News Alert: April 24
HUD Designates LIHTC Designated Census Tracts
Novogradac & Company reports:
The U.S. Department of Housing and Urban Development (HUD) has designated qualified census tracts (QCTs) for 2013 for purposes of the low-income housing tax credit (LIHTC) under Section 42 of the Internal Revenue Code (IRC).
HUD based the 2013 QCTs on new data from the 2010 Decennial Census and the 2006-2010 tabulations of American Community Survey. This is the first time since 2007 that the QCTs have changed substantially, and the 2010 census tract boundaries and numbers may differ from those established in 2000.
The 2013 QCTs will take effect on January 1, 2013. The 2012 difficult development areas (DDAs) designated in the October 27, 2011 Federal Register remain in effect.
News Alert: April 23
NYS HCR Names David Muchnick VP of Policy
The New York State Department of Homes and Community Renewal has announced that David Muchnick has joined the agency as the new Vice President of Policy. David will oversee Policy staff in Albany and New York City from our 641 Lexington Avenue headquarters, and will report directly to the President for Professional Services.
Since 1998, he has been the Principal at Sustainable Enterprise, a New York City based firm that has provided counsel, planning and analysis to a range of accomplished clients that have included New York Housing Conference, Rural LISC and Banana Kelly. Prior to that work, David spent almost two decades as the President and CEO of a Bronx-based non-profit, the South Bronx 2000 Local Development Corporation, which achieved HUD’S Award for National Excellence in Community Development Partnerships and a first-ever Presidential Award for Sustainable Development.
A former Fulbright Scholar, David holds an undergraduate degree from Dartmouth College as well as both a JD and a PhD in Sociology from Harvard University. He has used this training in previous positions in local and Federal governments (New York City, Boston and the Carter Administration) as well as in the private practice of law and university teaching and research.
News Alert: April 20
NYHC Signs on to Task Force's Letter Concerning FHFA REO-Rental Program
The New York Housing Conference has signed on to the National Foreclosure Prevention and Neighborhood Stabilization Task Force's letter to the Federal
Housing Finance Agency‘s (FHFA) addressing the "ongoing efforts to address the significant REO inventory held by Fannie Mae, Freddie Mac and FHA."
The task force expressed several concerns including:
1. No criteria for community impact expertise.
2. Equity participation and deposit requirement are hurdles for nonprofits.
3. No indication of long-term affordability incentives.
4. No indication of green renovation incentives.
5. Limited information available on offered properties.
6. No description of process for vetting bidders with relevant local authorities.
7. No requirement that REO disposition complement existing NSP strategies.
8. No monitoring of long-term outcomes or clear enforcement mechanisms.
News Alert: April 4
William Mulrow Takes Reins of HFA
William Mulrow officially began his tenure as Chairman of the New York State Housing Finance Agency (HFA), and the State of New York Mortgage Agency (SONYMA). Chairman Mulrow was confirmed by the State Senate on March 19th by a vote of 61-0.
Mr. Mulrow is currently a Senior Managing Director at Blackstone. He has served in executive positions with Citigroup, Paladin Capital Group, Gabelli Asset Management, Rothschild Inc. and Donaldson Lufkin & Jenrette.
His previous voluntary government experience includes service as chair of New York City's Rent Guidelines Board and the Westchester County Industrial Development Agency. He also served on the boards of the Federal Home Loan Bank of New York, the Municipal Assistance Corporation for the City of New York, and the United Nations Development Corporation.
Mr. Mulrow received an MPA from the Kennedy School of Government at Harvard University, and a BA from Yale University where he graduated cum laude and was a Rhodes Scholar Finalist.
News Alert: April 3
168 New Affordable Units Open in Chelsea
The Elliott-Chelsea on West 25th Street and 9th Avenue in Manhattan opened today, adding 168 units of new affordable housing in Chelsea. The $65 million development - 168 units in a 22-story building - represents a partnership between NYCHA, HPD and HDC is located on land which was previously a parking lot for neighboring NYCHA properties.
The HPD/NYCHA collaboration "has already produced more than 2,200 units with another 1,600 in construction or in the development pipeline; for a total of more than 3,800 affordable units."
News Alert: April 3
Centerline Capital Group Finances Four Harlem Properties
Centerline Capital Group announced it has provided a $45.2 million to refinance four multifamily properties in Harlem New York. The deal covers 388 total units.
The four mid-rise buildings are spread throughout the Bronx and were built between 1920 and 1984. Each building "has Section 8 HAP contracts covering 99% of the units. The loans all carry similar terms: 75% loan-to-value, 1.20 debt service coverage, with a 10-year term and 35-year amortization."
News Alert: April 2
HPD and HDC Finance Preservation of 445 Units in the Bronx
The New York City Housing Development Corporation (HDC) and New York City Housing Preservation and Development (HPD) announced the $33.2M in financing to preserve 445 affordable housing units in the Mott Haven section of the Bronx. OUB Houses and Mins Plaza are both in the Mitchell-Lama program and contain 361 and 84 units, respectively. Both developments will remain in the Mitchell-Lama program for an additional 30 years.