Multifamily Rental Resource Directory

Enterprise Community Partners' Green Communities

Fannie Mae's Multifamily Green Financing

Housing Assistance Council's Green Building Resources, Multifamily

National Association of Home Builders' Green Building

National Multifamily Housing Council's National Green Building Standard

Program Design Guide: Energy Efficiency Programs in Multifamily Affordable Housing
This guide looks at why many affordable multifamily property owners are unresponsive to outreach efforts for energy efficient financing and why such financing options should get more attention.

Stewards of Affordable Housing for the Future's EZ Retrofit Tool
This is a free, Microsoft Excel-based Benchmarking and Audit tool for use by small and medium size multifamily property owners and operators. The tool streamlines the building review process by assessing a limited number of retrofit measures that are widely applicable in the multifamily rental housing sector, including underwriters.

U.S. Environmental Protection Agency's Green Building

Community Development Investments Resources Under the Public Welfare Investment Authority

Under the 12 CFR 24 public welfare investment authority, banks may invest, directly or indirectly, in real estate development. Real estate development includes affordable multifamily housing projects that primarily benefit low- and moderate-income individuals, low- and moderate-income areas, or other areas targeted by a government entity for redevelopment. Banks may also invest under 12 CFR 24 if the investment would receive consideration under 12 CFR 25.23 (the CRA regulation) as a "qualified investment." Also see the OCC's public welfare investments (12 CFR 24) resource directory for further information and uses.

Low Income Housing Tax Credit Program

This program encourages investment in multifamily housing targeted to low-income households. OCC offers several publications with information about the program for banks and thrifts.

• Community Developments Insights: Low-Income Housing Tax Credits: Affordable Housing Investment Opportunities for Banks (March 2014, revised April 2014)
• Community Developments Investments: Preservation of LIHTC Properties: Year 15 Considerations (March 2017)
• Tax Credits Resource Directory

OCC Resources

The OCC offers publications on topics related to multifamily and community development.

• Community Developments Fact Sheet: Federal Home Loan Bank Programs for Community Investments
• Community Developments Fact Sheet: USDA Rural Housing Finance Programs: Loan Guarantee, Leveraged Loan, and Multifamily Loan
• Community Developments Investments: Multifamily Housing Preservation: Innovative Partnerships (March 2017)
  Describes the role of banks in preserving America's affordable rental housing and presents examples of how financial institutions and nonprofit organizations have utilized federal and state programs, tax incentives, loan funds, and the secondary market to create innovative partnerships in urban and rural areas.
• Community Developments Investments: Preserving Affordable Housing: Innovative Partnerships (PDF) (Spring 2008)
• Community Developments Investments: Small Multifamily Rental Property Financing (PDF) (Spring 2015)
  This issue describes what the small multifamily rental housing market looks like, some of the challenges the market faces, and the range of ways that banks and federal savings associations are active players in the market.
• Community Developments Spotlights: Effective Strategies for Community Development Finance
• Community Reinvestment Act (CRA)
  Banks and thrifts may receive positive CRA consideration for their participation in loans or investments in affordable multifamily housing. See general information about CRA.
• Rural Economic Development Resource Directory
  This directory provides descriptions and contact information for a number of organizations and websites that can provide resources to national banks and federal savings associations interested in lending, investing, or providing retail financial services in rural communities.

Other Resources

County Health Rankings & Road Maps
This program is a collaboration between the Robert Wood Johnson Foundation and the University of Wisconsin Population Health Institute. The annual rankings provide a revealing snapshot of how health is influenced by where we live, learn, work, and play. The road maps provide guidance and tools to understand the data, and strategies that communities can use to move from education to action.

Limited Equity Coops by Community Land Trusts: Case Studies and a Feasibility Assessment for the Hybrid Model
The Community Land Trust (CLT) Network's Research Collaborative partnered with Meagan Ehlenz, a doctoral student at the University of Pennsylvania, to produce a report titled, "Limited Equity Coops by Community Land Trusts: Case Studies and a Feasibility Assessment for the Hybrid Model." The report includes detailed project summaries of coop projects developed by CLTs and a tool to evaluate the feasibility of prospective multifamily limited equity coop projects.

Small City Economic Dynamism Index
This is a data set compiled by the Federal Reserve Bank of Atlanta. The data was used to create the Small City Dynamism Index to help policy makers and practitioners gain more nuanced perspectives. The index ranks 244 small U.S. cities across 14 indicators of economic dynamism in four categories: demographics, economics, human capital, and infrastructure.

State of the Nation's Housing 2017
The Joint Center for Housing Studies of Harvard University provides a current assessment of the state of the housing market and the foreclosure crisis; the economic and demographic trends driving housing demand; the state of mortgage finance; and ongoing housing affordability challenges.

Regulatory Guidance

Comptroller's Handbook: Commercial Real Estate Lending
This Comptroller's Handbook booklet provides guidance for bank examiners and bankers on commercial real estate (CRE) lending activities. For the purposes of this booklet, CRE lending comprises acquisition, development, and construction (ADC) financing and the financing of income-producing real estate.

