Padam Singh is an associate with Lancaster Pollard and is the affordable and market-rate housing client’s primary point of contact for Georgia, North Carolina, South Carolina, and Tennessee. He is responsible for helping clients evaluate their options as well as all underwriting and closing details. Since joining the firm in 2013, he has focused his efforts on affordable and market-rate housing, providing client guidance and support on a range of mortgage loans for rehabilitations, new construction and refinance projects.
In January of 2017, Lancaster Pollard sent an online survey to approximately 2,400 leaders in affordable and multifamily housing throughout the U.S. Over the course of two weeks, 243 respondents completed the online survey. The survey has a 95% confidence level and a confidence interval of 6.26, meaning that the differences in responses of 7 percentage points or more are meaningful.
The last time the U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) updated its Multifamily Accelerated Processing (MAP) Guide in 2011, it consolidated all of its program changes and guidance into one document with the ultimate goal of reducing application processing time while appropriately balancing risk to the FHA mortgage insurance portfolio. With its 2016 MAP Guide update just released, HUD hopes to build on that progress as part of its continued efforts to improve and streamline underwriting standards for FHA-insured loans, bring FHA programs to industry standards, promote the development and preservation of affordable housing and further reduce processing time.
For those receiving an abundance of real estate brokerage packages lately, one aspect is likely to stand out—the high prices sellers are asking for in today’s frothy acquisition market. Due to those high prices, as well as factors such as fewer closing contingencies, quicker closings and all-cash offers, now can be an ideal time to consider selling well-performing affordable apartment buildings.
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