HUD Releases Training Videos on Rent Comparability Studies

Last month, HUD posted on YouTube a series of four video training sessions on Chapter 9  of the Section 8 Renewal Policy Guide, “Rent Comparability Studies.”  These videos provide in-depth training on preparing and reviewing rent comparability studies (RCS).

The Rent Comparability Study (RCS) is HUD’s tool for estimating market rents for Section 8 projects.  Over the past few years, the Department has undertaken a series of reforms to improve the RCS.  Recently, HUD issued revised instructions for the RCS as part of the reform process.  These revisions in Chapter 9 of the Section 8 Renewal Guide do not create new policy but clarify instructions to appraisers who create or review the document.

The first session describes alternatives to the RCS in Option Two and contains a better explanation of non-shelter services.  The second session discusses what happens if an appraiser cannot find sufficient comps, how to value non-shelter services and common errors that have occurred in the past.  The third session describes the process if a project’s rents exceed 140% of the Census Bureau’s median rent estimate.  The fourth session contains information on the review of the RCS.

You can find the videos on the Section 8 Renewal webpage under “What’s New”  They will also be available on the OAMPO Training YouTube channel in the near future.*


Multifamily Loan Origination Expected to Hit New Record This Year

By a number of measures, the multifamily sector continues to defy expectations of 'cooling down' over the second half of the year and loan origination projections for multifamily property is now projected to grow for the rest of 2017 and into 2018, according to new analysis from Freddie Mac and Kroll Bond Rating Agency analysis of Freddie Mac lending. 

While the multifamily market continues to attract investments and capital, market uncertainty in the first part of the year suggested that 2017 full-year volume might taper off. However, a pick-up in the second quarter in deals and continued increases in property prices now has Freddie Mac expecting loan origination volume to grow by 3% to 5% in 2017, to between $270 billion and $280 billion, which would be another record year, according to Steve Guggenmos, Freddie Mac Multifamily vice president of research and modeling. 

The revised projection comes even as the number of multifamily construction projects is peaking between now and early 2018 and thus moderating overall growth. 

That construction activity is pushing up vacancy rates and making absorption of new units take longer in some areas than in prior years, putting some downward pressure on rent growth, especially in certain larger metropolitan areas such as San Francisco, New York City, Washington DC and Miami. 

For the U.S. as a whole, apartment rent growth is expected to be similar to 2016 levels, with vacancy rates increasing more slowly than initially forecast, according to Guggenmos. 

Still, nearly two-thirds of metros are expected to end the year with vacancy rates below their historical averages. In these areas, demand continues to outpace supply, allowing rents to keep rising. 

Guggenmos expects rent growth for the rest of 2017 will continue to be mixed across U.S. metros, moderating the most in areas that previously experienced the highest levels of rent increases, such as Seattle, Tacoma, Sacramento, Nashville, Portland and Atlanta, but still remain above historical averages in those markets. 

Meanwhile, San Francisco, New York and Boston are expected to experience a rebound in rent growth by the end of 2017 compared to 2016, while remaining at or below their historical and the national averages, he said. 

Separately, in analyzing Freddie Mac loan securitizations, Kroll Bond Rating Agency is finding a similar strong performance but with some softening. 

The cyclically high levels of construction are impacting Class A properties more than Classes B and C, where construction remains fairly muted, the firm said. 

This bodes well for the $132.3 billion of multifamily loans that have been securitized since 2010 in 346 Freddie Mac K-Series transactions and CMBS conduit transactions. KBRA’s analysis indicates that nearly 80% of the underlying collateral ($103.9 billion) is Class B or Class C.


Mortgage Rates Fall for 4th Week in a Row

Mortgage rates moved lower once again this week, with the benchmark 30-year fixed mortgage rate dipping to 4.04 percent, according to's weekly national survey. The average 30-year fixed mortgage has an average of 0.26 discount and origination points.

The larger jumbo 30-year fixed retreated to 4.05 percent, and the average 15-year fixed mortgage rate dipped to 3.28 percent. Adjustable mortgage rates were mostly lower, with the 5-year ARM pulling back to 3.48 percent and the 7-year ARM settling at 3.66 percent.

Mortgage rates declined modestly this week, but for the fourth week in a row, bringing rates back to mid-June levels. Much like the lack of volatility in the financial markets, we're seeing only subtle movements in mortgage rates. The average 30-year fixed mortgage rates have been in a range of just one-seventh of a percentage point since mid-May. The movement toward lower rates seen this week came as the latest economic data reveal weakness in manufacturing, personal income, personal spending, construction spending, durable goods sales, and inflation. The lack of volatility may prove short-lived however as deadlines to raise the debt ceiling and avert a government shutdown both loom in the next two months. The further we get into a game of chicken on both of these, the more likely investors are to get nervous and financial markets get turbulent.

