Credit Crisis

Final Legislation and Regulation

• Term Asset-Backed Loan Facility (TALF): Expands to Purchase CMBS, Including Legacy CMBS

  Federal Reserve program help meet the credit needs of households, small businesses and commercial real estate. (May 19, 2009)

• FHA Extends Waiver of Three-Year Rule, Makes Permanent Financing More Available for Apartment Firms

  In response to the freeze in the capital markets, the Federal Housing Administration (FHA) has issued temporary regulations making it easier for apartment owners to access the FHA for permanent mortgage financing. (February 6, 2009)

• Federal Guidance: Facilitating Commercial Real Estate Loan Workouts

  Gives banks more flexibility to extend or refinance commercial real estate (CRE) loans without worry that doing so will lead to an adverse action by bank examiners. (October 30, 2009)

• Treasury Rules Ease Restructuring of CMBS Loans

  Makes it easier for CMBS servicers to begin loan restructuring talks with borrowers before the loans go into default. (September 15, 2009)

• New Housing Initiative Boosts Affordable Rental Housing

  Treasury Department plan to provide more funding for state and local housing finance agencies (HFA) to support affordable housing initiatives, including multifamily development. (October 19, 2009)

• FASB Issues Three Staff Positions to Improve Transparency and Capital Access

  Final guidance addressesing mark-to-market accounting rules and other-than-temporary impairments. (April 12, 2009)

• Homeowner Affordability and Stability Plan Expands GSE Portfolios, Benefits Multifamily

  The Administration's Homeowner Affordability and Stability Plan includes a provision allowing Fannie Mae and Freddie Mac to each expand their retained mortgage portfolio by $50 billion to $900 billion, a move that is likely to also help the multifamily industry. (February 2009)

• Economic Stimulus Bill Includes Apartment-Related Provisions, Rejects Overly Generous Homeownership Incentives

  NMHC analysis provides details on the apartment-related tax, finance and spending provisions in the economic stimulus bill. (February 12, 2009)

• Housing Stimulus Bill: Apartment-Related Provisions

  Details the apartment-related provisions and victories in the housing stimulus bill signed into law on July 30, 2008. Includes FHA reform, GSE reform, enhancement and expansion of the Low-Income Housing Tax Credit, REIT improvements and several other priority issues for rental housing providers

Related Resources and Research

• FinancialStability.Gov Web Site

  Federal web site with details and the Financial Stability Plan and the Homeowner Affordability and Stability Plan. (February 2009)

• Meeting Multifamily Housing Finance Needs During and After the Credit Crisis

  Policy paper issued by Harvard University's Joint Center for Housing Studies and commissioned by NMHC educating policy makers about important differences between single-family and multifamily financing and identifying steps they should take to ensure an adequate supply of capital to the multifamily sector during and after the economic crisis. (January 2009)

• Congressional Panel Report: Wave of Commercial Foreclosures Threatens Banks

  A report by the Congressional Oversight Panel responsible for overseeing the Treasury's Troubled Asset Relief Program (TARP) expressing concern that a wave of commercial real estate foreclosures over the next four years could jeopardize the stability of many banks. (February 2010)

• Presentation: TARP, PPIP and TALF and Commercial Real Estate

  Reviews the current Treasury Department and Federal Reserve programs available for commercial real estate. (June 2009)