October 17, 2016
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $14.1 million loan to refinance Huntington Meadows Apartment Homes, a 200-unit affordable apartment community in Austin, Texas.
Love Funding Senior Director Laura Saull-Smith secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program for the purchase or refinancing of existing multifamily rental housing. Using the program enabled the ownership group to lock in a low, fixed rate for a 35-year term, fund a replacement reserve and free up more than $1 million to pay for repairs and upgrades, including new flooring, paint, paving and appliances.
October 13, 2016
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $5.3 million loan to substantially rehabilitate a 96-unit apartment community in Deerfield Beach, Florida, and preserve its affordable status through a unique FHA program.
Stanley Terrace was built in 1969 as a traditional public housing development, but in 2014, the Deerfield Beach Housing Authority applied for and received acceptance to the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program.
The RAD program was created by HUD in 2014 to convert public housing units to long-term Section 8 contracts, allowing the units to remain affordable to low-income households. Rather than having to apply annually for operation and management subsidies through the federal public housing budget, the Deerfield Beach Housing Authority was able to convert those funds into Section 8 rental subsidies. This allows them to offer market rents, since the rental assistance makes the units affordable. Consequently, the Authority can operate and renovate the property with debt that is supported by net income, like any other property owner.
October 5, 2016
Director David Opalek will be attending the Kentucky Affordable Housing Conference October 18-19, 2017 in Louisville, KY. Look for Dave on-site to discuss the many financing options available through HUD’s affordable housing finance programs.
October 4, 2016
Improved processing for quarterly financial reporting
HUD has been working closely with lenders to develop a portal that will aid in the submission of quarterly financial reporting, replacement reserve requests, non-critical repair requests and various other requests that require HUD and lender consent. The portal will improve the process all around. The financial reporting piece is in place and we look forward to the launch of the remaining modules of the portal.
The quarterly financial reporting requirement is mandated by HUD for all Section 232 FHA insured projects. The future due dates for financials to be submitted to the lender are seen below. One important new piece of information that HUD is collecting is “Actual Number of Resident Days”. Please be sure to include this information when submitting the quarterly financials. Click here to learn more. If you have any questions about the financial reporting process, please contact email@example.com.
October 3, 2016
Senior Director Holly Bray will be speaking at the National Council of Housing Market Analysts (NCHMA) Annual Meeting October 17-18, 2016 in Detroit, MI. Holly will be speaking on an expert panel entitled, “FHA & GSE Roundtable: Perspectives from HUD, Lenders and Borrowers”.