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

 

Assisted Living Conversion Program

Assisted Living Conversion Program

On August 11th, HUD released a Multifamily memorandum regarding HUD Financing of Assisted Living Conversion Program (ALCP) Properties.  

Since 2000, the department has allowed over 80 senior facilities to receive grants to accommodate renovations for aging in place residents. 

But until now, these properties could not receive FHA mortgage insurance.   The Ft. Worth program office has been given the responsibility to allow Section 236, 202, and 202/8 Direct Loan senior properties with ALCP grants to use the Section 223(f) and Section 223(d4) program.   This is wonderful news for seniors and the housing industry!

REITs finally notice Rental Assistance Demonstration (RAD)

As we near the 3 year anniversary of the Rental Assistance Demonstration (RAD) program, I am pleased to see such articles as this: 

“Public-Private Alliance Can Solve Affordable Housing Crunch”

http://www.americanbanker.com/bankthink/public-private-alliance-can-solve-affordable-housing-crunch-1075216-1.html   

 The REITs are finally noticing RAD and the potential the program has to preserve much needed affordable housing in this country. 

Congratulations to the newest member of HUD's Office of Multifamily Housing Programs!

D3G wishes to welcome Tom Davis, formerly with Recap Real Estate Advisors, to HUD’s Office of Multifamily Housing Programs!  

I was very pleased to see the announcement this morning that Tom has joined HUD as the new Director of Recapitalization.   I have had the pleasure of speaking with Tom on many panels, and his passion for affordable housing and the Rental Assistance Demonstration (RAD) goes unmatched.   Adding talent like Tom Davis to HUD is good news for our industry.

 

More here - http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/mfh 

Funding a 20-year R4R - MBA Newslink - May 1, 2015

The MBANewslink last Friday picked up a great piece discussing the HUD Multifamily PCNA requirement for funding a future 20-year reserve for replacement (R4R) schedule, and its’ deleterious effects on affordable housing.  As the author put it “The bottom line is that affordable rental housing is getting squeezed.” 

Read here:  http://www.housingwire.com/articles/33752-changes-in-fha-multifamily-lending-requirements-squeeze-lenders-owners

We concur that a 10+2 R4R schedule is more accurate and appropriate.

Stifel (Merchant Capital) Showcase

Stifel (Merchant Capital) Showcase

We love it when our client’s successes are other’s successes.  For example, yesterday's press release by Stifel (aka Merchant Capital) showcased four (4) recently completed affordable housing bond transactions, and we worked on two of them!

 

Full Press Release Here

 
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