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 […]
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.
Last year, Sims Mortgage Funding took its consulting and financial advisory services to new heights. How high? Our work assisting clients navigate through the HUD regulatory and programmatic maze in purchasing healthcare properties exceeded our origination activities, which took us 5,000 miles west to Hawaii and closer to home in Pennsylvania, where we completed a third refinancing for a client.
The HUD LEAN Section 232 mortgage insurance program for skilled nursing and assisted living/memory care facilities had a strong performance in Fiscal Year 2019, which ended on September 30. They issued $4.154 billion in mortgage insurance commitments for 314 projects and closed $3.733 billion in insured loans for 288 projects.
The Project’s Sponsor owns four affordable housing properties in Pennsylvania and previously had turned to Sims Mortgage Funding to refinance two of them, on a “cash-out” basis.
One of the many positive features of HUD-insured loans is that they have attractive interest rates, driven largely by the Federal Government backing and the ability to securitize the debt through the GNMA.