Fannie Mae and Freddie Mac.

The Woda Group received the Michigan Governor’s Award for Historic Preservation for the rehabilitation of Lloyd’s Department Store in Menominee, MI. A dilapidated former department store and factory was converted into 44 housing units and community and commercial space.

Ginnie Mae announced that effective June 1, 2015, USDA Section 538 Multifamily loans with a maximum loan amount of 70% of total development costs will be eligible for pooling into Ginnie Mae mortgage-backed securities (MBS). This is an increase from the previously allowable maximum loan amount of 50% of the total development costs.

Boston Capital is investing in the construction of a 72-unit apartment community. The apartment community will be built with tax credit equity from the LIHTC program. Homes will be available to individuals and families earning 60 percent or less of the area median income (AMI).

Senators introduced a bill on May 5 to create a permanent floor for the low income housing tax credit. The bill is identical to the one introduced to the House in late February.

U.S. Department of Housing and Urban Development (HUD) released recently a draft form of an updated Multifamily Accelerated Processing (MAP) Guide. The agency is inviting stakeholders to provide feedback until May 14, 2015.

Bellwether Enterprise announced that they have joined a network of 24 Delegated Underwriting and Servicing Lenders. With this designation, Fannie Mae has authorized these lenders to underwrite, close and deliver most loans without Fannie Mae preview.

Methodist Retirement Community worked with Lancaster Pollard to refinance the Happy Harbor Apartments, a 51-unit affordable seniors housing community with a Sec. 8 Housing Assistance Payment (HAP) contract on all 51 units.