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Atlanta Multifamily Hub Newsletter

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Atlanta Multifamily Hub Newsletter Atlanta Multifamily Hub Newsletter May 2010 Georgia, Kentucky, Tennessee and Puerto Rico Volume 1, Edition 2 The Atlanta Multi- From the Desk of the Director family Hub Newslet- cellent concepts that can be He has been involved in mul- ter is published and used in a team environment tifamily development and distributed quarterly. or as a reference for current management over the years, The newsletter is or potential supervisors and so he will be no stranger to another vehicle for managers. Be sure that you what we do. Look for him to record the time as training show a true interest in Multi- us to get the word since we are greatly encour- family and our mission. I am out to our industry aged to take training and sure that much biographical partners and share document each session. information will be distributed information about There is a great desire on the soon. the Atlanta Multi- part of our leadership to Continue your efforts toward family Hub. maximize the training oppor- meeting all of our traditional Robert W. Reavis tunities of the Housing staff. goals. We have always been Assistant Secretary for Hous- Ed Jennings was designated a Hub which accomplishes ing/FHA Commissioner David by Secretary Donovan as the what is asked, so let’s keep Stevens recently presented a new Regional Director. He is that tradition. I look forward training session entitled from Gainesville, Florida. I to coming out to each office ―Housing Training – Develop- know that all Georgia, Ten- and meeting with you. ing Leaders‖ via webcast. If nessee, Vanderbilt and Ken- you were unable to view it at tucky fans know where ~ Bob Inside this issue: the time of the live broadcast, Gainesville is. Yes, he is a I recommend that you view it Florida graduate and a Gator Director’s Desk 1 as an archived webcast on fan. I met him and he is im- HUD at Work. It is 51 min- pressive and committed. Housing Notice 1 utes long but gives some ex- 10-08 Housing Notice 10-08: Implementation of Refinement of Income and Rent Determination Operations Direc- 2 Requirements in Public and Assisted Housing Programs: Implementation of the tor ‘s Corner Enterprise Verification System—Amendments; Final Rule On April 13, 2010 HUD re- tion System — Amendments; less administrative burden in 2nd Quarter Hub 2 leased Housing Notice 10-08 Final Rule, published in the complying with third party Closings which provides instructions to Federal Register on Decem- verification requirements. owners and management ber 29, 2009. The use of the EIV will assist agents (O/As) participating in in preventing fraud, waste Program Center 3 The use of the EIV system by one of Multifamily Housing’s and abuse within Multifamily O/A as an upfront income News rental assistance programs Housing’s rental assistance verification (UIV) technique, listed in Section III of the No- programs. Employee Spot- 4-5 will serve as a valuable tool in tice, on the new requirements validating tenant reported For additional information light found in the Refinement of income during interim and about the notice, go to http:// Income and Rent Determina- Hub Directory 6 annual re-certifications of portal.hud.gov/portal/page/ tion Requirements in Public family income; as well as portal/HUD/program_offices/ and Assisted Housing Pro- streamlining the income veri- administration/hudclips/ grams: Implementation of the fication process, resulting in notices/hsg/files/10- Enterprise Income Verifica- 08hsgn.pdf Atlanta Multifamily Hub Newsletter Page 2 Operations Director’s Corner Training, training, training. views are to be conducted. always been a Hub that accom- Training is my life, it seems This is an opportunity for dia- plishes what is asked and that sometimes! Human Capital logue between supervisors and is due to your professionalism Development has long been employees regarding job per- and willingness to work hard on considered a priority – it is now formance to date. As a general a daily basis. a reality. Managers and su- rule we each do a self- pervisors are expected to men- assessment by sitting down We have had little opportunity tor staff via 20 to 30 hours of with our supervisor and dis- to hire this year, but have man- training. Succession Planning cussing where we are and what aged to staff two positions: is serious business today and we want to accomplish in the Roberto Valentin has accepted in the future. We expect that remainder of the year. the position of Asset Manage- there will be headquarters- ment Chief (see details on page supported training in the near Although management plan 5) in the San Juan Program future and also we expect to goals have not been officially Center; and Michael Harsma continue our Hub tradition of determined, in most cases, it is has accepted