General News
Boston Capital Invests in Affordable Multifamily Community in Lunenburg, MA
Boston Capital is investing in the construction of Tri-Town Landing, Phase III, a 32-unit apartment community for individuals and families located in Lunenburg, Massachusetts. The developer is Great Bridge Properties, LLC based in Manchester, NH.
HUD Proposes Using Small Area FMRs for Housing Choice Voucher Program
The U.S. Department of Housing and Urban Development (HUD) is opening a public comment period on a proposed a rule that would use small area fair market rents (FMRs) in the Housing Choice Voucher Program instead of the current 50th percentile fair market rents. The public comment period ends July 2, 2015.
CDFI Fund NMTC Investments Total $40B Through 2013
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released data collected on New Markets Tax Credit (NMTC) investments across the nation through fiscal year (FY) 2013. Through the first 11 application rounds of the NMTC Program, the CDFI Fund has made 836 awards, allocating a total of $40 billion in tax credit authority to CDEs through a competitive application process.
WNC Closes $126.8 Million Institutional LIHTC Fund
WNC has closed WNC Institutional Tax Credit Fund 40, L.P. (WNC Corp. 40), a $126.8 million institutional low-income housing tax credit (LIHTC) fund. To date, the fund has 17 properties under contract throughout the nation for an aggregate total of $123 million.
Novogradac Report Analyzes Recent Expense Growth for LIHTC Properties
Operating expenses for low-income housing tax credit properties have grown in recent years, according to the 2015 edition of the Novogradac Multifamily Rental Housing Operating Expense Report–Survey and Analysis for LIHTC Properties.
Senators Seek to Extend LIHTC Eligibility to Homeless, Veteran Students
Senators Al Franken (D-MN) and Rob Portmann (R-OH) introduced legislation to modify the tax code so that homeless youth and veterans who are full-time students are eligible to live in low-income housing tax credit properties.
HUD Report Examines Impact of QAPs on LIHTC Development Siting
Increased competition for low income housing tax credits (LIHTC) is expanding the role qualified allocation plans (QAPs) plays in determining where developments are built, according to a new report from the U.S. Department of Housing and Urban Development.
FHFA Revises Exclusions to Fannie Mae and Freddie Mac Multifamily Lending Scorecard Caps
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.
Ginne Mae Increases Loan Maximum for Rural Multifamily Developments
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 Invests in Affordable Multifamily Community in Texas
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 Introduce Bill to Establish Minimum LIHTC Rates
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.
UPDATE: HUD Extends Public Comment Period for Revised MAP Guide
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.