Tax Exempt Bonds Tag Archives

THDA Multifamily Programs Updates

The Multifamily Programs office of the Tennessee Housing Development Agency (THDA) sent an email providing several updates on its activities. THDA has yet to publish its 2019 Multifamily Tax-Exempt Bond Authority (MTBA) and Competitive Low Income Housing Tax Credit applications but wrote that they are under development and should be available soon.  

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IRS proposed rule on reissuance of state or local bonds

The Internal Revenue Service (IRS) issued a proposed rule on reissuance of state or local bonds. The proposed rule provides steps for determining when tax-exempt bonds are treated as retired for purposes of sections 103 and 141 through 150 of title 26 of the Code of Federal Regulations. The proposed rule also amends §1.1001–3(a)(2) of the Internal Revenue Code to conform that section to the special rules in the proposed rule for retirement of qualified tender bonds.

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Oregon Housing Stability Council Sets Nov. 2 Agenda

The next Oregon Housing Stability Council meeting will be on Friday, November 2. The meeting will be held at Oregon Housing and Community Services (725 Summer St NE, Salem OR) in Conference Room 124 A/B.

If you cannot attend in person, please join us by phone at: 1-877-273-4202; Participant Code: 4978330

AGENDA:

9:00        Meeting Called to Order – Roll Call

9:05        Public Comment

9:15        Meeting Minutes for Review – October 5, 2018

9:20        Housing Stabilization Update: Claire Seguin, Assistant Director, Housing Stabilization

  • Governors Proclamation, Weatherization Day: James LaBar
  • Weatherization Month Presentation: Keith Kueny; Energy Policy Coordinator CAPO, Rogelio Cortes; Weatherization Program Director, Mid-Willamette Valley Community Action, Randy Olsen; Energy Conservation Program Manager, Washington Co. Community Action.
  • Energy Efficiency Executive Order: Dan Elliott, Senior Policy Analyst, OHCS, Ruchi Sadhir, Associate Director, Strategic Engagement & Development, Oregon Department of Energy, Blake Shelide, Facilities engineer, Oregon Department of Energy, Alex Buylova, Research Analyst, OHCS, Mitch Hannoosh, Research Analyst, OHCS, Shelley Beaulieu, Senior Program Manager, Consultant, TRC Energy Services
  • Budget Note Subcommittee Update: Jimmy Jones, Interim Director, Mid-Willamette Valley CAA

10:40     Break

10:55     Statewide Housing Plan – Revised Draft: Lorelei Juntenan, EcoNorthwest

11:30     Housing Finance Update: Julie Cody, Assistant Director, Housing Finance

  • Multifamily Funding Decisions: Heather Pate, Multifamily Section Manager
    • Conduit Bond: Magnolia 2, Brad Lawrence, Loan Officer
    • Conduit Bond: Two Rivers, Joanne Sheehy, Loan Office
  • Oregon Bond Residential Loan Approvals & Quarterly Report: Kim Freeman, Single Family Section Manager, Megan Bolton, Senior Research Analyst
  • LIFT Framework Decisions: Amy Cole, LIFT Program Manager
  • Manufactured Park Preservation NOFA Criteria: Ed Brown, Program Manager and Natasha Detweiler-Daby, Senior Housing Finance Policy Analyst

12:30     Report of the Director

12:50     Report of the Chair

1:00       Meeting Adjourned

Please click here to access the Meeting Materials Packet.

Arizona Finance Authority Names Former ADOH Staffer Executive Director

Former Arizona Department of Housing (ADOH) staff member Dirk Swift has been named Executive Director of the Arizona Finance Authority (AFA). The AFA is a one-stop shop for financing, supporting businesses and communities’ infrastructure needs. Several bodies authorized to issue bonds are located within the AFA, including the Arizona Industrial Development Authority (AzIDA), Water Infrastructure Finance Authority (WIFA), and the Greater Arizona Development Authority (GADA).

The AzIDA has the ability to issue both single-family and multi-family housing bonds, and administers the Home Plus single-family mortgage program, formerly conducted through the Arizona Department of Housing.

Mr. Swift joined the Arizona Department of Housing in 2010, managing one of the functions of the Save Our Home AZ program, established in response to the foreclosure crisis. In 2014, Mr. Swift was promoted to the Housing Programs Administrator of the Arizona Housing Finance Authority (AzHFA) and worked in that position until the functions of the AzHFA were transferred to the AzIDA through an act of the legislature in 2016. Mr. Swift’s professional history includes a number of years in the field of lending.

The Department works with the AFA to help promote housing-related resources available through the AzIDA.

Kentucky Enhances Developer Fee for Bond Transactions

Kentucky Housing Corporation (KHC) has updated its 2019 – 2020 Multifamily Program Guidelines to state that the developer fee on Tax-Exempt Bond projects may not exceed 20 percent of the total development cost, minus the following deductions:
  1. Developer fee
  2. Consultant fee
  3. Any fees resembling developer or consultant fees
  4. Acquisition costs (related-party transfers only)
KHC has made the decision to eliminate the requirement to subtract acquisition costs from total development costs for the developer fee calculation. However, please note that the total acquisition cost may not exceed the as-is, appraised value at restricted rents.
The Tax-Exempt Bond underwriting model includes a formula to automatically calculate the maximum developer fee; however, KHC has updated the model to revise this calculation and has replaced the previous version on KHC’s website under Development, Multifamily, Underwriting Resources.
Developers who have already prepared models using the previous version may request KHC to correct the formula within those models by forwarding them to Shawn Dyer or Diane Beidleman at sdyer@kyhousing.org or dbeidleman@kyhousing.org, respectively. This change will take effect immediately; however, it will not be reflected in the Multifamily Program Guidelines until the 2020 funding round.