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

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Finance

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Lenders

  • Sizing Up the FHA's Recent and Proposed Changes

    Some of the FHA's multifamily programs haven't seen changes in more than 40 years. So, in announcing new leverage and debt service levels, the FHA took the opportunity to enact a slew of other changes, and propose a few more.

     

  • New Requirements May Mean Longer Wait for FHA Loans

    The FHA recently unveiled sweeping changes to its multifamily program, tweaking the underwriting standards on new construction and refinancing deals, while unveiling a slew of risk-management initiatives that may expand its already long transaction timeline.

     

  • Pay to Play: Access to Construction Debt Hinges on Relationships

    National and regional banks are slowly starting to provide construction debt again, but they're only opening the balance sheet to those with whom they have an existing or potential long-term relationship.

     

  • The Long and Short of Small Loans

    Fannie Mae's small laon program recently loosened some underwriting criteria and is offering standard 10-year deals at around 5.75 percent, and seven-year pricing is in the mid-5 percent range. But it's on shorter-term loans where banks are undercutting Fannie Mae.

     
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Credit

  • Experian Acquires RentBureau, Expands Rental Screening

    Global information services company Experion recently acquired RentBureau, one of the nation's largest nuetral rental credit bureaus. The acquistion has many positive long-term prospects, including helping renters who are unscorable through traditional credit bureaus get their foot in the door to...

     

  • 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.

     
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Loans

  • Government tries to recoup some Fannie, Freddie losses

    WASHINGTON - A federal regulator is taking steps that could lead to the recovery of some losses sustained by mortgage giants Fannie Mae and Freddie Mac.

     

  • Insurance Companies, GSEs Go Neck-and-Neck

    Life insurance companies have stepped back into the multifamily arena, closing the pricing gap with the government-sponsored enterprises.

     

  • End of an Era? Sec. 202’s Fate is Uncertain.

    The future of HUD’s Sec. 202 initiative is in doubt, as the 61-year old program suffers budget cuts and a proposed moratorium on new construction.

     

  • 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.

     
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Mezzanine Financing

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CMBS

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