INDUSTRY NEWS

 

Rural Housing Service Announces Next Round of MPR Funds

On August 3rd, the United States Department of Agriculture’s Rural Housing Service Agency announced the timeframe to submit applications to participate in a demonstration program to preserve and revitalize existing Rural Rental Housing projects under Section 514, Section 515, and Section 516 of the Housing Act of 1949, as amended.

Important dates to mark on your calendar are as follows:

  1. For MPR applications requesting debt deferral of eligible Section 514 or Section 515 loans, plus other MPR funding tools, complete applications must be received no later than 5:00 PM Eastern Time, 120 calendar days after August 3, 2015 and
  2. For any MPR applications requesting debt deferral only for eligible Section 514 and 515 loans, complete applications may be submitted on an ongoing basis through COB 5:00 PM Eastern Time, December 31, 2015.

You can read the full notice here.

___

QAP Updates Across the Nation

Connecticut HFA Welcomes New Executive Director

After a national search, CHFA’s Board of Directors recently voted unanimously to appoint Karl. F. Kilduff of Trumbull as its new Executive Director. According to CHFA, Mr. Kilduff is a seasoned government executive with diverse experience managing operations in municipalities ranging from those with strong economic backgrounds to more distressed and HUD-entitled communities.  Mr. Kilduff will assume his new role in August.

Maryland LIHTC, RHF Applications due September 8

Applications for the 2015 LIHTC and RHF Competitive Funding Round are due by Tuesday, September 8, 2015 at 5:00 PM. Applications must be delivered to the mailroom on the ground floor of 7800 Harkins Road, Lanham, Maryland 20706. The 2015 Competitive Funding Round will be governed by the July 8, 2014 Qualified Allocation Plan and the May 15, 2015 Multifamily Rental Financing Guide (the “Guide”) both of which are currently available on the DHCD website at http://www.mdhousing.org/Website/Programs/lihtc/Default.aspx.

An updated Application Submission Kit for financing applications is posted to the DHCD website dated June 1, 2015. Per Section 5.4.3 of the Guide, Construction or Rehabilitation Costs, the applicable Maximum Construction Costs per Square Foot have changed since the fall 2014 round.

Maryland Applications for Project-Based VASH Vouchers due August 12

The State of Maryland Department of Housing and Community Development (DHCD) is seeking proposals from qualified applicants to request an allocation of Project-Based Veterans Affairs Supportive Housing Vouchers (VASH) from the U.S. Department of Housing and Urban Development (HUD).  All proposals will be evaluated on scoring criteria developed by DHCD.  DHCD will select one proposal to submit to HUD for consideration as part of a national competition.  DHCD must submit its proposal to HUD by August 28, 2015. All applications to DHCD for Project-Based HUD-VASH vouchers are due no later than 4:30 pm on Wednesday, August 12, 2015.  Applications should be submitted to the DHCD mailroom located at: 7800 Harkins Road, Room 291, Lanham, Maryland 20706, Attention:  Gregory Hare, Deputy Director, Rental Services. The DHCD application can be downloaded at the following website: http://mdhousing.org/Website/Programs/lihtc/Documents/RFP-VASH.pdf.

Nebraska Holds 2016 LIHTC QAP Hearing August 6

Nebraska Investment Finance Authority will hold a public hearing with respect to the 2016 Low-Income Housing Tax Credit (LIHTC) Qualified Allocation Plan (QAP) on August 6, 2015 at 10:00 a.m. CDT in the NIFA Board Room located at 1230 “O” Street, Suite 200, Lincoln, NE, 68508. A draft of the proposed 2016 LIHTC Qualified Allocation Plan is available on NIFA’s web-site at www.nifa.org and at NIFA’s office at 1230 “O” Street, Suite 200, Lincoln, NE 68508-1402.  Public comments may be submitted to NIFA in writing any time prior to the hearing or during the hearing to be held on August 6, 2015.  Written comments should be addressed to Teresa Kile at NIFA at 1230 “O” Street, Suite 200, Lincoln, NE 68508-1402.  For additional information, call (402) 434-3916.

Oregon Hosts Multifamily Roundtable Discussions for 9% and 4% LIHTC

Oregon Housing and Community Services will host a 9% LIHTC Program Roundtable: August 10th at 1:00 to 5:00 pm in Salem at the OHCS office, 725 Summer Street NE, Salem, Room 124 A & B and a 4% LIHTC & Tax Exempt Bond Program Roundtable: August 13th at 1:00 to 5:00 pm in Salem at the OHCS office, 725 Summer Street NE, Salem, Room 124 A & B. You may also participate in either a roundtable or by phone. To join by phone, please dial 1-877-273-4202 and use passcode 4460912. The list of anticipated topics can be found here.

