Rate Desk April 14, 2020

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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