Multifamily

The Massachusetts House passed a bill that would ease the process for property owners looking to build accessory-dwelling units.

In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.

Regulatory reform – rather than Biden's proposed solutions – is needed to fix the inventory crisis, some say, but others applauded the president's buyer cost-cutting initiatives.

But a part of the proposal getting mixed reviews extends a risk sharing program that provides capital to housing finance agencies for multifamily loans.

The rebuff Tuesday ends months of deliberations over the cases, which had been fully briefed since late September. The court as a whole gave no explanation for either the rejection or the unusually long delay. 

The real estate investment trust lowered its dividend to 25 cents a share after the company realized a nearly $59 million loss on a Philadelphia office loan.

The cracks in the commercial real estate market are widening from offices to apartment complexes, with more than $67 billion of the housing potentially distressed as borrowers struggle to repay loans extended during the height of the pandemic.

The Tax Relief for American Families and Workers Act of 2024 includes restoration of a 12.5% increase in the program's 9% limit that expired in 2021.

Though the rate of growth for these conversions has slowed due to higher financing costs and long lead times associated with zoning and permitting, the trend is here to stay.

The House Ways and Means Committee is marking up the bipartisan legislation that would restore a 12.5% boost to the program's availability.