After legislation to repeal the Affordable Care Act was pulled from the House floor last Friday, news headlines across the country began reporting that tax reform is next on the Trump Administration’s agenda. As noted in our prior blog post, tax reform that changes the corporate tax rate, the tax-exempt bonds program and the tax-credit… Continue Reading
Ballard Spahr is committed to facilitating and leading the conversation within the affordable housing community, which makes us thrilled to announce our Eleventh Annual National Housing Conference in Washington, D.C., from November 3 to 4. This two-day, complimentary event features engaging discussions, panel presentations, special insights, and networking opportunities with the key influences and power… Continue Reading
On October 22, 2014, the federal regulatory agencies responsible for implementing regulations under Dodd-Frank finalized the risk retention rule for asset-backed securities (the “Risk Retention Rule”). For the securitization of multifamily loans, compliance with this rule is required beginning December 24, 2016. Securitizations for multifamily loans created before December 24, 2016 do not need to… Continue Reading
We at Housing Plus are thrilled to announce that Christopher D. Bell has joined the firm’s Real Estate Department and the Housing Group. His housing finance practice, experience with GSEs, and overall industry leadership strengthens a thriving group of attorneys who represent many of the country’s leading housing lenders, borrowers, and investors nationwide. Before joining… Continue Reading
Housing Plus bloggers Michael Skojec and Amy Glassman will be featured speakers on Novogradac’s webinar: “Consequences of Disparate Impact for Multifamily Housing” on July 22. The webinar will discuss the implications of the Supreme Court’s decision in the Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc. case and explore how… Continue Reading
Last week, HUD’s Office of Multifamily Housing Programs announced Thomas R. Davis as the new Director of the Office of Recapitalization. Mr. Davis will oversee the Office’s efforts to further financial stability and viability for the preservation and recapitalization of affordable housing. The Office’s key programs include Mark-to-Market (M2M), Section 236 Preservation, Senior Preservation Rental… Continue Reading
On April 9, 2015, the Housing Authority of the City of El Paso (HACEP) and its development, private equity and lending partners closed Phase I of the largest Rental Assistance Demonstration (RAD) project in the country. Hunt Development Group has joined HACEP in undertaking the development, preservation and rehabilitation of all of the 1,590 existing… Continue Reading
Released in February, the 2016 budget set forth by the Obama administration takes a focused stance towards the country’s growing infrastructure requirements. The 2016 budget features tax-exempt bond proposals seen in the administration’s 2014 and 2015 budgets, and introduces four new bond proposals: 1) A New Category of Qualified Private Activity Bonds for Infrastructure Projects… Continue Reading
As a follow up to our January 12, 2015 post, HUD published a proposed rule that seeks to alleviate administrative burdens and streamline requirements across the public housing, Section 8, and multifamily housing rental assistance programs. Many of HUD’s proposals stem from innovations implemented by Moving to Work (MTW) participants. The proposed rule makes these… Continue Reading
In the last few years, we have seen an increase in the number of multifamily housing projects being sold at the completion of the 15-year low-income housing tax credit compliance period. Strong rental demand in many areas of the country and low financing rates have created a favorable market for selling these types of projects.… Continue Reading
Several exciting developments have recently brought changes to the affordable housing industry and we are inviting you to explore them with us at our fifth annual Western Housing Conference. Ballard Spahr and CSG Advisors are pleased to announce this year’s Best of the West in Affordable Housing Development and Financing conference on March 13, in… Continue Reading
At yesterday’s Housing Authority Summit, representatives from housing authorities, HUD’s Office of Public Housing Investments and RAD teams, housing legislative advocates, key industry financial and advisory consultants and members of Ballard Spahr’s Housing Group gathered for a day of informative and engaging dialogue around key issues impacting housing authorities. Some things heard at the Summit… Continue Reading
