MBA LIHTC Committee Update

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Presentation transcript:

MBA LIHTC Committee Update Current & Future Initiatives September 20, 2018 Western Mortgagee Advisory Council 2018 Conference San Francisco, CA

Completed Policy Initiatives – 2017/2018 1. Pledge of GP Interest for Equity Bridge Loan √ 2. Waivers of Latent Defect for LIHTC Heavy 223(f)s √ 3. Waiver of Working Capital for Tenant-in-Place Rehab √ 4. (d)(4) Affordable Wheelbarrow 2.0 √ - 223(f) version coming soon! 5. Deferred Developer Fee Note – Aligns term of DDF Note with IRS requirements – In process; agreement in principle; method of documentation being discussed w/HQ.

Future Policy Initiatives – 2018/2019 221(d)(4) Pilot – Committee will be at HUD’s service to aid in implementation. Chapter 14.16.C – Remove Automatic Termination of Equity Bridge Loan upon Foreclosure/Deed in Lieu – Request submitted to HUD HQ. Revisions to Chapter 14 for 2019 MAP Guide Update – Thank you to volunteers on board; kick off for working group at September 25th. Income Averaging – Seeking volunteers for working group to propose underwriting/policy guidelines Extension of Term of Equity Bridge Loan beyond Final Endorsement/Construction Completion – 2019 MAP Guide (or sooner?) Option for Deferred Developer Fee as LPA Obligation rather than Surplus Cash Note – Proposed MAP Guide revision drafted.

MBA LIHTC Committee Chair MBA Tracy W. Peters Sharon Walker Senior Managing Director RED Capital Markets, LLC 10 West Broad Street, 8th Floor Columbus, OH 43215 twpeters@redcapitalgroup.com tel: +1. 614.857.1656 efax: +1. 614.857.9758 redcapitalgroup.com MBA Sharon Walker Associate Vice President Commercial/Multifamily Group Mortgage Bankers Association 1919 M Street, NW, 5th Floor Washington, DC 20036 swalker@mba.org TEL: (202) 557-2747 mba.org Rita Kelly Administrative Assistant Commercial/Multifamily Group rkelly@mba.org TEL: (202) 557-2744 Vice Chair Terry Wellman Senior Vice President FHA Chief Underwriter Multifamily PNC Real Estate 19382 Sierra Perla Irvine, CA 92603 terry.wellman@pnc.com Office: 949.333.3897 Cell: 949.241.5490