Oregon Funds 13 Projects with LIHTC, HOME

Oregon State Housing Council approved funding for thirteen projects applications. You can also read the announcement made by Oregon Governor Kate Brown here. Oregon Also available on our website is a list of unfunded applications, in rank order. Although the Housing Council was able to fund thirteen very critical projects, they were unable to fund seventeen additional projects which applied for federal and state tax credits and grants. The grants and loans approved by the Council will build 329 new units and preserve an additional 287 units across Oregon.

Oregon Funds 13 Projects with LIHTC, HOME

Oregon State Housing Council approved funding for thirteen projects applications. You can also read the announcement made by Oregon Governor Kate Brown here. Oregon Also available on our website is a list of unfunded applications, in rank order. Although the Housing Council was able to fund thirteen very critical projects, they were unable to fund seventeen additional projects which applied for federal and state tax credits and grants. The grants and loans approved by the Council will build 329 new units and preserve an additional 287 units across Oregon.

Washington Rolls Out Plan for 2016 9% Tax Credit Allocation

WA State Housing Finance Commission released a timeline for its 2016 9% tax credit allocation, as well as the TDC limit proposal and list of staff policy recommendations. If you have any questions regarding policy changes, please contact Lisa Vatske at (206)287-4467, lisa.vatske@wshfc.org  or Bob Peterson at (206) 287-4454, bob.peterson@wshfc.org.*

___

Apartment Market Stays Hot

Consumer demand for rental apartments remained strong while the market for apartment properties stayed relatively unchanged in the latest National Multifamily Housing Council (NMHC) Quarterly Survey of Apartment Market Conditions. The market tightness, sales volume and equity finance indexes all remained near or above the breakeven level of 50, while the debt-financing index fell to 35. For the survey’s special question, only 15 percent of respondents indicated that their apartment homes directly competed with single-family rentals.

“NMHC’s survey provides solid evidence that despite the strong pickup in new apartment construction this year, demand for rental housing is even stronger,” said Mark Obrinsky, NMHC’s SVP of Research and Chief Economist. “Interestingly, most apartment properties see little competition from single-family rental homes, mainly because apartments tend to serve different demographic groups. Other survey respondents noted that single-family rentals are generally located in different neighborhoods than most apartments.”

“The decline in the debt financing index is significant,” Obrinsky continued. “In large part it reflects two things: the modest rise in interest rates and tightening initiated by Freddie Mac and Fannie Mae as they began to approach their lending volume caps. Regulator action to keep multifamily mortgage finance flowing has averted a crisis, but lending conditions remain somewhat tighter.”

Key findings include:

The Market Tightness Index edged up from 58 to 61. This marks the sixth consecutive quarter of improving conditions.

The Sales Volume Index showed improving conditions for the second straight quarter, rising by one point to 53.

The Equity Financing Index fell six points to 49. This is the first time the index registered below 50 since October 2013.

The Debt Financing Index declined significantly to 35 from 60. The index fell below 50 for the first time since January 2014.

Most respondents indicated apartments don’t compete very much with single-family rental homes. The majority of respondents (62 percent) indicated that apartments serve different demographic groups than single-family rentals. Another 22 percent responded that apartments and single-family rental homes are largely indifferent.**

___

Nursing Care Facilities, CCRC Spending to Hit $275 Billion in Next Decade

Spending on continuing care retirement communities and nursing facilities is projected to accelerate in the next decade, hitting nearly $275 billion by 2024, according to data released this week.

That amount represents consumers’ out-of-pocket spending as well as expenditures from private health insurance, Medicare, Medicaid, other insurance programs and other third-party payers. It was calculated for the annual National Health Expenditure Report from the Office of the Actuary in the Centers for Medicare & Medicaid Services (CMS).

Nursing care facility and CCRC spending for this year is projected to be $167 billion. That would be a 4.3% increase from the 2014 projected expenditures of $160 billion.

In the coming years, expenditures are expected to grow even more, plateauing at 5.8% yearly increases between 2020 and 2024.

Increases in out-of-pocket payments are expected to follow roughly the same trajectory, increasing by about 6% each year starting in 2020.

That would bring out-of-pocket payments to about $83 billion in 2024. For this year, out-of-pocket spending is forecast to be $50 billion.

Out-of-pocket spending is expected to account for about a third of total expenditures for CCRC and nursing care each year between now and 2024.

Medicare spending is predicted to increase most dramatically, with annual increases of more than 8% starting in 2020. That means expenditures would increase from about $38 billion this year to more than $74 billion in 2024.

The aging of the baby boom generation will drive this huge growth in Medicare outlays, and also increase spending for senior care in other settings than nursing homes and CCRCs.

On average, home health care expenditures are projected to grow by at least 6% each year from 2014 through 2024, when it is projected to reach $156 billion.

