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National banks and federal savings associations are using innovative approaches to help preserve the nation's supply of affordable multifamily rental properties, ranging from predevelopment financing to new debt products and mission-driven equity investment structures.
Multifamily housing preservation is a preeminent affordable housing policy goal, and national banks and federal savings associations can play essential and profitable roles.
The U.S. Department of Housing and Urban Development's Rental Assistance Demonstration program helps match private capital with long-term public subsidies to finance extensive rehabilitation of aging, assisted housing projects.
National banks and federal savings associations may earn Community Reinvestment Act consideration for supporting affordable housing that serves the needs of low- or moderate-income individuals.
Low-income housing tax credit (LIHTC) property owners must properly manage the tax compliance risk when exiting LIHTC deals or transferring ownership, which is essential to ensuring the preservation of these properties.
PNC Bank has supported affordable housing preservation by actively investing in LIHTC transactions and expanding its syndication platforms.
To address affordable housing preservation challenges in rural areas when U.S. Department of Agriculture Section 515 subsidies expire, banks and state housing programs are offering innovative multifamily financing solutions.
Freddie Mac financed more than $5 billion in affordable rental housing in 2015 and is developing financial strategies to drive more investment capital into this market.
Fannie Mae offers flexible refinancing tools to support affordable housing preservation, streamline small multifamily rental financing, and provide loan solutions for energy-efficient multifamily properties.
Collection: Community Developments Investments
Clockwise from top left: R Street Apartments, residents of the St. Dennis Apartments, St. Dennis Apartments, and Galen Terrace Apartments, all in Washington, D.C. (Photos courtesy of the National Housing Trust)
Call (202) 649-6420 or email communityaffairs@occ.treas.gov. This and previous editions are available on the OCC's website at www.occ.gov/communityaffairs.
Articles by non-OCC authors represent the authors’ own views and not necessarily the views of the OCC.
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