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Posts Tagged ‘area median income’

FHFA Stretches Multifamily Affordable Housing Lending Categories

May 15th, 2015 Comments off

housing market  costar  credit    5 2015Both of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, operate under a $30 billion cap for purchases of multifamily loans, according to costar. Since they each hit $10 billion in the first quarter, they would max out by the third quarter, leaving no available funds to finance deals in the latter half of the year.

Fortunately, the Federal Housing Finance Agency (FHFA), while not raising those caps, adjusted the affordable housing lending exclusions so that multifamily loan amounts purchased by the GSEs will cover the percentage of units in a property that are considered affordable to renters at 60 percent of the area median income.

In addition to continue excluding manufactured housing rental communities from the caps, as MHProNews reported April 21, 2015, the FHFA also excluded assisted living units for seniors providing they are affordable at 80 percent of the area’s median income. In very higher cost areas, the threshold will be raised to 80 percent of the area’s median income, and even to 100 percent in areas where renters spend a higher percentage of their income on rent.

FHFA Director Melvin L. Watt says, “By responding to continued strong growth in the overall multifamily finance market and making these adjustments, we have sought to achieve two objectives – facilitating ongoing liquidity in the multifamily market and further encouraging the enterprises’ involvement in affordable rental housing.

Additionally, exclusions from the previous caps only covered government subsidized rental units, but under the revisions, some conventional market-rate units may also be considered “affordable.” ##

(Image credit: costar)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Modular Homes Rising across from NYC

January 27th, 2013 Comments off

The HudsonReporter informs MHProNews, following a lengthy process of having chromium- contaminated land cleaned up in Jersey City, New Jersey, a consortium of non-profits and for profits witnessed the arrival of 22 modular townhomes that will be known as Jackson Green on Rose Avenue, in the Martin Luther King Drive Redevelopment Area. In the 1980’s the Interfaith Community Organization (ICO) began pushing to clean up the land with the ultimate goal of increasing the stock of affordable housing in Hudson County. The collaboration of ICO, the Jersey City Redevelopment Agency (JCRA), The Reinvestment Fund (TRF), Honeywell, HUD, and New Jersey Housing and Mortgage Finance Agency’s CHOICE Program resulted in the $7 million project of Energy Star certified dwellings. The modular homes will be offered to those earning 80 to 120 percent of the area median income, about $40,000 to $50,000 for a family of four, and should be finished by the summer. Prices on the three-story, three-bedroom homes will start at $112,000.

(Photo credit: E. Assata Wright/HudsonReporter)

Grant Money to Replace Manufactured Homes

April 25th, 2012 2 comments

DailyCourier reports from Prescott Valley, Arizona the town government will receive $300,000 from the Arizona Department of Housing to fix-up owner-occupied homes and replace aging manufactured houses. The program is designed to help low to moderate-income households remedy building code violations or health and safety issues. MHProNews.com has learned the grant is sufficient to repair 10-15 homes, providing the homeowners’ income is below the area median income. There was no specification as to how many manufactured homes may need replacing.

(Photo credit: Town of Prescott Valley, AZ)