In terms of overall health care spending, 2014 marked a turning point. After six years of yearly growth that was below 5%, national health spending is projected to have grown 5.5% last year.

That’s in part due to the Affordable Care Act, which has made health insurance more widely available, according to CMS. “Rapid growth” in prescription drug spending also was a factor, the agency stated.

Still, the annual growth rate going forward is expected to be much lower than levels seen in the late 1990s through 2007, according to the CMS Office of the Actuary.***

___

 COMPANY NEWS:

Events (2015)

  • Cash Gill plans to attend the Missouri Real Estate Appraisers Commission Quarterly Commission Meeting September 29th – 30th in Jefferson City, MO.
  • Gill Group plans to attend the Georgia Association of Housing and Redevelopment Authorities (GAHRA) Annual Conference and Exhibition September 20th – 22nd in Savannah, GA.
  • Gill Group plans to attend the CARH Quarterly Board Meeting September 15th – 16th in Washington, DC.
  • Cash Gill attended the Missouri Real Estate Appraisers Commission Quarterly Commission Meeting June 17th – 18th in Jefferson City, MO.
  • Gill Group attended the National Council for Affordable Rural Housing’s Annual Meeting June 14th – 16th in Washington, DC.
  • Gill Group attended the National Council of State Housing Agencies’ (NCSHA) Housing Credit Connect June 1st – 4th in Los Angeles, CA.
    • Cash Gill spoke on a panel entitled “Successful Development in Challenging Markets”
  • Gill Group attended the Middle Atlantic Regional Council of the National Association of Housing and Redevelopment Officials’ (MARC NAHRO) Spring Conference May 19th – 22nd in Ocean Springs, MD.
  • Gill Group attended the Tennessee Association of Housing and Redevelopment Authorities’ (TAHRA) Spring Workshop April 20th – 22nd in Murfreesboro, TN.
    • Cash Gill presented a session Tuesday, April 21st entitled “Appraisals, Market Studies, Rent Comparability Studies and Rent Reasonableness Studies for RAD and LIHTC Transactions”
  • Cash Gill attended the Missouri Real Estate Appraisers Commission Quarterly Commission Meeting April 15th – 16th in Jefferson City, MO.
  • Gill Group attended Bank of Advance’s Annual Meeting March 19th – 22nd in Norfork, AR.
  • Gill Group attended the Maco Companies’ Annual Meeting March 12th – 15th in Biloxi, MS.
  • Gill Group attended the Council for Affordable Rural Housing’s Quarterly Board Meeting March 4th – 5th in Washington, DC.
  • Gill Group attended Mississippi’s Annual Affordable Housing Conference February 23rd – 25th in Natchez, MS.
  • Gill Group attended NH&RA’s Annual Meeting February 18th – 20th in Key Largo, FL.
  • Gill Group attended CARH’s Midyear Meeting January 27th – 29th in St. Pete Beach, FL.
    • Cash Gill spoke on a panel Wednesday, January 28th entitled “Preservation Challenges and Opportunities”

Events (2014)

  • Gill Group attended 40+ meetings and conferences throughout the United States in 2014.

GROWTH (2014 - Highlights):

  • Gill Group began the process of working with owners of affordable housing to develop a web-based program that will work hand-in-hand with our services. It will give the users of our appraisals, market studies, capital needs assessments and many other services easy access and real time usage.
  • Gill Group added 2 offices with appraisers, market analysts, engineers and architects.
    • Within the offices are 11 architects, one MAI appraiser, one general certified appraiser, four market analysts and 12 additional support staff. 

Events (2013)

  • Gill Group attended 22 conferences and meetings throughout the United States in 2013

GROWTH (2013 - Highlights):

  • Gill Group expanded our cutting-edge market analysis software and added our own in-house developed needs assessment software for CNAs, PNAs, PCNAs, PCAs, RPCAs, and every other acronym for this type of service. 
  • Gill Group added 4 offices with appraisers, market analysts, engineers and architects.
    • Within the offices are three architects, one MAI appraiser, two general certified appraisers, five market analysts and 10 additional support staff. 
  • Gill Group expanded the footprint of its subsidiary, National Title & Escrow, to cover the entire United States with a local presence.

Events (2012)

  • Gill Group attended 20 conferences and meetings throughout the United States in 2012

GROWTH (2012 - Highlights):

  • Gill Group developed cutting-edge market analysis software that will allow us to do preliminary analysis that is subject-specific in any market in the United States within minutes. 
  • Gill Group added 11 offices with appraisers, market analysts, engineers and architects.
    • The offices now employ an additional 34 people.
  • Gill Group expanded coverage of its subsidiary, National Title & Escrow, to cover the entire United States.
  • Gill Group expanded coverage of its subsidiary, Gill Insurance Group, to cover the entire United States.