Earlier this year, President Obama included within his Administration’s budget to Congress certain tax proposals. Among those was a proposal to allow states to convert up to 8 percent of their private activity bond (PAB) volume cap into Low-Income Housing Tax Credit (LIHTC) allocations. For every $1,000 of PAB volume cap converted, a state would… Continue Reading
Freddie Mac recently closed its first direct purchase of a tax-exempt loan. The loan financed the acquisition and rehabilitation of a 417-unit senior housing community in Dayton, Ohio known as The Lakewoods. The deal represents a notable milestone for the GSE, and a new, more cost-effective financing solution for participants in the affordable housing sector.… Continue Reading
A lawsuit was recently filed alleging that the U.S. Department of Treasury (Treasury) and Office of Comptroller of the Currency (OCC) perpetuated racial segregation in the City of Dallas in their administration of the Low Income Housing Tax Credit (LIHTC) program. The plaintiff alleges that the agencies’ conduct violated their duty to affirmatively further fair housing… Continue Reading
For many years multifamily housing apartment projects could be financed with tax-exempt drawn-down bonds and loans with all of the bonds issued pursuant to a draw-down loan being treated as part of a single issue. The date of issuance for the bonds would be the first date on which the aggregate draws exceeded the lesser… Continue Reading
Prior to 2009, housing finance agencies (HFAs) financed nearly all of their single-family mortgage loans with tax-exempt bond financings. Over the past five years as rates on conventional mortgage loans fell and remained at historical lows, HFAs found it difficult to compete using tax-exempt bonds to finance mortgage loans. Many HFAs turned to the secondary… Continue Reading
Each year, the ABA Journal conducts an open survey for its Blawg 100, an annual listing of the 100 best legal blogs. Housing Plus would be honored to rank in this list of top blogs. Since its launch, Housing Plus has been grateful for the strong levels of participation and interest maintained by its readers. Community engagement… Continue Reading
If you have ever issued (or borrowed the proceeds of) bonds then you should know about the Municipalities Continuing Disclosure Compliance Initiative (the “Initiative”) and take the appropriate steps to determine your compliance with Rule 15c2-12 under the Securities Exchange Act of 1934 (the “Rule”). The Rule generally prohibits underwriters from purchasing or selling municipal… Continue Reading
With Independence Day right around the corner and with several bond financings benefitting homeless veterans recently in the news (see Proposition 41 Bond Measure and Apartments for Homeless Veterans), it seemed fitting to highlight certain types of bonds which can be used to assist veterans. The first of these are qualified veterans’ mortgage bonds which are private activity bonds that… Continue Reading
Did you know that an estimated 20 million people in the United States live in mobile home or manufactured home communities? These communities make up a significant component of the nation’s affordable housing stock. Manufactured homes can be an intermediate step for some individuals and families between apartments and owner occupied housing such as condominiums… Continue Reading
Restructuring tax-exempt obligations Recently I have assisted several clients restructure the tax-exempt obligations originally issued to finance their affordable housing projects. The purpose of these restructurings has been for anything from reducing the monthly principal and interest payments on the obligation, to converting some of the obligations to a subordinate lien position, to simply making… Continue Reading
Section 25 of the Internal Revenue Code (IRC) permits issuers of tax-exempt qualified mortgage revenue bonds to elect to issue mortgage credit certificates (MCCs) to eligible homebuyers in lieu of offering mortgages financed with the proceeds of tax-exempt qualified mortgage bonds. An MCC “converts” a portion of an eligible homebuyer’s mortgage interest deduction into a… Continue Reading
According to a report released in December, 2013 by the Joint Center for Housing Studies of Harvard University, an extreme shortgage of affordable housing is available within the United States for low-income renters. To illustrate the problem, the Harvard report indicates that in 2011, “11.8 million renters with extremely low incomes (less than 30 percent of area… Continue Reading
Earlier this year, President Obama included within his Administration’s budget to Congress certain tax proposals. Among those was a proposal to allow states to convert up to 8 percent of their private activity bond (PAB) volume cap into Low-Income Housing Tax Credit (LIHTC) allocations. For every $1,000 of PAB volume cap converted, a state would… Continue Reading