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CHANGES COMING SOON
The Love Funding team recently gathered in Boston to celebrate our 30th anniversary and discuss plans for the company's future. We enjoyed our time together and are proud of where we stand today as a top FHA lender; however, we recognize that our success means nothing without strong client relationships. So as a team, we put our heads together to identify measures to ensure that our clients keep coming back. We are streamlining internal processes, expediting underwriting procedures, simplifying loan documents and building out a loan portal to provide our clients with the very best in customer service.
We are also excited about the many changes happening at HUD, including a new 232 handbook to improve efficiency on the healthcare side and a detailed plan for the multifamily transformation. Stay tuned for more information, and in the meantime, let us know how we can better serve your needs. Let's start a conversation.
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Here are just a few loans we have recently closed on behalf of our valued clients. Click to view more.
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Parkwood Skilled Nursing
$4,760,400 Refinance Loan
Skilled Nursing Facility
St. Louis, Missouri
Broadway Townhouses $17,500,000 Sub Rehab LIHTC Loan
RAD Program Affordable Apartments Camden, New Jersey
Marymount Manor $4,401,400 Refinance Loan Skilled Nursing Facility St. Louis, Missouri
The Boulevard - Phase II
$22,233,900 Construction Loan
Market-Rate Apartments
San Angelo, Texas
Canton Place $7,300,000 Sub Rehab LIHTC Loan
Affordable Apartments
Canton, Michigan
KentRidge at Golden Pond
$9,172,500 Refinance Loan
Assisted Living Facility
Kent, Ohio
Union Arcade
$7,488,300 Sub Rehab Loan
Involved Historic Tax Credits
Mixed-Use, Market-Rate Apartments
Davenport, Iowa
Ontario Townhouses
$7,284,100 Refinance Loan
Affordable Apartments
Ontario, California
Utica Townhomes
$12,851,600 New Construction Loan
Market-Rate Apartments
Utica, Michigan
Egida del Buen Samaritano
$3,314,131 Loan Modification
Affordable, Age-Restricted Apartments
Caguas, Puerto Rico
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HUD recently rolled out a new 232 handbook to streamline healthcare loan processing nationwide. Love Funding underwriters attended training sessions to meet with the heads of the LEAN program and discuss the changes and improvements we would like to see. Here are some of the highlights:
- HUD is actively seeking experienced borrowers and operators for construction projects.
- HUD is streamlining reviews to achieve better consistency
- HUD reaffirmed the use of market cap rates, but there is still a significant focus on in-place net operating income
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HUD recently received approval from Congress to move forward with its plan to transform the Office of Multifamily Housing. The transformation, called Multifamily for Tomorrow, will roll out across the country over the next two years and include the following components:
- National workload sharing
- Single underwriter model and risk-based processing in production
- Account executive model in asset management
- Streamlining the organizational structure in headquarters and in the field
These changes are expected to improve the overall customer experience, including better service, more efficient and consistent Multifamily operations and improvements in HUD's risk management processes.
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Mark Dellonte Weighs in on the LIHTC Program
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Declining housing affordability has received a lot of attention over the past few years, and deservedly so. We've seen rising home prices across the country continue to chip away at Americans' ability to buy their own homes. Declining housing affordability has taken center stage in the national debate over whether it's a wise move to unwind Fannie Mae and Freddie Mac, the government-sponsored enterprises that back 90 percent of U.S. mortgages.
But while this challenge is well understood, declining rental affordability hasn't been as much of a hot-button issue. By 2020, more than one million apartment projects backed by low-income housing tax credits (LIHTCs) will come to the end of their compliance periods, making them eligible for a return to market-rate rents. This "LIHTC Ledge" threatens to exacerbate what is already a tenuous situation for the growing tide of renters who can't find affordable accommodations. Continue Reading.
Source: The Hill
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LOVE FUNDING + RAD PROGRAM
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Preserving Affordable Housing Nationwide
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Love Funding has been heavily involved in the Rental Assistance Demonstration (RAD) program, and we recently closed a $17.5 million sub rehab LIHTC loan for Broadway Townhomes in Camden, New Jersey. This 175-unit townhouse community was the first moderate rehabilitation project approved under HUD's RAD program, which allows proven financing tools to be applied to preserve and upgrade at-risk public and assisted housing, and provides for a long-term Section 8 rental assistance contract.
We are currently working with Public Housing Authorities across the nation to underwrite several other RAD projects. Learn More.
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Mark Dellonte
PHONE 202.887.1871
Call us today. Let's start a conversation.
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