News
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.
Lancaster Pollard Assists Methodist Retirement Community with Refinance
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.
Bill Approved By House Appropriations THUD Subcommittee Includes Cuts to Housing Programs
House Appropriations Transportation-HUD subcommittee approved a fiscal 2016 appropriations bill that would provide $55.27 in discretionary spending for infrastructure and housing programs. The measure would put FY-2016 funding above 2015 enacted levels, but still fall short of the Obama Administration’s budget request.
EPA Helps HUD Incorporate Water Efficiency Into Programs
The U.S. Environmental Protection Agency’s WaterSense program is launching Water Wednesdays. The project intends to help HUD project officers and HUD grantees incorporate water efficiency into their programs and projects.
Baltimore Affordable Housing Destroyed in Fire While Under Construction
A property that was under development in Baltimore by the Woda Group was destroyed in a massive fire. The development, which was 45% complete, plans to replace a blighted block with 61 units of affordable senior housing and service, counseling, and job training space.
Congress Passes Energy Efficiency Bill
Congress passed a bill that will implement new measures to encourage building owners and tenants to use more cost-effective energy efficiency and water efficiency measures. The bill is a more modest version of a larger efficiency bill sponsored by Senators Portman and Shaheen.
HUD Report Examines 2009-2011 Changes in Affordable Rental Housing Stock
The U.S. Department of Housing and Urban Development (HUD) released the 2009-2011 National Rental Dynamics Report, which uses the longitudinal features of the American Housing Survey to track changes in rental housing affordability. The report examines how recent changes in affordability fit into the trajectory of the rental housing stock over the course of the recession and recovery.
RAD Reforms, LIHTC Discussed at House Hearing on Affordable Housing
The House Financial Services Subcommittee on Housing and Insurance held a hearing on private sector involvement in affordable housing. The hearing focused on opportunities to leverage large private sector investments, including the HUD Rental Assistance Demonstration program and the low-income housing tax credit (LIHTC).
HUD Multifamily Office Clarifies Policy on Interest Rate Reductions
The Multifamily Housing Office at the Department of Housing and Urban Development offered clarifications of the policy surrounding its interest rate reductions (IRR), particularly for the Section 202 and 223(f) programs.