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Ancient History

Ancient History. FHA 1934 - 1986 31,987 loans 3,180,693 units about 61,000 units/year. More recent history. FHA 1987 - 2006 17,166 loans 2,389,844 units about 60,000 units per year financed, or refinanced. Market Rate. Rents vs Subsidy

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Ancient History

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  1. Ancient History • FHA 1934 - 1986 31,987 loans 3,180,693 units about 61,000 units/year

  2. More recent history • FHA 1987 - 2006 17,166 loans 2,389,844 units about 60,000 units per year financed, or refinanced

  3. Market Rate • Rents vs Subsidy • Mortgage and Interest Rate

  4. Initial attraction • Market • Identification of a site • What can go wrong?

  5. Flirting • Scope of the project - market • Local political landscape – zoning, design, traffic, etc. • Putting the team together

  6. The First date • Developer • Investors • Lender • Architect • General Contractor • Lawyers • Management Agent

  7. Going Steady • FHA vs other sources of financing? • Lender engagement • Zoning • Environmental

  8. Meeting the Parents • Concept meeting with HUD • Timing • APPS • Waivers?

  9. A pre-engagement ring? • Preapplication submission Market Environmental Rents / Expenses

  10. Getting ready to pop the question • Preparation of Firm Commitment application • A&E • Cost – (Davis who?) • Valuation • Mortgage Credit

  11. Getting ready to pop the question • Preparation of Firm Commitment application • Asset Mgt issues • Fair Housing • Legal

  12. The ring . . . • Firm Commitment application submitted to HUD • Deficiencies? • Firm Commitment issued

  13. Planning the big day • Firm Commitment accepted • Rate lock – GNMA security • Prep the closing documents

  14. The Happy Day • Conditions to the Firm? • Pre-closing passing papers • Pre-Construction conference • Meet with Asset Mgt • Bring Donuts

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