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The latest in industry news with the insight of Dominion Due Diligence Group (D3G) President, Rob Hazelton

 

D3G Provides One Stop Green MIP Shop for Walker Dunlop Deal

Congratulations to longtime client Walker Dunlop on securing a $15.5 million HUD loan for the construction of Manseau Flats, a multifamily project located outside of Lambeau Field. This project is expected to qualify for the National Green Building Standard designation, work that D3G supported as part of our one stop shop for Green MIP. We also delivered a range of due diligence services and reports for this project including, a Statement of Energy Design (SEDI), pre-construction radon mitigation review and an Arch and Cost Review. 

http://rebusinessonline.com/walker-dunlop-arranges-15-5m-hud-loan-for-construction-of-multifamily-project-near-lambeau-field-in-wisconsin/

 

How this Tax Plan Affects Affordable Housing

The irony between actions and words in DC is staggering. This week I was at AHF Live in Chicago, where the dominant topic of discussion was the President’s tax reform. And yet a day after the House passes the Tax Cuts and Jobs Act (TCJA) an article is published in which HUD Secretary Carson reminds us that "11 million households in America are severely burdened". To add on a layer of absurdity, Dr. Carson champions RAD as an example of how his Department plans to address the affordable housing crisis yet, no one in this Administration seems to comprehend that the House version of the tax cuts eliminates the Private Activity Bond market, which directly kills the historic, new market and 4% tax credit markets!

The link between the success of RAD and the private activity bond market is strong, as it is estimated that greater than 50% of RAD conversions will require tax credits to address needed repairs and deferred maintenance. The Finger Lake Times described the devastating effect this legislation would have, and how conversions like those planned in New York City would never come to fruition. I have faith that those in the Senate will understand the mechanisms necessary to solve the housing crisis and will not eliminate the 4% bond market.  

D3G Works on $60 Million Dollar Walker Dunlop Deal

Congratulations to long-time client Walker Dunlop on their arrangement of a $61 million dollar HUD loan for Bozzuto Development on Monarch at Waugh Chapel, a multifamily project located in Gambrills, Maryland.

D3G was tasked to support multiple facets of the FHA-loan due diligence process. Our Architectural, Engineering and Cost department provided a pre-application review as well as a full 221(d4) A/e plan and cost review. Our Energy team provided the required studies for the property to achieve the MIP reduction to 25 bps. D3G’s Environmental Team provided complex Phase 1 ESA, Phase 2 investigation, and NEPA studies inclusive of floodplain mitigation.   

This project demonstrated how important a knowledgeable and integrated team is to a successful FHA loan application! 

http://markets.businessinsider.com/news/stocks/Walker-Dunlop-Provides-61-Million-Loan-for-New-Bozzuto-Apartment-Community-1007083893

 

 

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CNA E-Tool is Here

November 1st came and went. And though I’m sure most dentists couldn’t sleep the night before due to the excitement of National Brush Day (in the United States), most MAP Lender’s couldn’t sleep due to the dread of HUD Tool Day. Yep, as of Wednesday November 1st all FHA mortgage applications must be completed using the CNA e-Tool. The night before may have been Trick OR Treat, but the day after, just tricky. The mortgage industry recognized the potential detriment the unpolished software platform could have on Q4 mortgage applications; yet despite the best efforts of some of the largest industry groups, HUD followed through with mandatory submission requirements. No more beta testing. No voluntary submission. Mandatory. And for this occasion, I wrote a Haiku:

The e-tool is live

Best thing since sliced wonder bread

Or a dumpster fire?

While the tool (made in 25-year old programming language!) could never be on par with Wonder Bread, D3G’s efforts to learn the tool and study the HUD-KPMG programming has created knowledge and efficiencies we can pass on to the Lenders. These considerable efforts by D3G Staff to understand the e-Tool will mitigate the dumpster fire to a small bathroom trashcan. Jokes aside, D3G is ready for the e-Tool.  Are you?

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Fannie Mae Reaches it's 500th Green Multifamily Financing Transaction in 2017

Congratulations to Fannie Mae, and even more so to Chrissa Pagitsas, Director of the Multifamily Green Financing Business for Fannie Mae! Fannie Mae’s green programs have come a long way since D3G provided the first Green PNA Demonstration Report to Chrissa and her team in 2010. Interesting fact, the first green Fannie program was based on HUD’s Green Retrofit Physical Condition Assessment (GRPCA) scope of work. Yes HUD was the innovator, however their green multifamily loan volume pales in comparison to Fannie Mae. 

Again, Congratulations Fannie Mae!

http://www.prnewswire.com/news-releases/fannie-mae-closes-on-its-500th-green-multifamily-financing-transaction-of-2017-300534097.html

 

 
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