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

 

SWAC and SMAC 2016 - Conference Overviews

I recently got back from the SWAC meeting in Fort Worth, Texas, and the SMAC meeting in Atlanta, Georgia.  Both were very informative and great events. 

D3G’s staff were invited to present and train on topics of engineering, environmental, and energy as they apply to the 2016 MAP Guide and the MIP Reduction Notice.   A few of the things I learned from the conferences:

a.      Transformation is hard to do. Fort Worth is two years removed from the process and Atlanta is currently in the midst of transformation – and when asking Lenders and HUD staff how is the process going, the four letter word most heard was not “easy”.     

 b.     Training is needed for HUD, Lenders, and Practitioners alike. It is evident during these times of changing policies and guidebooks that quality training is needed more than ever.  The Single-Underwriter Model, a keystone of the transformation, relies upon the premise of a very knowledgeable HUD representative who understands the technical due diligence subject matter, as well as multifamily underwriting.  

 c.     The MIP Reduction Notice for Green Buildings is energizing the FHA markets in two ways. First (and best) is the blitz of conventional product that wants to achieve the reduced MIP.  Second (but worst) is the misinformation in the marketplace about how easy it is.  It is not that easy, and we all should be reminded of HUD’s best line of the conference when presented with the question: “What if I don’t get an energy score of 75 post-construction?”  Answer:  Death Star activated.  HUD was very clear, a non-compliant property will be forced into compliance, or else.

d.     The Georgia Accessibility Law often referenced by the Atlanta HUD office may not be enforceable.

e.     Balconies, Noise, and HUD currently don’t make a good mix and compromise needs to be reached to allow for the development of vibrant urban housing and transit oriented developments.

And finally, SMAC knows how to throw an event in celebration of 15 years, and dancing to the sounds of The Brotherland was fun! 

For more information regarding the above topics and others, please be on the lookout for our next newsletter, which will be distributed in early June. Until then, keep sending us your inquiries concerning all things HUD.

The Housing Authority of the County of San Bernardino, Wells Fargo, & D3G

Congratulations to Wells Fargo and the Housing Authority of the County of San Bernardino! 

Wells Fargo closed a new construction loan and provided tax credit equity for Waterman Gardens, where D3G provided inspections, third party due diligence services and reports.

D3G is proud to have been on the team for this very complex RAD and FHA Section 221(d)(4) affordable housing property.  

Read the full story here.

 

RAD at 3

It was great to read Pat Costigan's article in AHF, "RAD at 3".

Within the piece, he takes a far look into the Rental Assistance Demonstration (RAD) program. Touching on it's origin, initial skeptics, where we are now, how we can improve, and what the future holds for RAD.

See Pat's full article here.

(Patrick Costigan pictured below) 

 

 

 

 

 

 

  

RAD has come a long way in only a few years, and Dominion Due Diligence Group (D3G) is honored to be a cog in the wheel for the transformation of public housing. D3G has over 50,000 units of RAD experience and we are ready to assist your project through RAD conversion. As always, I am here to answer questions and provide assistance. This email address is being protected from spambots. You need JavaScript enabled to view it. anytime.

 

Helping PHAs nationwide...and now in our backyard!

D3G has been assisting housing authorities all over the country, but it is finally great to help the PHA in our backyard!  D3G is honored to have been selected to assist Richmond Redevelopment and Housing Authority (RRHA) with their redevelopment plans.   We are excited to help our own “backyard” with the tools for redevelopment, transformation, and planning to benefit the residents of these communities.

Additional project info

 

D3G's Rental Assistance Demonstration (RAD) services

D3G's FHA/HUD Multifamily Accelerated Process (MAP) services

 

 

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!

 
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