  Gill Group has published the following:

  • New York Real Estate Journal - How can low-income housing facilities translate into high profits?
  • New York Real Estate Journal - Up, up and away: Home mortgage interest rates and gasoline prices continue ascending.
  • Tax Credit Advisor - Boston MSA Market Snapshot
  • Tax Credit Advisor - Seattle MSA Market Snapshot
  • Northeast Industrial Development Resource Guide - What Appraisers Know About Investing.
  • Affordable Housing Finance – Urban and Rural Market Studies.
  • Tax Credit Advisor – LIHTC Appraisals 101

Cash Gill, MAI has had the opportunity to speak on the following topics:

  • (Indianapolis, IN) National Council of Affordable Housing Market Analysts - Maximize Your Market: Understanding the Methodology Behind Market Studies.
  • (Reno, NV) Nevada Council of Affordable and Rural Housing - Don't Get Caught in the Red. New Guidelines for Audits and Inspections.
  • (Washington, DC) The Institute for Professional and Executive Development - Nonrecourse HUD Deals - So You Closed Your Nonrecourse HUD Deal. Now What? And Is It Really Nonrecourse?
  • (Arlington, VA) Council for Affordable and Rural Housing - Property Valuation: The Correct Way to Value Properties.
  • (New Orleans, LA) National Council of Affordable Housing Market Analysts - Affordable Housing Site Analysis
  • (Las Vegas, NV) Nevada Council of Affordable and Rural Housing - Auditing and Accounting Guidelines for Section 42 Low Income Housing Tax Credits.
  • (Washington, DC) Council for Affordable and Rural Housing - Rural Development Appraisals and Market Studies
  • (Miami, FL) Council for Affordable and Rural Housing - The Equity Market - Impact on Rural Housing
  • (Washington, DC) Council for Affordable and Rural Housing - How to Foster Affordable Green and Rural Housing Needs Assessments
  • (Indianapolis, IN) Affordable Housing Association of Indiana - Market Analysis – Best Ways Use Market Studies to Ensure Application Points
  • (Portland, ME) Enterprise Buyer/Seller Conference for RRH 515 Properties – Valuing the Product. What Is My Development Worth?
  • (Washington, DC) National Housing and Rehabilitation Association – Financing and Underwriting Special Needs Housing.
  • (Atlanta, GA) National Council of State Housing Agencies – Comprehensive Market Analysis.
  • (Chicago, IL) AHF Live – Strategies for Rural Deals.
  • (Dallas, TX) Crittenden Multifamily – Financing Special Use Properties.
  • (Washington, DC) Council for Affordable Rural Housing – Rural Housing Preservation
  • (Denver, CO) National Council of State Housing Agencies – Rural Housing Strategies
  • (Denver, CO) National Council of State Housing Agencies – Y15: Preservation and Disposition Seminar
  • (San Antonio, TX) Rural Rental Housing Association – LIHTC Legislative Update
  • (Key Largo, FL) Council for Affordable Rural Housing – How National Appraisal Practices Impact USDA Assisted Properties
  • (San Francisco, CA) National Council of State Housing Agencies – Changes and Challenges in Rural Housing Development
  • (Chicago, IL) AHF Live – Preservation of Older LIHTC Deals
  • (Franklin, TN) Regional Affordable Housing and RAD Training – Valuation, Feasibility and Capital Needs Assessments
  • (Columbus, OH) Council for Rural Housing & Development of Ohio – Rural Housing Market Research
  •  (South Bend, IN) Great Lakes Capital Fund’s University of Affordable Housing – Valuation Risks Using Financing for RAD Deals
  • (Chicago, IL) National Council of State Housing Agencies – Rural Development Opportunities
  • (Orlando, FL) National Association of Housing and Redevelopment Officials – Affordable Housing Appraisals, Market Studies, Rent Comparability Studies and Rent Reasonableness Studies
  • (Alexandria, LA) Regional Affordable Housing and RAD Training – Valuation, Feasibility and Capital Needs Assessments
  • (Ft. Lauderdale, FL) Southeastern Affordable Housing Management Association (SAHMA) – Rent Comparability Studies 101
  • (Indianapolis, IN) Midwest Buyer/Seller Conference – CNAs and Appraisals
  • (Chicago, IL) AHF Live – Acquisition Challenges and Opportunities
  • (St. Pete Beach, FL) CARH – Preservation Challenges and Opportunities
  • (Nashville, TN) TAHRA – Appraisals, Market Studies, Rent Comparability Studies and Rent Reasonableness Studies for LIHTC and RAD Transactions
  • (Los Angeles, CA) NCSHA – Successful Development in Challenging Markets

 

 

 

 

*as seen on housingonline.com

**as seen on multifamilybiz.com

***as seen on seniorhousingnews.com

 

 

 

 

 

 

| Contact Us | Site Map | Links | Industry/Company News | Career Opportunities