Guidelines for Real Estate Lending Policies
Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices (PDF) - 71 Fed. Reg. 74580, December 12, 2006

Community Developments Investments: Preserving Affordable Housing - Innovative Partnerships
This is an OCC publication illustrating innovative approaches to help preserve the nation's supply of affordable multifamily rental properties.

Enterprise Community Partners Inc.
Enterprise Community Partners Inc. is a national nonprofit intermediary with more than 25 years of experience in the community development and affordable housing field and is a leading provider of capital and expertise for affordable housing and community development.

Housing Assistance Council
This national nonprofit intermediary was created to increase the availability of decent and affordable housing for rural, low-income people.

Limited Equity Coops by Community Land Trusts: Case Studies and a Feasibility Assessment for the Hybrid Model
The Community Land Trust (CLT) Network's Research Collaborative partnered with Meagan Ehlenz, a doctoral student at the University of Pennsylvania, to produce a report titled, "Limited Equity Coops by Community Land Trusts: Case Studies and a Feasibility Assessment for the Hybrid Model." The report includes detailed project summaries of coop projects developed by CLTs and a tool to evaluate the feasibility of prospective multifamily limited equity coop projects.

Local Initiatives Support Corporation
Local Initiatives Support Corporation, a national nonprofit intermediary, assembles private and public resources, enabling local organizations to access national resources and expertise and funding partners to leverage their investments.

Mortgage Bankers Association
Mortgage Bankers Association, a membership organization, represents the real estate finance industry.

National Association of Affordable Housing Lenders
This is a membership organization committed to increasing private lending and investing in low- and moderate-income communities for affordable housing and community economic development through its private sector lenders and investors.

National Association of Home Builders (NAHB)
NAHB, a membership organization, represents the home building industry, including multifamily builders and developers.

National Association of Housing and Redevelopment Officials
This association is a housing and community development organization whose members administer a variety of affordable housing and community development programs at the local level.

National Housing Trust
National Housing Trust is a nonprofit intermediary dedicated to the preservation of federally assisted, decent, safe, and affordable housing.

National Multifamily Housing Council (NMHC)
NMHC, a membership organization, represents firms engaged in all aspects of the apartment industry including ownership, development, management, and financing.

The Role of Nonprofit Organizations and Public Programs in Promoting Home Rehabilitation and Repair Activity (PDF)
The Joint Center for Housing Studies of Harvard University working paper, "The Role of Nonprofit Organizations and Public Programs in Promoting Home Rehabilitation and Repair Activity," cites the critical role nonprofits play in the home improvement and repair industry. The nonprofits listed were NeighborWorks America, Enterprise Community Partners, Local Initiatives Support Corporation, Rebuilding Together, and Habitat for Humanity.

Fannie Mae
Fannie Mae offers financial products for affordable and market-rate rental housing on apartment buildings, condominiums, and cooperatives with five or more individual units. Fannie Mae multifamily programs include debt financing through lenders for small and large multifamily loans, seasoned pool purchases, and structured transactions. Fannie Mae-approved Delegated Underwriting and Servicing lenders can underwrite, close, and deliver most loans without pre-review by Fannie Mae. The company also provides credit enhancement for tax-exempt bonds issued to finance the acquisition, new construction, refinancing, or moderate or substantial rehabilitation of multifamily housing. Additionally, Fannie Mae offers forward commitments, which allow lenders to lock in rates.

Federal Home Loan Banks
The Federal Home Loan Banks, through their affordable housing and community investment programs, are serving lower income households, as they have since 1990. The Federal Housing Finance Agency is responsible for establishing Affordable Housing Goals, maintaining data, annual reporting, and developing regulatory policies, as well as, conducting off-site monitoring and examinations of the Federal Home Loan Banks' housing and community investment programs and activities.

• Affordable Housing Programs at the Federal Home Loan Banks: Covers the Affordable Housing Program (AHP) and mentions the Community Investment Program (CIP) and the Community Investment Cash Advance (CICA) Program.

Freddie Mac
Freddie Mac multifamily programs help to ensure an ample supply of affordable rental housing by purchasing mortgages on apartment buildings with five or more units. Freddie Mac enables the purchase, refinance, and rehabilitation of older buildings and the construction of new affordable apartments, as well as senior and student housing. Freddie Mac purchases loans on mid-rise, high-rise, walk-ups, garden-style apartment complexes, and co-op buildings (but not individual units). Freddie Mac offers loans for small (5-50 units) multifamily properties.

HUD Section 8 Programs

• The Office of Recapitalization provides assistance and information for preservation of properties with expiring subsidies.
• The Section 8 Rental Certificate Program is designed to serve very low-income families by providing a subsidy for the difference between what the household can afford and the fair market rent.

HUD Special Needs Multifamily Housing Programs

• Assisted Living Conversion
• Emergency Capital Repairs
• Supportive Housing for Persons with Disabilities, Section 811
• Supportive Housing for the Elderly, Section 202

U.S. Department of Agriculture Rural Housing

The U.S. Department of Agriculture (USDA) offers several Rural Development Multifamily Housing Programs that offer loans and grants to developers of low-income community housing.

