Commercial/Multifamily Briefs

HUD Proposes Recognizing More Building Codes to Encourage More Development

HUD proposed a rule that would recognize additional standards and model building code editions that should ensure compliance with the Fair Housing Act’s accessibility requirements in constructing new multifamily housing.

“HUD is happy to propose these additional safe harbors as a way to further encourage the development of housing that is open to all,” said HUD Secretary Ben Carson.

The Fair Housing Act requires that multifamily housing built after March 1991 contain accessible features for people with disabilities. Requirements include accessible common areas in buildings and developments, usable bathrooms and kitchens, wider doors and environmental controls accessible to persons who use wheelchairs. The failure to include these features in buildings constructed after March 1991 violates federal law and makes a property difficult or impossible for persons with disabilities to use.

Under the proposed rule, HUD will incorporate more recent editions of currently recognized safe harbor standards and model building codes. HUD will amend its regulations to include the 2009 edition standards of the American National Standards Institute standard as well as the 2009, 2012, 2015, and 2018 editions of the International Building Code as safe harbors for compliance with the accessibility requirements of the Fair Housing Act.

Click here for more information about HUD’s currently recognized safe harbors.

Colliers International to Add Debt Finance Platform

Colliers International, Toronto, will acquire a controlling interest in four subsidiaries of Dougherty Financial Group LLC; Dougherty Mortgage LLC, Dougherty & Co. LLC, Dougherty Funding LLC and Dougherty Insurance Agency LLC.

Headquartered in Minneapolis with more than 250 professionals operating from nine offices, Dougherty provides mortgage banking, brokerage and investment banking services across 21 U.S. states. The company currently originates more than $2.5 billion of real estate loans annually and services more than $7 billion in loans.

At closing, all Dougherty mortgage banking activities will be rebranded as Colliers Mortgage LLC and will continue to provide specialty debt financing for multifamily, healthcare and senior housing real estate through U.S. government-sponsored enterprises. This includes origination, underwriting, asset management and loan servicing for Fannie Mae, the Federal Housing Administration / U.S. Department of Housing and Urban Development (FHA/HUD) and the U.S. Department of Agriculture. Colliers Mortgage will also provide commercial property lending to institutional investors as well as loan syndication.

All securities operations of Dougherty will be rebranded as Colliers Securities LLC.