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Since the start of the year, a growing number of construction debt providers have become increasingly aggressive, driving leverage levels up and spreads down.
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The GSEs have brought in their spreads to offset the higher yield on the 10-year Treasury, keeping all-in rates below 5.5 percent.
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Borrowers may not realize that there are four hot-button issues that the Federal Housing Administration is using to assess new construction deals.
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Access to debt and equity for affordable housing developments improved a little bit more each month this year. And that slow momentum is expected to continue, as interest rates on permanent debt remain low, access to construction debt slowly improves, and the New Issue Bond Program (NIBP) continues...
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Fannie Mae, Freddie Mac, and the Federal Housing Administration will prioritize preservation deals in 2011 to capture a wave of expiring Sec. 8 and tax-credit properties.
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Some of the FHA's multifamily programs haven't seen changes in more than 40 years. So, in announcing new leverage and debt service levels, the FHA took the opportunity to enact a slew of other changes, and propose a few more.
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The FHA recently unveiled sweeping changes to its multifamily program, tweaking the underwriting standards on new construction and refinancing deals, while unveiling a slew of risk-management initiatives that may expand its already long transaction timeline.
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Since the volume of acquisition opportunities never materialized as many investors had hoped, all of that pent-up equity on the sidelines is beginning to view new construction as a more attractive option.
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With the fatality rate of new Sec. 221(d)(4) loans hovering at about 50 percent, you have to manage your expectations for the loan process. Here are some tips from FHA lenders on how to position your deal for approval.
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While the changes to the FHA's Sec. 221(d)(4) new construction program are aimed at market-rate deals, mixed-income and workforce housing developments will also be impacted.