the position of training one of the develop- safe to say that we should Construction Analyst in the Paul Deignan ment disciplines on a three- strive to achieve at least what Nashville Program Center. year rotating basis. we accomplished last year. We Michael is moving from Iowa to are tracking achievements on a Nashville with an expected on Now that we have reached the monthly basis and are in good board date of June 7, 2010, half-way mark in fiscal year shape for the most part. I and will be featured in our next 2010 mid-year progress re- agree with Bob that we have Hub newsletter. FY-10 2nd Qtr 202/811 Closings The Atlanta Multifamily Hub had the following 202/811 Capital Advance closings during the 2nd Quarter. Georgia — Southwood Village (January) and Haven on Broad (March); Kentucky — Russellville Senior Housing (January) and Forest View Apartments (March); Tennessee (Nashville) — Pleasant Hill. The HUB’s collective goal for FY 2010 is 14 and the current clos- ings stands at 9. Revision to HUD Form 92264-A, Supplement to Project Analysis HUD recently issued Notice 73a of the Form HUD insurance applications sub- 10-07 and Mortgagee Letter 92264, ―Multifamily Sum- mitted henceforth including 2010 which provide infor- mary Appraisal Report,‖ for applications in processing. mation on its revision to new construction cases, and In cases where a Firm Com- If there are any Criterion 4 of the Form HUD for existing properties under mitment has been issued, questions regard- 92264-A, Supplement to Section 223(f). For substan- the Commitment must be ing the revision to Project Analysis. tial rehabilitation cases, the amended upon the request the Form HUD ―estimated value of the land of the Mortgagee. Form 92264-A is used to without improvements‖ from 92264-A, please determine the maximum Section H must be used. This revision will cause the contact Joseph insurance mortgage de- Criterion 4 mortgage to fully Sealey, Director of pending on the requirement This change applies to all reflect the value of the land. Technical Support of a particular mortgage multifamily mortgage insur- The form will be revised in at (202) 402- program. Effective the date ance programs that require HUDClips, and revisions will 2559 of the notice, line ―c‖ in Cri- completion of Criterion 4 of be made to processing in- terion 4 of the Form shall be Form HUD-92264-A. This structions to eliminate the changed to read ―Warranted change is effective on the term ―Site not Attributable Price of Land.‖ This corre- publication date of this no- to Dwelling Use.‖ sponds to Section G, line tice for multifamily mortgage Program Center News and Project Highlights Page 3 Kentucky Closes First Section 223(f) HUD-Insured Loan Louisville, KY — The Louis- comprised of 150 family and interior renovations ville Field Office recently residences situated in a which will ultimately cause closed a Section 223(f) mix of three bedroom gar- each unit to receive ap- Insured loan that also util- den and townhouse style proximately $12, 300 in ized Tax Credit Assistance units. All of the units will upgrades. Interior renova- Program (TCAP) funds as be rented to families with tions for residents include well as Low-Income Hous- qualifying household in- new kitchen cabinets, ap- ing Tax Credit (LIHTC) Eq- comes at below-market pliances, lights, doors, re- uity. The approximately rental rates. modeled bathrooms, and $8.9 million deal with Sum- water heaters. Addition- Thanks to a 223(f) HUD- mit Country Place Apart- ally, three flat units will be insured loan for ments, Ltd. Was funded by modified for the audio/ $6,587,500; TCAP funds Rockport Mortgage Corpo- visually impaired, with an- for $500,000 and LIHTC ration. other eight units to be- Equity for $1,816,218, the come accessible for the Country Place Apartments, property will be able to disabled. located in Hebron, KY is complete needed exterior Country Place Apartments 2010 Kentucky MF Housing Management Conference Louisville — The 35th Hous- vational speakers and two erans’ issues. She is also ing Management Confer- evening events. the founder of the Heather HUD Awards ence will be held at the French Foundation for Vet- The keynote speaker for Galt House Hotel and erans. Best New Project the luncheon is former Best PRAC 202 Suites, May 18-20, 2010. Miss America 2000, In keeping with the theme, Best PRAC 811 Best Risk-Sharing The theme for this year’s Heather French Henry. Ms. the Louisville HUD office Best Neighborhood Networks conference is ―Peace, Love Henry (wife of former Ken- will present the ―grooviest‖ Center of the Year and Affordable Housing‖. tucky Lieutenant Governor awards in several catego- Best Service Coordinator of the Year The conference is packed Stephen Henry) has be- ries. A list of the award Greening of Kentucky with educational sessions, come a national figure/ categories is on the right.
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