Former New York City Mayor Ed Koch used to walk the streets of his city asking the public, “How am I doing?” Had he run into Hall-of-Fame football coach (and New Jersey native) Bill Parcells, the answer would have been, “Mayor, you are what you record says you are!”
The “donut hole” in HUD’s coverage of the senior housing and healthcare continuum is for unlicensed, rental independent living (IL). HUD insures mortgage loans for skilled nursing and assisted living under the Section 232 program, but they limit the inclusion of unlicensed IL units in these projects to no more than 25% of the total.
Regular visitors to this space know that we have written periodically about HUD’s efforts to develop a new recapitalization program for its “second generation” Section 202 elderly housing projects. HUD moved closer to this goal earlier this month when it sponsored an online conference titled “RAD for PRAC Projects Listening Session”.
Vintage Realty Company purchased the development rights for Elan at Terra Bella, a proposed 178-unit market-rate project in a Traditional Neighborhood Development (TND) on the North Shore, one of the fastest-growing sections of the New Orleans metropolitan area.
If you ask five mortgage (or investment) bankers to define an affordable housing project, you’ll likely get ten different answers! It seems like just about every multifamily capital source, from state housing authorities to tax-credit […]
In last month’s edition, we asserted that one year and change after the 2016 election, under the new administration HUD’s multifamily and healthcare mortgage insurance platforms continued to function effectively. This month, we provide some […]
Sims Mortgage Funding (SMF) had a very good 2017 – here are some of our highlights: We closed loans for market-rate multifamily housing, affordable housing preservation, skilled nursing, and hospital projects in New Jersey, New […]
Recent legislative events in Washington DC relating to tax reform have made the upcoming holiday season a very challenging time for the capital markets. Whether these events will result in a “stocking stuffer” or the […]