WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has increased the multifamily loan purchase caps for Fannie Mae and Freddie Mac for their 2025 production. The government-sponsored enterprises (GSEs) will each have caps of $73 billion, or $146 billion combined, which is a four percent increase from the 2024 caps of $70 billion each. Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), states that the move to increase the cap is fitting due to recent moves by the Federal Reserve, which has twice reduced the federal …
WASHINGTON, D.C. AND MCLEAN, VA. — Mortgage financing firms Fannie Mae and Freddie Mac plan to impose stricter rules for commercial property lenders and brokers, according to a report from the Wall Street Journal. The new guidelines are part of an emerging regulatory crackdown on fraud. Federal prosecutors and investigators have been increasingly pursuing fraudulent mortgage schemes since 2022. The rules may come into effect later this summer. Under the new rules, lenders would have to “independently verify” the financial information of potential borrowers and verify their source of funds …
WASHINGTON, D.C. — JLL Capital Markets has arranged the sale of an office building in the Dupont Circle neighborhood of Washington, D.C. Located at 1201 Connecticut Ave. NW., the 12-story building comprises 190,385 square feet of office space. An affiliate of Duball purchased the community for $21.5 million, with plans to convert the development to a 161-unit community. Once converted, the property will also offer ground-floor retail space and rooftop amenity space, including a pool. A development timeline for the project was not disclosed. Tom Hall, Matt Nicholson, Kevin Byrd, …
WASHINGTON, D.C. — Affordable Homes & Communities (AHC) and Hoffman & Associates have opened The Westerly, a 449-unit mixed-income community in Washington, D.C. The asset is located approximately three blocks from The Wharf, a mixed-use development co-developed by Hoffman & Associates. The Westerly offers studio, one- and two-bedroom apartments, including 136 units that are evenly split with income restrictions set at 30 and 50 percent of the area median income. The property features 20,000 square feet of amenities such as a rooftop pool deck, courtyard with a fire pit, entertainment …
WASHINGTON, D.C. — The Biden Administration has planned an announcement to impose a limit on annual rent hikes at properties that have received support from the Low-Income Housing Tax Credit (LIHTC) program, according to a senior administration official. The new regulation would cap annual rent increases for these properties at ten percent. The Mortgage Banking Association (MBA) criticized the policy in a prepared statement on March 29. “Rent control has consistently proven to be a failed policy that discourages new construction, distorts market pricing, and leads to a degradation of …
WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has filed a petition to appeal the Federal Communications Commission’s (FCC) Digital Discrimination Rule. The new rule includes property owners as a “covered entity,” which would hold housing providers liable under the FCC’s enforcement scheme if adequate broadband internet connectivity is not available to its renters. The rule is slated to go into effect on March 22, 2024. NMHC stated in a press release that while it supports the goal of ending digital discrimination, it feels the new rule is overly …
WASHINGTON, D.C. — Greysteel has negotiated the $48.1 million sale of a four-property portfolio in Washington, D.C. American Housing was the buyer, while the sellers were locally based real estate investors. Greysteel represented the sellers in the separate transactions, which were completed through D.C.’s Tenant Opportunity to Purchase Act. The portfolio includes Newton Towers, a 56-unit community located in the Columbia Heights neighborhood; The Park Regent, a 96-unit property in Mount Pleasant; an unnamed 28-unit building located at 3654 New Hampshire Avenue; and a 43-unit building located in Penn Quarter. …
WASHINGTON, D.C. — Greysteel has arranged the sale of Longfellow Terrace, a 41-unit property in the Washington, D.C. neighborhood of North Petworth. Michael Murray, Kyle Tangney, Herb Schwat and Nigel Crayton of Greysteel’s Washington office represented the seller, Longfellow Terrace LLC, in the deal. The buyer was not disclosed. Longfellow Terrace is encircled by The Parks at Walter Reed, a mixed-use development that will feature 130,000 square feet of retail space, 325,000 square feet of office space and a new hotel and conference center.
WASHINGTON, D.C. — Red Oak Capital Holdings has provided a $5.8 million bridge loan for Hawaii Avenue Apartments, an affordable housing community located in Washington, D.C.’s Brookland neighborhood. The interest-only loan features a 12-month term with two six-month extension options and an all-in interest rate of 11 percent. The financing was underwritten based on the property’s forecast stabilized value of $8 million. The borrower, an entity doing business as Legacy Lofts II & III, plans to use the funds to acquire and rehabilitate the property into 22 apartments that will …
WASHINGTON, D.C. — Senate Finance Committee Chair Ronald Wyden (D-Ore.), Sen. Daniel Sullivan (R-Alaska) and U.S. Representatives James Panetta (D-Calif.) and Michael Carey (R-Ohio) have introduced the Workforce Housing Tax Credit Act into the U.S. House and Senate. The bipartisan proposal would establish a Workforce Housing Tax Credit (WHTC) that would complement the Low-Income Housing Tax Credit (LIHTC). The Workforce Housing Tax Credit Act would establish a public-private partnership that allows state housing agencies to issue credit allocations to developers through a competitive process. These credit allocations would then subsequently …
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