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

Housing Plus BlogSeveral 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,

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

SpreadsheetIf 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

Rows of HousesDid 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

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