• OCC: Community Developments Fact Sheet: USDA Rural Housing Finance Programs: Loan Guarantee, Leveraged Loan, and Multifamily Loan
  This fact sheet describes both the USDA single family program (502) and the multifamily program (538). The 538 program was designed to increase the supply of affordable multifamily housing in rural areas through partnerships between Rural Development and major lending sources, as well as state and local housing finance agencies and bond insurers. The program provides federal credit enhancement to encourage private and public lenders to make new loans for affordable rental properties that meet program standards.
• USDA: Farm Labor Housing Direct Loans and Grants Program, Section 514
  This program provides affordable financing to develop housing for year-round and migrant or seasonal domestic farm laborers.
• USDA: Guaranteed Rural Rental Housing Loan Program, Section 538
  This program has been designed to increase the supply of affordable multifamily housing in rural areas through partnerships between Rural Development and major lending sources, as well as State and local housing finance agencies and bond insurers. The program provides Federal credit enhancement to encourage private and public lenders to make new loans for affordable rental properties that meet program standards.
• USDA: Multi-Family Housing Loan Guarantees
  The program works with qualified private-sector lenders to provide financing to qualified borrowers to increase the supply of affordable rental housing for low- and moderate-income individuals and families in eligible rural areas and towns.
• USDA: Rural Rental Assistance Program, Section 521
  The program offer rental assistance to individuals who are elderly, disabled, or low-income residents of multifamily housing complexes financed by the Housing and Community Facilities Programs. It provides qualified applicants with subsidies for the difference between 30 percent of the tenants' household income and the fair market rent.
• USDA: Rural Rental Housing Loan Program, Section 515

U.S. Department of Housing and Urban Development (HUD) Multifamily Housing Programs
Lenders approved by HUD can participate in Federal Housing Administration (FHA) multifamily mortgage insurance programs, including programs for new construction, substantial rehabilitation, and refinance of rental and cooperative housing, as well as special needs, assisted living, and seniors housing. HUD also operates the Section 8 voucher program, which subsidizes rent payments for low-income individuals.

• Housing Finance Agency Risk-Sharing, Section 542(c)
• Mortgage Insurance for Purchase or Refinancing of Existing Multifamily Housing Projects, Section 207/223(f)
• Mortgage Insurance for Rental and Cooperative Housing, Section 221(d)(3) and (4)
• Mortgage Insurance for Rental Housing for the Elderly, Section 231
• Mortgage Insurance for Rental Housing for Urban Renewal and Concentrated Development Areas, Section 220
• Mortgage Insurance for Single Room Occupancy Projects, Section 221(d)(3) and (4)
• Mortgage Insurance for Supplemental Loans for Multifamily Projects, Section 241(a)
• Risk-Sharing Program - Qualified Participating Entities, Section 542(b)

Center for Housing Policy's "Paycheck to Paycheck" Database
The Center for Housing Policy provides measures of wages and housing costs.

CDFI Coverage Map
This Opportunity Finance Network map provides a tool that may be used by elected officials, bank investors, and other entities to learn more about the community development financial institutions (CDFI) industry's geographic reach and scale. The map includes more than 270,000 nationwide locations where individuals, businesses, facilities, and other CDFI borrowers have benefited from $27.6 billion in financing by 217 entities that have been certified as CDFIs by the U.S. Department of Treasury's CDFI Fund. The map options include multifamily housing. The map also illustrates locations of CDFI funding so that a viewer can determine whether the location is urban or rural.

Housing Assistance Council (HAC) Data on USDA Rural Development
HAC manages the Rural Data Portal and its interactive map of quick data snapshots on the social, economic, and housing characteristics of U.S. communities.

HUD Multifamily Data
HUD provides annual multifamily production data.

HUD User
This is a resource for housing and community development research that is managed by the U.S. Department of Housing and Urban Development's (HUD's) Office of Policy Development and Research (PD&R). PD&R is responsible for maintaining current information on housing needs, market conditions, and existing programs, as well as conducting research on priority housing and community development issues that supports the department's efforts to help create cohesive and economically healthy communities.

Mortgage Bankers Association's Commercial/Multifamily Research

National Multifamily Housing Council
The National Multifamily Housing Council provides research and insights on apartment industry issues.

The Role of Community Land Trusts in Fostering Equitable Transit-Oriented Development: Case Studies from Atlanta, Denver, and the Twin Cities
This is a Center for Housing Policy's report from Senior Research Associate Robert Hickey. The report, published in conjunction with the Lincoln Institute of Land Policy and the National Community Land Trust Network, explores how Community Land Trusts (CLTs) are helping to ensure that affordably priced, transit-accessible single and multifamily homes will continue to be available for lower-income households as regions like Atlanta, Denver, and the Twin Cities expand and create new transit systems.

Urban Institute's Housing Assistance Matters Initiative
This initiative highlights research and analysis about the need for and benefits of well-managed public and assisted housing. Using a multimedia approach, this initiative draws upon research by Urban Institute scholars and others to explore key connections between all forms of rental assistance and outcomes for individuals, families, and communities. Check out the interactive map. Simply run your cursor over the map and county data will appear.