Finance Stories | Community Development Digest

Revised ERISA Guidelines Could be Huge Boon for Development

The latest revisions to the Employee Retirement Income Security Act (ERISA) guidelines will allow retirement asset investments that yield social and environmental impact. The revisions address guideline changes made in 2008 that limited investors’ ability to use socially conscious investment vehicles. Indeed, ERISA’s latest revision has the potential to stimulate investment of the nation’s $25 trillion in retirement assets in affordable housing and equitable economic development.

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New Guide Explains Valuation of High-Performance Buildings

The guide helps lenders assess green and energy-efficient building features. This is important since collateral risks may be reduced if green premiums on such properties are being paid in the marketplace

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Free Tool Kit Aids Dodd-Frank Sec. 342 Compliance

The tool kit, reviewed and supported by the Mortgage Bankers Association (MBA), provides a free alternative for financial service businesses to benchmark, document and report their compliance with the proposed standards mandated by Section 342 of the Dodd-Frank Act. It is a confidential resource that includes a workbook and online assessment that maintains user anonymity as it does not store any of the data provided.

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Summit Attracts Hundreds of Housing Industry Stakeholders

More than 700 mortgage originators, housing finance experts, and government officials this week are attending the third annual Ginnie Mae Summit in Arlington, VA. The two-day Summit, which runs Sept. 21-22, explores the biggest challenges facing the housing industry, including the shift to independent mortgage bankers, new business models for managing mortgage servicing rights, and the uncertain regulatory environment.

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Firm Secures $27.8 Million Loan for Affordable Housing Complex

Commercial real estate financial investment firm Walker & Dunlop Inc. has secured a $27,882,000 loan for Lakeside Landing in Tacoma, WA.

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Firm Nails $20.8M Refinance Deal for Apartment Complex

The loan is structured using the Department of Housing & Urban Development’s (HUD) Section 223(a)(7) program.

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Maryland-based Firm Closes $50M Loan for Chicago Area Complex

Bethesda, MD-based Walker & Dunlop Inc. has closed a $50 million loan for Greenwood Capital Investment’s refinancing of Autumn Chase Apartments, a 550-unit property located in the Chicago suburb of Hoffman Estates, IL. The borrower plans to use a portion of the proceeds toward future multifamily development opportunities.

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Administration Eyes $100 Million Worker Training Competition

The grant competition will support the scaling up of evidence-based strategies, such as accelerated learning, work-based learning, and Registered Apprenticeships.

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Satisfaction Improves among Small Business Banking Customers

The study, now in its ninth year, measures small business customer satisfaction with the overall banking experience by examining eight factors: product offerings; account manager; facility; account information; problem resolution; credit services; fees; and channel activities. Satisfaction is calculated on a 1,000-point scale.

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Freddie Mac to Back Factory Housing Loans

In what is expected to be a boon for developers in rural areas, commercial loans will be made to community owners who own the land on which the homes are located.

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