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

 

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

Housing Authority of the City of El Paso (HACEP) closes country's largest RAD deal to date

I have Google Alerts for all things RAD, and I loved seeing this PR release.  

I want to give kudos to the entire RAD Staff at D3G, who have been working diligently on this project for over 2 years. 

Congrats to HACEP, and a thank you to the HUD RAD Team!

 

View full press release here

HUD releases new RAD Physical Condition Assessment (RPCA) Guide on 3/31/2015

HUD posted their new "RAD Physical Condition Assessment Guide” yesterday.  Thirteen pages of good reading.  The big take-away is in the RPCA Lessons Learned section on page 8. They even put it in bold for us, “There is no substitute for an experienced, qualified RPCA Contractor.”

 

There are also a few nuggets of processing news.   Two of the important ones are on page 2: 

(a)  “Public housing built within the last 5 years without FHA financing” do not require an RPCA; and

(b) the RPCA narrative report can be waived on not only Gut Rehabilitation, but also non-FHA LIHTC projects. 

 

Excellent changes.  Also, another important note on a quality RPCA is included on Page 4 of the document:

“An inexperienced RPCA Contractor costs everyone time, frustration, and money, and may jeopardize HUD milestone compliance for even project feasibility.”   

 This statement by HUD makes our 26,000 units of RAD conversion experience invaluable to public housing organizations.   

 

Use the link below to read the RAD Physical Condition Assessment Guide in its entirety.

HUDs RPCA Guide

 
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