Multifamily

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.

The reality of converting office properties to multifamily housing is not as simple as it might seem, said Lisa Pendergast.

The Seattle bank's stock price fell in 2023 amid concerns over rising interest rates and its concentration of multifamily loans. The buyer is FirstSun Capital Bancorp, which raised $175 million as part of the deal.

The warnings come as more than $1 trillion of multifamily debt is due to mature through 2028, potentially leading to increased defaults and losses for banks and bondholders.

The city claims it can build the rental units quicker through this mechanism rather than low income housing tax credits.

Income-producing loans secured by real estate are under pressure at banks, the government-sponsored enterprises, insurers, and in CMBS to varying degrees.

Stress tests suggest systemically important depositories could weather current risks. Meanwhile, single-family arrears remain low, but that business could be impacted.

The agency is decreasing the dollar amount for the second consecutive year, maintaining the percentage quota for mission-related loans and adding a new exemption.

In conjunction with an announcement last week, federal agencies will conduct training workshops to help developers, lenders and other stakeholders benefit from the Biden administration's housing supply plan.