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Update: FHA Multifamily Mortgage Insurance Programs Commitment Authority
With the passage of the Continuing Resolution (CR) by Congress to keep most federal government agencies running until mid-February, HUD is carefully watching the level of commitment authority available under the Guaranteed Insurance/Special Risk Insurance (GI/SRI) fund. Loans for the FHA multifamily mortgage insurance programs, along with the Home Equity Conversion Mortgages and condominium loans, may continue to be issued until the GI/SRI fund reaches its current commitment authority of $35 billion.
HUD believes there is sufficient commitment authority to last until the next CR is passed by Congress in February. HUD cautions, however, that a dramatic spike in home equity conversion mortgages could change that.
Rep. Barney Frank (D-MA) plans to introduce a bill as soon as Congress convenes in January that would increase the FY 2007 GI/SRI fund commitment authority from $35 billion to $45 billion, and would move the home equity component to a different fund. If Frank’s bill becomes law, it would be sufficient to ensure the multifamily programs have enough commitment authority for the remainder of FY 2007. NAHB staff will keep you posted as we learn more. If you have questions about this situation, e-mail Claudia Kedda at NAHB, or call her at 800-368-5242 x8547.
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Regulatory: NAHB Supports Easing Regs for Gulf Coast Reconstruction
The Army Corps of Engineers has proposed allowing general permits for construction on smaller lots — five acres or less — as a way to encourage speedier rebuilding in the Gulf Coast area hit last year by hurricanes Katrina and Wilma. And while there are provisions that NAHB would prefer be eased still further, the association appreciates that this effort does enable builders to move the reconstruction process along more quickly than before. For the full story, see this week’s issue of Nation’s Building News. E-mail any questions to Calli Schmidt, or call her at 800-368-5242 x8132.
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Finance: Final Guidelines Issued for Commercial Real Estate Lending
When proposed guidelines for commercial real estate lending were issued by the four federal banking regulators, NAHB raised issues that it felt should be addressed and clarified, including a concern that the guidelines did not recognize that residential real estate loans —such as those for multifamily developments — carry much less risk than many other commercial loans.
The final guidelines did strongly encourage lenders to consider the differences in risk with different types of commercial loans, and the lower risk profiles and historically superior performance of certain types of loans, specifically mentioning pre-sold construction loans and multifamily mortgages.
For the full story, see this week's issue of Nation’s Building News. For answers to more specific questions, e-mail Chellie Hamecs or Donna Ely at NAHB.
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Industry News: Affordable Housing Operating Costs—Feedback Requested
In collaboration with NAHB, the National Affordable Housing Management Association is encouraging members of the affordable housing community to participate in a survey to determine whether affordable housing operators are experiencing operating costs beyond what the properties can absorb, and whether HUD's existing rent increase mechanisms and inflation factors are sufficient to cover these costs. Information gathered through this industry effort will be used to support advocacy efforts with HUD and Congress.
Please take a moment to provide the requested information. The survey is available at this link. It will remain open through January 8. For more information, e-mail Claudia Kedda, or call her at 800-368-5242 x8352.
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Calendar: International Builders' Show; Pillars of the Industry Conference and Gala
- International Builder’s Show – Feb. 3-10
The International Builder’s Show (IBS) in Orlando includes committee meetings and pre-show events, Feb. 3-6, as well as the Board of Directors meetings, trade show, and educational seminars Feb. 7-10.
The schedule of Multifamily-related events and educational programs is available at this link. The full schedule of events is available at www.buildersshow.com.
- 2007 Pillars of the Industry Conference and Gala – April 11-14
The upcoming Pillars of the Industry Conference and Awards Gala will be held at the Westin Diplomat Resort and Spa, in Hollywood, Fla., April 11-13, 2007. The venue has a lovely beachfront location, featuring a variety of water sports and sport fishing opportunities, as well as a full spa facility for off-hours relaxation. Of course, as always, the educational programs will feature a top-flight roster of speakers drawn from upper-tier industry leaders. For more information or to register online, view this page.
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Resources: Fair Housing Act Information; Dell Computer Discounts
- Learn About the Fair Housing Act…
…before you receive an unwelcome call from the Department of Justice. Free training on the Fair Housing Act and its implications for multifamily builders and developers, funded by HUD, will be offered in these three area in the weeks ahead.
Lake Charles, LA — Jan. 9
Biloxi, MS — Jan. 19
Cleveland — Jan. 25
For more information on the training program and materials, and links to online registration for D.C. and other cities, go to http://www.fairhousingfirst.org/calendar.asp.
Washington, DC, multifamily builders and developers who participated in this training earlier in the month recommend that those who can’t take the free training at least take a look at the Fair Housing materials used in the workshops. These are available at this link.
- A Holiday Gift from Dell to NAHB Members
Dell computers is offering December double discounts to NAHB members on an array of products designed to meet the technology needs of your company. That means Dell’s normal discounts of 3%-5% to NAHB members will double to 6%-10% on essential small business technology, including business-class desktops and cutting-edge notebooks.
To Get Your Discount: Visit the Member Advantage main page on the NAHB Web site and click through Dell for complete details. To maximize your Dell Member Advantage Discount: After you have made your selections and are ready to purchase, call your dedicated Dell sales representative at 888-577-3355, Monday-Friday, 7:00 a.m.-8:00 p.m. (CST) and Saturday, 8:00 a.m.-5:00 p.m. (CST). Your sales representative will apply your NAHB member discount to your order. NAHB members who have previously ordered from Dell also receive a monthly catalog, which includes this double discount offer. The Dell Double Member Discount* offer is valid through 12/31/06.
* Double discounts do not apply to the preconfigured systems which are already priced at up to 20% off.
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or to contact us directly, please visit www.nahb.org
l ©2006, National Association
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