Apartment Loan Rates #FHA223f #FNMA #DUS 1-24-12

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Equity Residential aced out of Archstone stake - News - Crain's Chicago Business

Equity Residential aced out of Archstone stake - News - Crain's Chicago Business

Lehman Brothers Holdings Inc. closed on the purchase of a $1.325 billion stake in real estate group Archstone, raising its total stake in the sought-after apartment company to 73.5 percent, according to a regulatory filing made public on Monday.

Lehman's purchase sidelined real estate group Equity Residential, which had also sought to buy the 26.5 percent stake in the company from part-owners Bank of America Corp. and Barclays PLC. Lehman had already owned 47 percent of the company.

Read more: http://www.chicagorealestatedaily.com/article/20120123/CRED03/120129940/equity-residential-aced-out-of-archstone-stake#ixzz1kK3w815B
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#FHA223F #FNMA DUS and Small Loan Rates Move up with better Job Economic News

Apartment Loan Rates Commercial Mortgages Chicago, Nationally, Small Apartment Loans, FHA 223 F,FNMA DUS, FNMA Small Apartment Loan rates news
FHA 223F and FNMA DUS rates add 3/8% for Small Loans

Treasury Curve ~

Apartment Loan Rates

Apartment Loan Rates

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Apartment Loans Commercial Mortgages Chicago, Nationally, Small Apartment Loans, FHA 223 F,FNMA DUS, FNMA Small Apartment Loan rates news

APARTMENT LOAN RATES #APARTMENTLOAN #FHA223F #FNMA

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#FEDs checking Pay to Play #Section8 contracts #Dupage #Cellini #Ryan #Blago #IL #Business News

Federal officials are investigating the troubled DuPage County Housing Authority's handling of a Section 8 apartment project, sources familiar with the probe said Tuesday.

In March, DuPage County Chairman Dan Cronin forced the resignation of the agency's former executive director and all seven of its board members after HUD's inspector general issued an audit, ordering the housing authority to repay $10.75 million in misused tax money.

Pizzuto donated tens of thousands of dollars to convicted former Govs. George Ryan and Rod Blagojevich. He also worked with convicted Springfield power broker William Cellini and appeared on the clout list of convicted Blagojevich adviser and fundraiser Antoin "Tony" Rezko. The list tallied high-dollar campaign contributors deemed worthy of political appointments.

Good said the authority hopes HUD ultimately will forgive the $10.75 million it must repay once it is in compliance with federal rules.

Hoicka, the next executive director, said he's fully aware of what he's getting into.
"There have been problems in the past," he said, "but we have a future here, and it's a good future."

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Laura Feldman, a spokeswoman for HUD's Chicago office, referred questions to a spokeswoman in Washington, who did not return a message seeking comment.
The latest investigation is far from the agency's first run-in with HUD.
In March, DuPage County Chairman Dan Cronin forced the resignation of the agency's former executive director and all seven of its board members after HUD's inspector general issued an audit, ordering the housing authority to repay $10.75 million in misused tax money.
DuPage was directed to give that money back to its Section 8 housing program because it failed to properly document whether many tenants were eligible to get subsidized rent. It also was cited for making inappropriate credit card purchases, failing to allow competition for projects and, in some cases, overpaying benefits.
HUD officials in Chicago and the DuPage Housing Authority's new board continue to work on resolving the agency's accounting and administrative problems so it can be deemed in compliance by year's end, Feldman said.
"This is an arduous, very complicated, messy situation," she said. "We're still working with DuPage to clean it up." 

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#FHA #HUD Large Apartment Loan Underwriting Parameters #FHA223F #FHA221D4

HUD Issues Large Loan Underwriting Parameters

by

HudMap

 on Today at 02:32 PM 

Due to the current state of capital markets for multifamily finance, HUD has issued new standards for underwriting large multifamily transactions. The intent of the notice is to address the increased risk to the insurance fund presented by loans above $25M or over 150 units. The Housing Notice spells out underwriting standards that will be applicable to such loans in regards to Debt Service Coverage Ratio (DSCR), Loan to Cost Ratio (LTCR), Loan to Value Ratio (LTVR), funding for Initial Operating Deficit (IOD) and Debt Service Reserve (DSR), in addition to other underwriting and credit requirements for such loans.

Highlights:

- Increased DSC test and lower LTVs for new construction or sub rehab loans over $40M and over $50M for refis or purchases (223fs)
- Increases IODs for new construction or sub rehab loans over $25M
- Principal's net worth must be at lease 20% of the loan amount with liquid assets equal to at least 7.5% of the loan amount
- Release of any cash out proceeds for the excess value of the property contributed for a new construction or substantial rehabilitation development must not occur until the completed project has operated at breakeven occupancy for 12 consecutive months.

The new standards contained in this Housing Notice will not apply to:

a) loans below the size/unit thresholds,
b) refinancing loans processed under Section 223(a)(7),
c) refinancing or substantial rehabilitation loans for properties with rental assistance contracts covering 90% or more of the property’s units,
d) the insurance programs administered by the Office of Healthcare Programs (LEAN)

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