At the current average 30-year fixed mortgage rate of 4.04 percent, the monthly payment for a $200,000 loan is $959.45.


30-year fixed: 4.04% -- down from 4.09% last week (avg. points: 0.26)
15-year fixed: 3.28% -- down from 3.31% last week (avg. points: 0.24)
5/1 ARM: 3.48% -- down from 3.50% last week (avg. points: 0.34)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top 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. Half of the panelists expect mortgage rates to remain more or less unchanged. The remainder are divided, with 30 percent forecasting an increase in mortgage rates over the next week and 20 percent predicting a decline.***


Movers & Shakers for Senior Housing

Stone Steps Up to Director Role for Emerald Communities

Gig Harbor, Washington-based Emerald Communities has appointed Tonya Stone as director of nursing for Penrose Harbor, the onsite health center for its Heron’s Key community.

Stone will oversee the nursing services programs as well as the development of individual plans of care to meet residents’ needs.

Prior to joining the company, Stone was director of nursing services of a skilled nursing and assisted living community in Poulsbo, Washington. Her previous experience includes serving as administrator of an assisted living and memory community in Bremerton, Washington where she was responsible for the leadership and management of the operational and clinical aspects of the community.

Stone holds a bachelor’s degree in nursing from Olympic College and is expected to receive her master’s degree in nursing from Western Governor’s University in spring 2018.

Monticello Welcomes 18-Year Banking Veteran to Team

New York-based investment management firm Monticello Asset Management, LLC has added banking veteran Tami Antebi to its business team as director of investor relations. 

In this newly developed role, Antebi will oversee the relationship management and development of the firm’s investor pool as well as assist in the asset management and commercial loan underwriting process for senior housing and health care real estate assets.

Antebi brings 18 years of industry experience to her role for Monticello, previously serving as vice president and relationship manager at Bank Kapoalim for seven years where she focused on general middle market and health care finance. She also held a 10-year tenure at J.P. Morgan Chase as a senior underwriter. 

Antebi holds a bachelor’s degree in accounting and marketing from New York University’s Leonard N. Stern School of Business.

Jacob Appointed Associate Executive Director of The Buckingham

Houston-based senior living community The Buckingham has named Phillip Jacob associate executive director. Darrell Sheaffer, executive director of The Buckingham, made the appointment.

Jacob began his career at The Buckingham six years ago as health care administrator, bringing with him nearly 20 years of experience in the hospitality and health care industries. 

Toomey Appointed Executive Chef at Fox Run

Culinary veteran Steven Toomey has been added to the dining team as executive chef of the Ascot Restaurant at Fox Run, and Erickson Living Community in Novi, Michigan.

Toomey possesses a degree in culinary arts from Johnson and Wales University in Charlotte, North Carolina. 

Upon graduating, he worked at the 1913 Room in the Amway Grand Hotel in Grand Rapids.

Since joining the team at Fox Run, Toomey has already debuted his first menu as part of the community’s new signature dining program.

Stasinos Steps Up to Managing Director Post for Cindat Capital Management 

Los Angeles-based Cindat Capital Management has appointed John Stasinos as managing director, focusing on the firm’s health care real estate practice area. 

Prior to joining the team, Stasinos served as executive vice president-international at HCP, Inc. for 13 years where he led in the sourcing and asset management of the company’s $1 billion portfolio in the UK.

Stasinos holds an MBA from Stanford Graduate School of Business, was a Fulbright scholar and also possesses an undergraduate degree in economics and history from Stanford University.

Genacross Lutheran Services Appoints Stoll as Executive Director for Wolf Creek Campus

Toledo, Ohio-based Genacross Lutheran Services has appointed Gabe Stoll as executive director of its Wolf Creek campus, a CCRC located in Holland, Ohio.

In his new role, Stoll will oversee the community’s day-to-day operations, community outreach and business development. 

Stoll has held numerous leadership roles in the senior care industry, most recently serving as executive director of Genacross Lutheran Services’ Sandusky Campus. Prior to this post, he served as associate executive director at the Wolf Creek Campus where he initially served as director of human resources.

Stoll is a state-licensed nursing home administrator. He holds a bachelor’s degree in health care administration from Bowling Green State University.

Geyser Assumes Vice President Role for Maplewood Senior Living

Westport, Connecticut-based Maplewood Senior Living has named Brian Geyser, APRN-BC, MSN as vice president of clinical innovation and population health. 

