Multi-Family Development

News & Analysis as of

FHFA Increases 2016 Multifamily Lending Caps

On May 4, 2016, the Federal Housing Finance Agency announced that it increased its 2016 multifamily lending caps for Fannie Mae and Freddie Mac from $31 billion to $35 billion.  The increase is based on growing estimates of...more

Financial Services Weekly News - May 2016 #2

Regulatory Developments - Client Alert: CFPB Proposes Rules Prohibiting Class-Action Waivers in Arbitration Agreements - On May 5, the CFPB issued long-expected proposed rules that will drastically limit the use of...more

Increased Costs Shifting South Florida Apartment Construction

At the Miami Finance Forum’s recent panel discussion regarding the current status of South Florida commercial real estate, panelist commercial developers stated they are responding to strong tenant demand across all sectors....more

Oakland Proposed Developer Fees Updated March 24, 2016

[UPDATE: On March 22, 2016, the Oakland City Council’s Community and Economic Development Committee voted 3-1 to forward the impact fee legislation, without substantive changes, to the full Oakland City Council. The Council...more

Oakland Proposed Developer Fees Update March 11, 2016

Important changes to Oakland’s proposed new development impact fees are scheduled to be reviewed by the Oakland City Council’s Community and Economic Development Committee on March 22. If approved, the full City Council is...more

Five Things Multifamily Developers Should Know About Chicago's Revised Affordable Requirements Ordinance

The calculus has shifted for multifamily developers in Chicago who need zoning changes to accomplish development projects. Recent amendments to Chicago’s Affordable Requirements Ordinance (ARO) — Chicago Municipal Code...more

Oakland Proposed Developer Fees Summary

Unlike most large Bay Area cities, Oakland has not charged development impact fees to pay for affordable housing, but that is likely to change soon. The ramifications of a proposal to impose fees on new residential and...more

Colorado Springs Joins Other Colorado Municipalities in Addressing Construction Defect Reformation

On December 8, 2015, the Colorado Springs City Council unanimously (9-0) voted to approve an Ordinance that reforms construction defects litigation for common interest communities. In a municipality that rarely has unanimous...more

CFPB Finalizes Rule to Update Reporting Requirements of the HMDA

On October 15, the CFPB finalized a rule amending Regulation C to update the reporting requirements of the HMDA. The final rule changes what data financial institutions must provide to Federal agencies. ...more

Restrictions on Condominium Conversions

Now that the recession is beginning to become a memory of the past, the demand for housing is on the rise, and with it is the explosive interest in the multifamily market. As more Americans are choosing to marry later and...more

2015-2017 Housing Goals for Fannie Mae and Freddie Mac Finalized

On August 19th, 2015, the Federal Housing Finance Agency (FHFA) adopted a final rule establishing single-family and multifamily housing goals for Fannie Mae and Freddie Mac for 2015 through 2017. In addition, the final rule...more

Election Act 101 for Apartment and Condominium Owners and Managers

Alberta’s provincial election is fast approaching and that can only mean two things: bright-eyed candidates door-knocking across the province, and an increasing number of calls to our office from landlords and property...more

RALEIGH'S UDO AND THE CITYWIDE REZONING: What's New and How's it Working? [Video]

Raleigh's Unified Development Ordinance took effect September 1, 2013, and a massive rezoning is now underway to make its new zoning districts applicable to multifamily and commercial, including office, retail and industrial...more

Prepayment of tax-exempt bonds in connection with the sale of a multifamily housing project

In the last few years, we have seen an increase in the number of multifamily housing projects being sold at the completion of the 15-year low-income housing tax credit compliance period. Strong rental demand in many areas of...more

HUD Multifamily provides guidance on marijuana use in assisted housing

On December 29, 2014, Benjamin Metcalf, HUD Deputy Assistant Secretary for Multifamily Assisted Properties, issued a memo to HUD Multifamily directors and contract administrators clarifying the impact of medical marijuana use...more

Apartment Complexity: Appellate Court Sorts Out Multiple Coverage Claims for Construction of Uninhabitable Residence

In QBE Ins. Corp. v. Adjo Contracting Corp. (N.Y. App. Div. 2d Dep’t Oct. 29, 2014), an intermediate appellate court in New York confronted cross-appeals involving 15 different insurers embroiled in multiple lawsuits,...more

City of Lakewood Adopts Ordinance to Encourage Condominium Construction and Reduce Construction Defect Litigation

On Monday, October 13, 2014, the City of Lakewood became the first Colorado municipality to adopt legislation intended to encourage construction of “for sale” multifamily projects by mitigating the risks to developers and...more

AB 2222 Restricts Use of State Density Bonus Law

On September 27, 2014, Governor Brown signed AB 2222, which amended sections of the State Density Bonus Law (Gov. Code §§ 65915, 65915.5 ["DBL"]). The main purpose of the bill is to require developers to replace all of a...more

Draw down bonds and date of issuance: questions remain with IRS guidance

For many years multifamily housing apartment projects could be financed with tax-exempt drawn-down bonds and loans with all of the bonds issued pursuant to a draw-down loan being treated as part of a single issue. The date of...more

Positive Report for South Florida Commercial Real Estate

TREPP Analytics recently provided the U.S. commercial real estate industry some positive news – both the CMBS delinquency rate and seriously delinquent loans are down. The delinquency rate as of June 2014 is 6.05% (compared...more

Prudential Regulators Issue Statement On Increased Maximum Flood Insurance Coverage

On May 30, the OCC, the FDIC, the Federal Reserve Board, the NCUA, and the Farm Credit Administration issued an interagency statement regarding the increased maximum amount of flood insurance available for “Other Residential...more

Federal Banking Agencies Issue Guidance on Flood Insurance Requirements for Existing Loans Secured by Multi-Family Residential...

As we have previously advised, the maximum amount of flood insurance available under the National Flood Insurance Program (“NFIP”) for multi-family residential buildings with five or more units will increase from $250,000 to...more

2-year extensions of development orders and building permits - File before December 31, 2014 in order to receive a 2-year...

Bilzin Sumberg's Government Relations & Land Development Group is keeping its finger on the pulse of recent legislation that may affect you. If you have a current permit or development order which is scheduled to expire...more

Evolving trends in Maryland affordable housing

On April 30th Ballard Spahr was proud to host representatives from the Maryland Department of Housing and Community Development (DHCD), the Maryland Attorney General’s office, Pennrose Properties and AGM Financial to discuss...more

Maximum Flood Insurance Available For Multi-Family Residential Buildings With Five Or More Units Increases To $500,000 As Of June...

The maximum amount of flood insurance available under the National Flood Insurance Program (“NFIP”) for multi-family residential buildings with five or more units will increase from $250,000 to $500,000 effective as of June...more

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