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

2. 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.

3. Future Policy Initiatives – 2018/2019
221(d)(4) Pilot – Committee will be at HUD’s service to aid in implementation.
Chapter 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.

4. 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
tel:
efax:
redcapitalgroup.com
MBA
Sharon Walker
Associate Vice President Commercial/Multifamily Group
Mortgage Bankers Association
1919 M Street, NW, 5th Floor Washington, DC 20036
TEL: (202)  
mba.org
Rita Kelly
Administrative Assistant Commercial/Multifamily Group
TEL: (202)  
Vice Chair
Terry Wellman
Senior Vice President
FHA Chief Underwriter
Multifamily
PNC Real Estate
19382 Sierra Perla
Irvine, CA 92603
Office:
Cell: