• Update from REITWise 2015

    The National Association of Real Estate Investment Trusts (NAREIT) held their annual REITWise conference in Phoenix, Ariz. The latest accounting, tax, and economic issues impacting real estate investment trusts (REITs) were addressed over the course of the conference. Highlights from some of the committee meetings and sessions are summarized.
  • Note modification can reduce interest rates for affordable housing borrowers

    Due to increased loan volume and historically low interest rates available to borrowers, HUD has expanded its Interest Rate Reduction program, permitting borrowers of performing properties to reduce interest rates on FHA insured loans through a greatly abbreviated application process rather than requiring them to go through a complete, traditional refinancing. Now is the time for affordable housing borrowers to explore their refinancing options.
  • Detecting, testing, and reporting shifted costs

    Cost shifting is the unauthorized transfer of costs from non-reimbursable cost centers to reimbursable cost centers. Reallocated costs are the authorized repurposing of budget dollars resulting from advantageous purchasing practices or efficient delivery of construction services.
  • Housing Authority of Elgin secures public/private financing for $33.5 million affordable housing project for seniors under Rental Assistance Demonstration

    With Baker Tilly’s assistance, Central Park Towers was able to assemble layered financing from many public and private sources for a complex construction and rehabilitation project. It is one of the largest and most complex RAD transactions closed to date, and ensures quality affordable housing for Elgin’s senior residents for years to come.