(RECAP: The major apartment owner and operator bought a five-community apartment portfolio in the Richmond area, with plans to keep the units affordable. But, the company will make some exterior and interior upgrades that will bring the total acquisition cost closer to $72 million. “Our hope with this acquisition is to help the State of Virginia preserve affordable housing for its police officers, firefighters, teachers, nurses and all other members of the middle class,” said Rick Band, a senior vice president of CAPREIT. “The apartment industry in Virginia, like many in the nation, is booming, resulting in the renovation of many apartment communities into Class A assets. But middle-class families, who can’t afford luxury rents, still need a reputable home that won’t price them out of the city. These communities do just that, and we intend to keep it that way.”)

Powered by WPeMatico

(RECAP: On April 26, HUD issued Notice CPD-16-07 providing guidance to Housing Trust Fund (HTF) grantees on the submission requirements for Fiscal Year (FY) 2016 HTF Allocation Plans. The Notice includes vital information on the HTF allocation plot process, including how HUD will say states of their allocation, required elements of the allocation plot, and guidance on revising state strategic plans and describes changes HUD has made to the consolidated plot regulations to account for the HTF allocation plot process. The Notice also details the process by which HUD will review and approve or disapprove of HTF allocation plans. States will need to review their current strategic plot to determine how the additional HTF resources will impact that plot and amend the strategic plot accordingly even if the state is not due to submit a full five-year consolidated plot in 2016.)

Powered by WPeMatico

(RECAP: The Consumer Financial Protection Agency (CFPB) just opened the door to possible changes and refinements in its Know Before You Owe rule. The agency, in a letter addressed trade groups representing principal mortgage origination stakeholders such as the American Bankers Association, Mortgage Bankers Association and credit union trade groups and their members said it has begun drafting a Notice of Proposed Rulemaking on the rule, and hope to open it for comment in late July. CFPB acknowledged the implementation of the rule, which contains the Truth-in-Lending Disclosures (TRID) requirement has posed many operational challenges, particularly because of the “diversity of participants, from small to large financial institutions, mortgage brokers, real estate brokers, and title companies, through warehouse lenders, investors, due diligence firms and rating agencies, whose perspectives may vary as to what compliance under the rule requires.”)

Powered by WPeMatico