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Department of Housing and Urban Development News Briefs – January 2018

Love Funding announced Nov. 14, 2017, the closing of a $9.9 million loan to acquire and rehabilitate Newman Court Apartments, an affordable community in Pontiac, Mich. There are 172 one-, two- and three-bedroom apartments in 19 one- and two-story buildings. Funding included 4 percent low-income housing tax credits (LIHTCs) allocated by the Michigan State Housing Development Authority. 

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The U.S. Department of Housing and Urban Development (HUD) published Nov. 7, 2017, the per-unit limit base amount for substantial rehabilitation for Federal Housing Administration (FHA)-insured loan programs, as well as the adjusted basic statutory mortgage limits for multifamily housing programs for calendar year 2017. The 2017 base amount per dwelling to determine substantial rehabilitation for FHA-insured loan programs is $15,315. The Federal Register notice is available at www.hudresourcecenter.com.

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HUD announced Nov. 17, 2017, $5 billion to help areas in Texas to recover from Hurricane Harvey. The grant is provided through HUD’s Community Development Block Grant–Disaster Recovery (CDBG-DR) program. Funding will support the repair of damaged homes, businesses and infrastructure throughout the state. In addition, HUD awarded $616 million Nov. 28, 2017, to help areas in Florida to recover from Hurricane Irma. The grant is provided through HUD’s CDBG-DR program. 

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Pamela Hughes Patenaude, HUD deputy secretary, visited Puerto Rico the week of Dec. 4, 2017, to get a closer look at the island’s recovery from Hurricane Maria. Patenaude was joined by members of HUD’s disaster recovery and long-term housing team. In Puerto Rico, the HUD team toured hurricane-damaged areas and met with Gov. Ricardo Rossello and other elected and local officials. The HUD recovery team also visited disaster recovery centers in Toa Baja and Bayamon. 

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Hunt Mortgage Group announced Dec. 4, 2017, an $18.2 million Freddie Mac tax-exempt loan for the acquisition and rehabilitation of a multifamily property in Fort Collins, Colo. Village on Shields Apartments provides 24, two- and three-story garden-style apartment buildings with 285 apartments. The property is part of HUD’s Rental Assistance Demonstration (RAD) program and will be converted to project-based Section 8 housing with a 20-year HAP contract in-place at closing, covering 52 apartments. Amenities include an on-site leasing/management building, a clubhouse building with a fitness center, a swimming pool, a picnic area and a children’s playground. Financing also includes 4 percent LIHTCs.

Journal Category:

Department of Housing and Urban Development

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