HUD Granted Authority to Transfer Rental Assistance, Debt, Use Restrictions Between Projects

Starting April 30, 2015, the U.S. Department of Housing and Urban Development Secretary will have the authority to approve requests to transfer project-based rental assistance, debt held or insured by the Secretary, and statutorily required income-based use restrictions from one multifamily housing project to another (or between several such projects). The Secretary can approve transfers for fiscal years 2014 through 2016, provided that the Secretary publish a notice in the Federal Register establishing the terms and conditions for HUD approval of such transfers no later than 30 days before such notice takes effect.

HUD believes that publication of the criteria will assist project owners to determine whether a transfer is feasible given the specific circumstances of their multifamily projects. Publication of the criteria will also facilitate HUD’s review of transfer requests by helping owners formulate their requests in a manner that adequately addresses the statutory criteria.

This rule is a result of the Department of Housing and Urban Development Appropriations Act, 2014 and the Department of Housing and Urban Development Appropriations Act, 2015.*


QAP Updates Across the Nation


The California Tax Credit Allocation Committee posted updated tax credit applications. The changes are: addition of the 2015 rent limits and a correction to the “Total Expenses” line item of the 15 Year Pro Forma spreadsheet.

CTCAC also posted updated California Utility Allowance Calculator instructions and established an applicant fee.


The Indiana Housing and Community Development Authority announced the 2015-16 application for the Neighborhood Assistance Tax Credit Program (NAP) is now open. The  application is open until April 17, 2015 at 5:00 PM/EST. The NAP program provides $2.5 million in tax credits annually to non-profit organizations as a fundraising and capacity building tool. NAP was created by Indiana Code 6-3.1-9 and is administered by IHCDA. NAP credits are worth 50% of the value of a contribution and are deducted from a donor’s state tax liability. Donations are reported to the Indiana Department of Revenue and a credit is given to the donor’s state tax liability.

Please note that new applicants must go to IHCDA’s online management system and register for a new account. You will need the Organization Code once the nonprofit is registered. This information is also available via IHCDA Public Notice.

IHCDA will host two final pre-award webinars:

April 1 at 1:00 PM Eastern
Webinar ID: 140-281-843

April 14 at 10:00 AM Eastern
Webinar ID: 138-847-875

Please contact if you have any additional questions.


The Ohio Housing Finance Agency released the first draft of the 2016-2017 Qualified Allocation Plan (QAP) on Thursday, March 5. OHFA partners are encouraged to respond to drafts of the QAP by attending upcoming public hearings and public forums and by providing written comments to Comments will be accepted until Thursday, April 30, 2015. A second draft of the QAP is tentatively scheduled for release in early April 2015 to be followed by a second public hearing on Wednesday, April 15, 2015 at 1:00 PM. A second draft of the QAP is tentatively scheduled for release in early April 2015 to be followed by a second public hearing on Wednesday, April 15, 2015 at 1:00 PM.

On Wednesday, April 8, 2015, the Office of Planning, Preservation and Development will hold a public forum at the Ohio Department of Transportation Auditorium to collaborate and provide input on the proposed 2016-2017 Qualified Allocation Plan. Development partners are encouraged to register and attend by contacting The public forum is an informal meeting used to provide a setting for public discussion and feedback and for the Agency to share information, accept questions and provide clarification on issues and concerns expressed.

Invoices for 2015 housing credit application fees have been sent to applicants. Fees are due on or before April 15, 2015. OHFA reserves the right to withhold the release of preliminary scores if the application fee is not paid by this deadline. If you have not received an invoice or believe that you have received an invoice in error, please contact Michelle Noel-Schierloh at 614-387-2868 or

Applicants seeking 4% Housing Tax Credits, with or without OHFA-issued bonds, must contact OHFA 45 days prior to submitting an application to schedule a meeting with Agency staff.  With the next deadline of April 6-9 rapidly approaching, partners are encouraged to contact Karen Banyai at 614-752-4185 or as soon as possible!

A mandatory training for Capital Investment Program (CIP) applicants will be held on Tuesday, April 7 at the Columbus Public Library, Driving Park Branch (1422 East Livingston Avenue, Columbus, Ohio 43206) from 10:30 AM – 3:30 PM. To RSVP, please contact Celia Elkins, Planner, at 614-387-1641 or

West Virginia

Any applicant seeking tax credits from the 2015 State Housing Credit Ceiling or any Low Income Housing Tax Credits must submit a pre-registration form to the West Virginia Housing Development Fund by Tuesday, April 7. The form is required regardless of which of the six set-aside categories to which the property is applying.  This also includes properties which are financed with tax-exempt bonds which require allocations outside of the 2015 State Housing Credit Ceiling.

