(RECAP: Hunt Mortgage Partners, LLC today announced it provided financing to facilitate the acquisition and moderate rehabilitation of a multifamily property located in Portsmouth, Virginia. The total investment was $4.7 million. The property being bought is Dale Homes Phase I, a single parcel containing 146 units. The loan has an eighteen-year term, with two-years interest-only payments and a 35-year amortization schedule beginning in year three. “Dale Homes will be part of the Rental Help Demonstration (RAD) program in which its public housing units will be converted to project-based Section 8 housing with a 20 year HAP contract in-place at closing for 100% of the units,” clarified Joshua Reiss, Assistant Vice President at Hunt Mortgage Group. “The property will remain affordable housing relying upon LIHTC financing, and other sources, to finance the rehabilitation of the property,” noted Reiss. “By converting through the RAD program the property receives two 20 year project based rental help contracts thereby preserving affordability for the next 40 years.”)

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(RECAP: As its first Richmond development wraps up in Northside, a Washington, D.C.-based developer is moving forward with plans for its next residential project – the second of its trio of projects with the Richmond Redevelopment and Housing Authority.
Community Preservation and Development Corp., which this week started moving residents into its Highland Park Senior Apartments, a rehab of the ancient Highland Park Public School, will go before the city plotting commission in January to request a revision to its plans for a mixed-use, mixed-income development in Jackson Ward.
The $32 million project is already approved for 182 apartments, 72 of which would be designated for replacement housing for residents of RRHA’s Frederick A. Fay Towers. While that number for replacement housing would not change, CPDC is seeking to increase the number of apartments to 194. The remaining 122 apartments would be a mix of affordable housing and market-rate rents. CPDC plans to end the Highland Park apartments by the end of January. Funding for that project, totaling $11.4 million and involving low-income housing tax credits and state and federal historic credits, came from several sources.)

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(RECAP: Fannie Mae has announced its new Flex Modification foreclosure prevention program, designed to help families by offering reductions to their monthly mortgage payments. The Flex Modification leverages components of Fannie’s Home Affordable Modification Program (HAMP), set to expire at the end of 2016, and the Fannie Mae Standard and Streamlined Modifications, which will be replaced by the Flex Modification in late 2017.The new program was developed in alignment with Freddie Mac at the direction of the FHFA. The Flex Modification incorporates input from a wide range of industry participants, as well as lessons learned from earlier programs. It is expected to provide a 20 percent payment reduction for eligible borrowers. A high percentage of those who are at least 60 days delinquent would be eligible; the modification could also be an option for those who are current or less than 60 days delinquent in certain situations.)

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