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 …
WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has announced that the multifamily loan purchase caps for Fannie Mae and Freddie Mac in 2024 will be $70 billion for each enterprise, for a combined total of $140 billion. FHFA’s 2023 volume cap is $75 billion for each agency. Additionally, at least 50 percent of each enterprise’s multifamily business is required to be mission-driven affordable housing, which is unchanged from this year. Only loans classified as supporting workforce housing properties in Appendix A of the Conservatorship Scorecard will be exempt from …
WASHINGTON, D.C. — The Biden-Harris Administration has released a new guidebook, developed in partnership with the U.S. Department of Housing and Urban Development (HUD) and other federal agencies. The goal of the guidebook is to help housing providers identify federal resources to finance the conversion of commercial properties to residential and mixed-use developments. In addition to the guidebook, HUD will release an updated notice on how its Community Development Block Grant (CDBG) funding — $10 billion of which has been allocated during the current administration — can be used to boost …
WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has selected Bernard Fulton as vice president for housing policy and regulation, Latoya Lovick as vice president of membership and Ryan Hecker as a Research Assistant. Fulton comes to NMHC from the Housing Policy Council, where he served as Vice President for Government Relations. Prior to joining the Housing Policy Council, he served as legislative director for Congresswoman Jan Schakowsky, legislative representative for the City of New York and head of Congressional relations for HUD Secretaries Shaun Donovan and Julián Castro. As vice …
WASHINGTON, D.C. — JLL Capital Markets arranged the sale of The Shay, a 245-unit community located in the Shaw neighborhood of Washington, D.C. Robert Jenkins and Bret Thompson led the Investment Sales and Advisory team representing the seller. Built in 2015, The Shay features studio, one- and two-bedroom units and amenities such as a pool with a sundeck, two rooftop decks, a catering kitchen with a dining area and a fitness center. The buyer was not disclosed.