As we gather with family and friends this holiday season, we want to share all that we are thankful for and celebrate all that we have accomplished in 2018. We hope that you had a happy Thanksgiving with your families. Your MAH Team is thankful for so many things this year!
We are pleased to announce that we are now fully staffed both in Customer Engagement and Credit/Underwriting.
2018 was a year of transition for the MAH team, but we have added seasoned professionals to the team and I'm happy to say that the team is now in every time zone. So while many of the names and faces are new, the experience that they bring is deep and varied. Of special note, Georgia Hessick will be returning to Fannie Mae and joining my team in December. Georgia has strong affordable multifamily experience having worked in this field on both the lender and agency sides. She will serve as the Director of Affordable Transaction Management to oversee and prioritize transaction flow, augment our internal and external training, and implement process improvements to drive quicker response times for all Affordable Lenders and Priority Sponsors. We are eager to finish out 2018 strong and move into 2019 at full capacity.
As we have brought on new staff, we have also invested in training. We have offered a variety of training opportunities internally but also externally. In 2018, we conducted over 30 targeted affordable trainings with a combined total of more than 1,250 attendees. These trainings ranged from technology - like DUS Gateway®, C&D™ and the Affordability Estimator - to our products and product features like MBS as Tax Exempt Bond Collateral or M.TEB, Forward Commitments and Healthy Housing Rewards™.
We have also focused on an increased level of business communications, job aids and resources in an effort to drive consistency of execution across the channel. Please visit our website often for the latest and greatest materials. That is www.fanniemaemultifamilyaffordable.com. And please do not hesitate to reach out to your Affordable Deal Team or to me in order to coordinate training opportunities. We are here to help!
November was a busy month for our team with the largest affordable conference of the year, AHF Live! Fannie Mae was closed on Veteran's Day but that did not stop the team from arriving in force, excited and ready to hear from you. Over the course of the two day conference we had the opportunity to meet with many of you and saw many more of you at our reception on Monday night. It was a great time to reflect on the strong partnerships we have with our DUS® lenders and to celebrate our accomplishments together. I also participated in a panel and shared an update on the M.TEB product that continues to take off! Borrowers are very happy with the execution and the low interest rates the product delivers. I'll be hosting a webinar in the coming weeks to provide a recap of the panel for those who were not able to be there -- look for an invitation shortly!
In Chicago, we also held a meeting of the Affordable Market Dynamics Subcommittee and provided a comprehensive MAH update including a production update. In 2018 we strategically targeted growth in a number of product areas. The results are very strong and exactly what we planned to see: an increase in the financing of Section 8 and tax credit units. Through our product enhancement work around M.TEBs, Forward Commitments and Rental Assistance Demonstration (RAD), we are making significant impact in the "BIG A" Affordable segment.
Deal Highlight -- Betances Portfolio
We are pleased to be a part of the financing of the tenant-in-place rehabilitation of the Betances portfolio with the New York City Housing Authority (NYCHA). The portfolio consists of 1088 units in 39 scattered site multifamily properties and one community center located in the Mott Haven section of the Bronx in New York City. This existing NYCHA public housing was constructed between 1906 and 1974 and will undergo conversion through the HUD RAD program. This will facilitate the renovation of the property including replacement of all flooring, kitchen cabinets, bathroom vanities and tub enclosures. The rehab work amounts to over $100K per unit and will be completed in the first 2 years of this 30-year loan.
The RAD program is transforming public housing and bringing unprecedented benefits to local communities throughout the country. The program enables the use of public and private investments to help revitalize and preserve much needed affordable housing.
We are committed to affordable housing for the long-term and want to be a part of the preservation, rehabilitation and new construction of quality housing across the United States. The Betances deal demonstrates the work we do in the most deeply affordable segment, but we know it is important to provide quality housing for all income levels.
In 2019, Fannie Mae will increase transactions that promote Residential Economic Diversity (RED) (or mixed income) for tax credit debt transactions as well as state and local affordable housing programs.
Bring Us Your Deals!
We are very excited about the deals that we are seeing and we are always looking for more ways to help you with your affordable business. Show us what you've got and we'll do everything we can to win!
As we head into December, we wish you a healthy and happy holiday season. Reach out to us with any questions, and remember to visit fanniemaemultifamilyaffordable.com for more information about products, presentations and resources!