WVHDF extended the registration deadline for its Green Building Training to Wednesday, April 8. Seating is limited to the first 48 registrants. Click here to complete a fillable registration form. You can fax your registration form to 304-391-8780 or email Michelle Wilshere ( or Hazel Mead (, and mail in your payment.


The Wisconsin Housing and Economic Development Agency will host 2015 Tax Credit Compliance Workshops on Thursday, May 7, 2015 in Madison and Thursday, September 17, 2015 in Brookfield. This course is intended as an overview of the program, compliance requirement and WHEDA’S monitoring procedures. The registration fee is $125.00 Registration and includes admittance to the workshop, printed reference materials, and the opportunity to learn about the section 42 program and WHEDA’s monitoring procedures. If you have any questions about registration, please contact Missy Holcomb at or call (608) 267-7748.*


Mortgage Rates Up Only Slightly

Mortgage rates were up slightly this week, with the benchmark 30-year fixed mortgage rate nosing higher to 3.82 percent, according to's weekly national survey. The 30-year fixed mortgage has an average of 0.27 discount and origination points.

The average 15-year fixed mortgage stepped up to 3.06 percent while the larger jumbo 30-year fixed mortgage increased just slightly from last week's record low to 3.93 percent. Adjustable rate mortgages posted mixed results, with the 5-year ARM sliding to 3.10 percent and the 10-year ARM up modestly to 3.60 percent.

After falling for two consecutive weeks, mortgage rates were up ever so slightly this week, but remain near the low point of 2015. A week of mixed economic results and plenty of stock market volatility to close out the first quarter held bond yields and mortgage rates in check. Mortgage rates are closely related to yields on long-term government bonds. The occasional economic disappointment that keeps everyone guessing about the Federal Reserve's timetable for interest rate hikes, and the flood of European Central Bank stimulus pushing capital to U.S. shores, each helps keep a lid on long-term interest rates.

One year ago, the average 30-year fixed mortgage rate was 4.54 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,018.13. With the average rate now at 3.82 percent, the monthly payment for the same size loan would be $934.19, a savings of roughly $84 per month for anyone refinancing now.  


30-year fixed: 3.82% -- up from 3.80% last week (avg. points: 0.27)

15-year fixed: 3.06% -- up from 3.04% last week (avg. points: 0.21)

5/1 ARM: 3.10% -- down from 3.14% last week (avg. points: 0.19)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. This week the panelists are as evenly divided as they could possibly be, with one-third predicting rates will rise, one-third saying they will fall, and one-third expecting mortgage rates to remain more or less unchanged in the coming week.



The Top-10 Largest Senior Living Providers in 2015

Following a year that brought blockbuster acquisitions and record-breaking deal volume, this year’s ranking of the largest senior living providers reflects the growth and consolidation of the top players in the market.

Notably, the biggest change in the list is the merging of Brentwood, Tennessee-based Brookdale Senior Living (NYSE: BKD) and Emeritus Senior Living Corp. (NYSE: ESC), which brings the combined entity’s total resident capacity to 113,022, with 1,140 properties under its belt, according to the Assisted Living Federation of America’s (ALFA)annual ranking of senior living providers by resident capacity.

With less than half the resident capacity of Brookdale and less than one-third of the number of properties, Holiday Retirement ranks second in the list, operating 306 properties with a capacity of 41,508 residents.

Ranking third is Life Care Services LLC with a resident capacity of 25,989, followed by Five Star Quality Care (25,133) and Sunrise Senior Living (25,065), which traded places since last year’s ranking.

Rounding out the top-10 senior living providers are Erickson Living Management, Atria Senior Living Group, Senior Lifestyle Corp., Capital Senior Living Corp. and Meridian Senior Living LLC, whose rankings shifted slightly over 2014. The total resident capacity as of 2015 for the top-10 providers is as follows:

Brookdale – 113,022

Holiday Retirement – 41,508

Life Care Services, LLC – 25,989

Five Star Quality Care – 25,133

Sunrise Senior Living – 25,065

Erickson Living Management – 23,476

Atria Senior Living Group – 20,536

Senior Lifestyle Corp. – 17,324

Capital Senior Living Corp. – 15,100

Meridian Senior Living, LLC – 9,000

ALFA also compiled the largest memory care providers, assisted living providers and independent living providers by size in its rankings.

Brookdale, Sunrise, Meridian, HCR ManorCare and Five Star comprised the top-five memory care providers by resident capacity. For assisted living providers, Brookdale, Sunrise, Five Star, Atria and Meridian rounded out the top-five in the rankings. And the top-five independent living providers ranked as follows: Holiday Retirement, Brookdale, Erickson, Life Care Services and Five Star.***



Events (2015)

  • Gill Group plans to attend the Tennessee Association of Housing and Redevelopment Authorities’ (TAHRA) Spring Workshop April 20th – 22nd in Murfreesboro, TN.
  • Cash Gill plans to attend 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





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