Finding Shelter

The market decline of the low-income housing tax credit has forced affordable housing developers to get incremental in their search for gap financing. But can any solution repeat the success of the 23-year-old LIHTC program?

Faced with plummeting prices and an exodus of investors, the market for low-income housing tax credits (LIHTCs) is at a historic nadir.

 

Debt and Equity Trends

  • Non-GSE Lenders Start Gaining Traction

    Life insurance companies, commercial banks, mortgage REITs and even conduit lenders are providing some healthy competition to the government-sponsored enterprises.

     

  • Shaun Donovan: FHA D4 Changes are Necessary

    The proposed underwriting changes to the FHA's Sec. 221(d)(4) program are necessary to ensure the long-term viability of the program, says U.S. Department of Housing and Urban Development Secretary Shaun Donovan.

     

  • One to Watch: Jeff Adler, CEO, Multifamily Indexed Equity

    Alder, formerly of AIMCO, takes the helm at Indexed Equity, which provides permanent capital to owners and generates returns indexed to apartment market rent inflation.

     
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More Subjects in Debt and Equity

Finance

  • Colonial Looks to Make Cash Raise

    Birmingham, Ala.-based multifamily real estate investment trust Colonial Properties Trust announced March 4 that the company had filed a prospectus supplement with the U.S. Securities and Exchange Commission to sell up to $50 million of the REIT's common shares via an "at-the-market" offering.

     

  • Non-GSE Lenders Start Gaining Traction

    Life insurance companies, commercial banks, mortgage REITs and even conduit lenders are providing some healthy competition to the government-sponsored enterprises.

     

  • Shaun Donovan: FHA D4 Changes are Necessary

    The proposed underwriting changes to the FHA's Sec. 221(d)(4) program are necessary to ensure the long-term viability of the program, says U.S. Department of Housing and Urban Development Secretary Shaun Donovan.

     
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Lenders

  • FHA Bombshell: We're Tightening Our Underwriting

    The FHA has become the most prolific and popular construction debt source since the advent of the credit crunch. But the agency has unveiled proposed changes to its Sec. 221(d)(4) and Sec. 223(f) programs which could make it much harder for developers to gain access to those programs, according to an announcement at the MBA/CREF Conference this week.

     

  • The Top 10 Affordable Housing Lenders of 2009

    Bank of America claims the leadership position on Affordable Housing Finance's exclusive Top Lenders survey, leaping over Citi Community Capital for the first time in our third annual installment. In all, 2009 was an extremely challenging year, as nine of the top 10 lenders saw declines due to the continued erosion of the low-income housing tax credit market.

     

  • Affordable Housing's Bottleneck is Lack of Construction Debt

    As the tax-credit exchange program continues to gather steam, many developers find that the biggest impediment to breaking ground is finding the debt.

     

  • Berkadia Rises From Capmark's Ashes

    A new name entered the multifamily arena last week, when Berkadia Commercial Mortgage was born out of the ashes of Capmark.

     
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Credit

  • American Express OPEN Targets Lowe’s Pro Customers

    Purchases made with small-business credit card will earn reward points redeemable for gift cards.

     

  • AvalonBay Issues First Unsecured Offering

    For more than a year, apartment REITs have been tapping into the secured debt market from Freddie Mac and Fannie Mae. The reason: It was just too expensive for them to get unsecured debt after the credit crunch.

     

  • The Big (Un)Easy: Lafitte Steps Forward

    On Aug. 27, ceremonial shovels hit the dirt at Lafitte Street in New Orleans, as the redevelopment of the Lafitte public housing complex got under way.

     

  • Finding Shelter

    Faced with plummeting prices and an exodus of investors, the market for low-income housing tax credits (LIHTCs) is at a historic nadir.

     
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Loans

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Mezzanine Financing

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CMBS

  • Conduit Shops Open, But GSEs Still Dominate

    Several conduit lenders, including JPMorgan Chase, Deutsche Bank, and Goldman Sachs are cautiously re-opening their CMBS platforms, even as the market struggles with record-breaking delinquency rates.

  • Special Servicers Get Creative

    In the multifamily industry, many eyes will be on special servicers this year. And it’s easy to see why. These firms could potentially provide abundant source of acquisition opportunities. But, if an emerging trend provides any guidance, the buyers of these CMBS assets may not just be getting the apartment. They could be getting some of the debt along with it.

  • CMBS Delinquencies Continue Relentless Climb

    Hotel loans have surpassed multifamily loans for the dubious distinction of highest CMBS delinquency rate, but multifamily's position in the No. 2 spot may be short-lived.

  • Fannie, Freddie Focus on Refinancing to Get Through Tough Times

    A packed crowd at the 2009 Multifamily Executive conference turned out to hear what executives from Fannie and Freddie had to say as these GSEs remain one of the main sources of capital available today to multifamily owners.

  • CMBS Roadmap: Where Is Your Loan Going?

    When the apartment market was hot and heavy a couple of years ago, commercial mortgage-backed securities (CMBS) loans offered a great option for buyers. Now that world is falling apart.

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