Rate desk April 14 edition:
- All markets are up
- UST .736 bp
- 223(f) 2.55%
- 221(d)(4) 3.20%
- Fannie 3.25%
- Freddie 3.50%
- TEB 3.59%
- TEL 3.05%
- HUD affordable housing segmented LIHTC into two categories: new and existing
- New LIHTC:
- HUD escrow review
- 6 – 9 months of debt-service
- Modification available for cash-flow needs
- Existing LIHTC:
- 12-month DS reserve
- Modified with stress test supporting 50% economic vacancy
- DSCR of 1.15x
- Section 8 PBRA:
- 90% or more
- Will not be required to post a DSCR escrow
