In golf it is called a mulligan. At the playground or school yard it is called a do-over. At the US Department of Housing and Urban Development (HUD) it is called an Operating Loss Loan (OLL). Under the Section 223(d) […]
Sims Mortgage Funding is pleased to announce that we closed in late September a $3,237,200 loan for Opportunities Pavilion (OP), an 81 unit affordable, Section 8 elderly property in Kansas City, Missouri.
Yogi Berra, baseball Hall-of-Famer and sometime philosopher, is said to have once remarked, “it’s déjà vu all over again”. If Yogi was alive today and made that comment, he could have easily been referring to the current low-interest rate environment, similar to what we experienced during the Great Recession of 2008, that has led to a New Wave of HUD-insured refinancing transactions.
In this final Part 3, we close out the series, and the capital stack, by discussing debt financing structures.
One of the major challenges to the development of affordable housing is that there is typically a large gap between the costs of the project and the amount of financing that can be supported by operational cash-flow.
Older senior housing communities, in particular skilled nursing facilities, face numerous financial and operational challenges.
The economic dislocation in general wrought by the COVID-19 pandemic and its singularly devastating effects on senior citizens in particular has posed multiple challenges for owners and operators of multifamily rental projects, nursing homes and assisted living facilities, and senior […]
The COVID-19 virus is having a profound impact on the nation, temporarily, but dramatically, affecting how we live and work. The virus is roiling the capital markets, and policies imposed to slow its spread have ground the economy to a crawl in many quarters.
Like Prohibition, and more recently, bell-bottom jeans and eight-track music cassettes, HUD’s “three-year rule” for the Section 223(f) multifamily mortgage insurance program is no longer with us.
HUD's multifamily mortgage insurance programs recorded a solid performance in Fiscal Year 2019, which ended on September 30, but overall volume was down from 2017 and 2018.