Housing Plus

Housing Plus

Guidance and legal insight for all aspects of housing and community development

By the Housing Group at Ballard Spahr

Category Archives: Multifamily

Subscribe to Multifamily RSS Feed

Tax Reform – Consolidated Appropriations Act Provides Added Bonus for LIHTC Projects

Posted in Community Development, Government-Assisted Housing, Legislative Initiatives, Low Income Housing Tax Credits, Multifamily, Policy, Tax Credits, Tax Reform
On March 23, the President signed the Consolidated Appropriations Act, 2018 (H.R. 1625), a $1.3 trillion dollar spending bill that funds the federal government through September 30, 2018. In addition to preventing a government shutdown, this omnibus spending bill incorporated the following key provisions that help to strengthen and expand the Low Income Housing Tax… Continue Reading

Advocating for increased funding for affordable housing – MAHC’s 2018 Housing Day

Posted in Budget, Legislative Initiatives, Low Income Housing Tax Credits, Multifamily
The Maryland Affordable Housing Coalition (MAHC) held its annual Housing Day in Annapolis today.   The event brings together over 200 affordable rental housing advocates to inform legislators of the value of affordable housing and funding needs to continue to develop and rehabilitate affordable housing in Maryland.  Housing Day also provides the opportunity to hear from State… Continue Reading

Risk-retention rule for asset-backed securities finalized

Posted in Housing Bonds, Multifamily, Single-Family
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

Webinar event: Consequences of Disparate Impact for Multifamily Housing

Posted in Community Development, Fair Housing, Government-Assisted Housing, Housing Bonds, Legislative Initiatives, Multifamily, Policy
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

Thomas R. Davis appointed as the new Director of HUD’s Office of Recapitalization

Posted in Government-Assisted Housing, Low Income Housing Tax Credits, Multifamily, Public Housing, RAD
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

Ballard Spahr provides comments to HUD’s proposed rule to streamline certain administrative regulations

Posted in Government-Assisted Housing, Legislative Initiatives, Multifamily, Policy, Section 8
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

Prepayment of tax-exempt bonds in connection with the sale of a multifamily housing project

Posted in Housing Bonds, Low Income Housing Tax Credits, Multifamily, Tax-Exempt Bonds
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

Please join us for the fifth annual Western Housing Conference

Posted in Budget, Community Development, Enforcement, Fair Housing, FHA and GSE Financing, FHA-Insured Financing, Government-Assisted Housing, GSE Financing, Housing Bonds, Legislative Initiatives, Multifamily, Policy, Public Housing, RAD, Section 8, Single-Family, Tax Credits, Tax Reform, Tax-Exempt Bonds
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

The future of multifamily housing bonds?

Posted in Housing Bonds, Legislative Initiatives, Low Income Housing Tax Credits, Multifamily, Policy
Dirt Path 2Earlier 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

Draw down bonds and date of issuance: questions remain with IRS guidance

Posted in Housing Bonds, Multifamily, Tax-Exempt Bonds
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

How the MCDC Initiative affects bond issuers and borrowers

Posted in Enforcement, Housing Bonds, Multifamily, Policy, Single-Family, Tax-Exempt Bonds
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

Housing options for veterans

Posted in Housing Bonds, Multifamily, Tax-Exempt Bonds
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

Tax-Exempt Bond Financing for Manufactured Home Communities

Posted in Housing Bonds, Multifamily, Senior Housing, Single-Family, Tax-Exempt Bonds
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

Insight into the affordable housing shortage

Posted in Government-Assisted Housing, Housing Bonds, Legislative Initiatives, Multifamily, Policy
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

CRA investment in affordable housing

Posted in Housing Bonds, Low Income Housing Tax Credits, Multifamily, Policy, Single-Family, Tax Credits, Tax-Exempt Bonds
One session at the recent Ballard Spahr and CSG Advisors Western Housing Conference included an interesting discussion about the effects of Community Reinvestment Act (CRA) investment on affordable housing in the nation.  Panel members shared some insight into how banks fulfill some of their CRA requirements by investing in affordable housing for low or moderate… Continue Reading