National Equity Fund, Inc. has closed on a new $76MM investment fund to support affordable housing financed with federal low-income housing tax credits (LIHTCs.) The NEF multi-investor fund includes capital from JPMorgan Chase, U.S. Bank, Wells Fargo, Key Bank, Comerica, and Harris Bank. “Economic conditions are still negatively impacting the LIHTC market,” commented Joe Hagan, […]
State housing credit agencies will be given more time todisburse funds they receive from the Treasury Department to subawardees that are acquiring or rehabilitating low-income tax credit housing sites. Under a new interim final rule, effective August 31, 2009, agencies receiving funds under section 1602 of the American Recovery and Reinvestment Act (ARRA) of 2009 […]
Don’t violate the tax credit rules by renting tax credit units to anyone other than the households that live in them. For instance, some social service agencies that deal with special needs, such as the elderly or single mothers, may want to rent a block of units so they can house their clients right away. […]
Failing to take the Real Estate Assessment Center’s (REAC) physical inspection seriously can endanger the status of your project-based Section 8 tax credits. That’s what happened to one owner of a 77-unit residential property receiving project-based Section 8 housing payments from HUD. After the site received low scores on two consecutive physical inspections, HUD terminated […]
As bed bug infestations continue to mount, several groups around the country are holding symposiums to help property owners and managers better understand these pests and address the public and legal issues related to bed bugs. The National Apartment Association, the New Jersey Apartment Association, and the Washington Multi-Family Housing Association have joined forces with […]
Redecorating fees, and any other type of fee, which are charged to a tenant for services required as a condition of occupancy, must be included in the calculation of gross rent, according to guidance provided by the Florida Housing Finance Corporation (FHFC). And, these redecorating fees may be charged to the resident as long as […]
Facts: On December 22, 2006, a resident who signed a one-year lease for a two-bedroom unit in a low-income housing tax credit property that was receiving rental payment assistance under the LIHTC program run by HUD. On December 27, the property owner signed a Housing Assistance Payment (HAP) contract for the property with the Virgin […]
When the Seattle Housing Authority redeveloped several communities in the city (New Holly, Rainier Vista, and High Point), low-income units became “de-concentrated” and spread out across Seattle. Early in the process, the Seattle HA committed to replacing all of the low-income units that were demolished through those redevelopments. Now, througha notice of funding availability (NOFA), […]
How well do you run your project-based Section 8 sites? Here is one barometer you can use as a benchmark: the Pennsylvania Housing Finance Agency (PHFA) has compiled a list of best practices observed by management agents. Although the PHFA management agent list is not all inclusive, it provides a tool that will assist management […]
The HUD User library has just added the “Metropolitan Area Quarterly Residential and Business Vacancy Report” for the quarter ending March 31, 2009. The report is derived from the U.S. Postal Service universe of addresses with mail delivery. The USPS indentifies a house, apartment, office, or building that is unoccupied for at least 90 days […]
