Commercial/Multifamily Briefs, June 15, 2023
LIHTC Pilot Program Transactions Cap Removed
The U.S. Department of Housing and Urban Development’s Office of Multifamily Housing Programs announced it is removing the $25 million cap for Low-Income Housing Tax Credit Program transactions that fall under new construction and substantial rehabilitation (Section 221(d)(4) and Section 220 programs)
All other eligibility and processing requirements will remain the same.
HUD says eliminating the cap will help expedite processing for eligible applications and is in alignment with its strategic goal to increase the supply of affordable housing.
Boxwood Means, BAAR Team on Appraisals
Boxwood Means, Stamford, Conn., and BAAR announced a partnership to provide commercial real estate appraisals compliant with the Uniform Standards of Professional Appraisal Practice to small-balance commercial lenders and investors.
Boxwood Means currently offers its suite of FieldSmart Evaluations, which are extensively used by commercial banks to fulfill various collateral valuation requirements including loan originations, loan/credit reviews and portfolio monitoring, among other vital activities
Dubbed BOXWOOD x BAAR, the new joint venture gives Boxwood Means’ clients access to a complete range of commercial real estate appraisal options.
Enterprise Community Partners Closes on Two Low-Income Housing Tax Credit Funds
Enterprise Community Partners announced the closings of two Low-Income Housing Tax Credit funds totaling $501.5 million.
The funds will create or preserve more than 3,200 affordable rental homes across 18 states and the U.S. Virgin Islands, create about 5,000 new jobs and bring an estimated $717 million in wages, business income and tax revenue to local communities. The funds’ 19 investors include regional and national banks.
The affordable developments are in Alaska, Arizona, California, Colorado, Florida, Illinois, Maryland, Michigan, Minnesota, Missouri, New York, North Carolina, Ohio, Oregon, Pennsylvania, Utah, Virginia, Washington and the Virgin Islands.
Fannie Mae Prices $537 Million Multifamily DUS REMIC Under GeMS Program
Fannie Mae priced a $537 million multifamily delegated underwriting and servicing real estate mortgage investment conduit under its Fannie Mae Guaranteed Multifamily Structures program.
FNA 2023-M4 marks the first Fannie Mae GeMS issuance of 2023, Fannie Mae said in a release.
“We wrapped up last week with a new GeMS deal–the M4–and were able to capitalize on secondary market demand for call-protected, 10-year fixed-rate DUS MBS collateral,” said Dan Dresser, Senior Vice President of Multifamily Capital Markets, Pricing and Analytics. “The ongoing challenges to the syndicated market seem to have lessened slightly as we head into the summer season, and we appreciate the focus of our investors in these busy months.”
