Rockhall Provides $34.8 Million HUD-Insured Loan for New Construction of 228-Unit Multifamily Property in Texas

Rockhall announced it has provided a $34,792,300 loan to finance the new construction of Harbor Urban Center in Rockwall, TX.  The loan was originated by Kathryn Thompson of Rockhall’s Dallas office.  Harbor Urban Center will provide 228 class-A apartments with waterfront views situated across from the beautiful Lake Hubbard and Rockwall Harbor. The project with […]

11.28.2017
by admin
Read More

HUD Lowers MIP for Certain Affordable or Green Multifamily Projects

Starting this month, HUD is dramatically lowering the mortgage insurance premium (“MIP”) on new loans for certain affordable and energy efficient multifamily housing projects. The lower rate will incentivize owners to provide more affordable rental housing and to implement measures to make projects more sustainable. These changes only apply to multifamily but the HUD is […]

04.12.2016
by admin
Read More

Refinancing Section 202 Properties with FHA 223(f) Permanent Loans

New HUD guidelines make refinancing under Section 223(f) a great way for property owners to improve their Section 202 properties. In a nutshell, benefits include: Lowering project debt service by locking in a low fixed interest rate for up to 35 years; Financing deferred maintenance items and capital improvements that improve living conditions for tenants, […]

08.31.2015
by admin
Read More

Conventional Multifamily Developers: A Fresh Look at the New FHA

In the past, many multifamily developers did not consider FHA a viable option for construction financing. Recent changes have made FHA worthy of a second look. What’s Changed? Before. It wasn’t uncommon for loan applications to sit in limbo until field office staff became available to work on them. HUD seemed overly focused on file […]

08.24.2015
by admin
Read More

Section 8 Apartment Owners: New Tools To Bring Assisted Rents Up to the Market

Market rents have been rising steadily for the past 5 years. In its latest report, REIS shows a 1% quarterly increase in national average rents. A number of markets are experiencing double digit annual rent increases. New rules related to HAP renewals and amendments reflect HUD’s understanding that, to keep affordable apartment owners in the […]

by admin
Read More

Why FHA is Worth Considering for Your New Construction Multifamily Project

Multifamily developers who haven’t thoroughly explored FHA financing should call Rockhall for a no obligation analysis of their project. The most striking benefit of the FHA construction program is that the loan is a construction/perm. After the construction period, the loan converts to a fully-amortizing fixed rate permanent loan. Construction and permanent interest rates on […]

12.29.2014
by admin
Read More

Prevailing Wage – Maybe It Isn’t As Bad As You Think

HUD requires that all new construction and substantial rehabilitation projects comply with Davis-Bacon prevailing wage requirements. We have found that concerns about prevailing wages often are overstated. First of all, labor costs make up about a quarter of construction costs. So, even if prevailing wages were 10% higher, the overall impact on construction costs would […]

by admin
Read More