In his new role, he will be in charged with establishing a governance model that will drive new care delivery models, clinical solutions, technology innovations and health strategy initiatives to improve resident experience and outcomes.****




Events (2017)

  • Cash Gill plans to attend the Missouri Real Estate Appraisers Commission Quarterly Commission Meeting September 19th – 20th in Jefferson City, MO.
  • Gill Group attended NH&RA’s Summer Institute July 19th – 23rd in Quebec City, Canada.
  • Cash Gill attended the Missouri Real Estate Appraisers Commission Quarterly Commission Meeting June 12th – 13th in Jefferson City, MO.
  • Gill Group attended CARH’s Annual Meeting June 19 - 21st in Washington, DC.
  • Gill Group attended NCSHA’s Housing Credit Connect Conference and Tradeshow June 21st – 23rd in Atlanta, GA.
    • Cash Gill, of Gill Group, spoke on a panel June 22nd entitled Using Market Studies for Site Selection
  • Gill Group attended the 2017 PK Management Trade Show and Awards Dinner May 16th – 17th in Cleveland, OH.
  • Gill Group attended AHF Live’s Housing Developer’s Forum April 26th – 28th in New Orleans, LA.
  • Cash Gill, of Gill Group, gave a training session to the staff at MFA (New Mexico’s HFA) to further their knowledge on appraisal and market study processes April 20th in Albuquerque, NM.
  • Gill Group attended MHC’s Annual Meeting April 11th – 13th in Biloxi, MS.
  • Gill Group attended the Crittenden Multifamily Conference March 15th – 17th in Dallas, TX.
  • Gill Group attended the MACO Companies’ Annual Meeting March 16th – 19th in Biloxi, MS.
  • Gill Group attended the Bank of Advance’s Annual Meeting March 16th – 19th in Norfork, AR.
  • Cash Gill attended the Missouri Real Estate Appraisers Commission Quarterly Commission Meeting March 7th in Jefferson City, MO.
  • Gill Group attended National Housing & Rehabilitation Association’s Annual Meeting February 22nd – 26th in Bonita Springs, FL.
  • Gill Group attended the National Leased Housing Associations’ Mid-Year Meeting February 1st – 3rd in Naples, FL.
  • Gill Group and National Title & Escrow attended the Council for Affordable Rural Housing’s (CARH’s) Midyear Meeting (Strengthening Rural Housing with Valued Partnerships) January 23rd – 25th in Sarasota, FL.

Events (2016)

  • In 2016, Gill Group attended over 75 meetings and conferences across the entire United States.

GROWTH (2016 - Highlights):

  • Gill Group added over 20 staff members throughout our 15 national and regional offices including MAIs, General Certified Appraisers, PE Engineers and AIA Architects.
  • Gill Group’s subsidiary, National Title & Escrow (NTE), added two new underwriters: Fidelity National Title Insurance Company and Stewart Title Guaranty Company.
  • NTE also added a new sales representative, Jimmy Crace, bringing 20+ years of experience and well over 100 national relationships in commercial and multifamily title.

Events (2015)

  • In 2015, Gill Group attended over 50 meetings and conferences from California to New York, and just about everyone in between.

GROWTH (2015 - Highlights):

  • Gill Group added two offices in Michigan and one in Wisconsin, further expanding our staff of architects and engineers.
  • Gill Group and Greystone formed a Joint Venture to provide a full line of consulting and development services for Rental Assistance Demonstration (RAD) transactions. Gill Group and Greystone are utilizing each of our areas of expertise in a collaborative effort, with a mission to partner with PHAs across the nation in preserving and expanding the affordable housing inventory under the HUD RAD program. Our team fully understands the intricacies of the real estate and affordable housing industries, and our services are provided by professionals who are fully immersed in LIHTC executions, construction management, project accounting, regulatory compliance, real estate transactions, and opportunity development. We sit on national and state boards and have in-depth knowledge of industry trends and best practices. As a developer team, we operate as three individual entities, each with a unique set of previous transaction experiences that add value to the project at hand. As a collaborative unit, we draw upon those experiences to bring to the table creativity, fresh ideas and unsurpassable development advisory services.
  • Gill Group’s subsidiary, National Title & Escrow, added two new offices in Missouri and Arkansas, further expanding our ability to service our nationwide base of customers.

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. 

  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
  • Affordable Housing Finance – Five Ways to Optimize a Market Study

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 (2014)
  • (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
  • (Chicago, IL) AHF Live – Acquisition Challenges and Opportunities
  • (Seattle, WA) NCSHA – Rural and Native American Development Strategies
  • (French Lick, IN) AHAIN – Appraisals and CNAs
  • (French Lick, IN) AHAIN – Pulling it All Together
  • (Chicago, IL) AHF Live – Preservation of Older LIHTC Deals
  • (Albuquerque, NM) MFA – Appraisals 101 (personal training for HFA staff)
  • (Atlanta, GA) NCSHA – Using Market Studies to Inform Site Selection

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