The National Task Force on Financing Affordable Housing - HUD User

212 Pages·2012·6.87 MB·English

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HOUSING·FINANCE·TASK·FORCE

The National Task Force on Financing Affordable Housing

Task Force Co-Chainnen
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Harry Albright, Jr. Chairman, Battery Park City Authority; Of Counsel, Patterson, Belknap, Webb & Tyler
Wayne E. Hedien Chairman and CEO, Allstate Insurance Company
Task Force Members
Amy S. Anthony President, AEW Housing Group, Aldrich, Eastman and Waltch

Gregory T. Barmore Chairman, President & CEO, General Electric Mortgage Capital Corporation

Richard D. Baron President and CEO, McCormack, Baron & Associates, Inc.

Gaye G. Beasley PreSident, The Patrician Mortgage Company

Barbara A. Cleary President, Affirmative Investments

Kent W. Colton Executive Vice President & CEO, National Association of Home Builders

Larry H. Dale Executive Director, National Housing lmpact Division, Fannie Mae

Terrence R. Duvernay Executive Director, Georgia Housing and Finance AuthOrity

Carl M. Eifler Managing Director, The First Boston Corporation

Paul S. Grogan President, Local Initiatives Support Corporation

F. Barton Harvey, ill Deputy Chairman, The Enterprise Foundation
Brian Hays lnunediate Past Chairman, Public Securities Association
John T. Joyce President, International Union of Bricklayers and Allied Craftsmen
George Knight Executive Director, The Neighborhood Reinvestment Corporation
Karen Kollias Vice President, American Security Bank
Michael D. Lappin President and CEO, 'l11e Community Preservation Corporation
Kenneth G. Lore Partner, Brownstein, Zeidman and Lore
Moises Loza Executive Director, Housing Assistance Council, Inc.
Steven A. Minter Executive Director, The Cleveland Foundation
Donald A. Mullane Execu.tive Vice PreSident, Bank of America
Dr. MarkJ. Riedy President and CEO, National Council of Savings Institutions
Richard S. Schweiker President, American Council of life Insurance
I. Donald Temer PreSident, BRIDGE Housing Corporation
Bernard L Tetreault Executive Director, Montgomery County Housing Opportunities Commission
Ronnie O. Tharrington Assistant Administrator for Housing, Farmers Home Administration
Mary Tingerthal Vice PreSident, Diversified Products, GMAC Residential Funding Corporation
Thomas J. Watt Senior Vice PreSident, Multifamily Housing, Freddie Mac
Frederick L Webber President and CEO, U.S. League of Savings Institutions
Walter D. Webdale Director, Fairfax County Depanment of Housing and Community Development
Individuals who have also served on the Task Force include: Robert A. Bowman, Thomas S. Condit,
Charles Goetze, Kamey Hodge, Henry M. Huckaby, Robert B. O'Brien,]ohn E. Pearson, Carl W. Riedy,Jr.,
Joseph B. Tockarshewsky,]ohn C. Weicher
II

Chairperson of Deputies Group
Kirsten S. Moy Vice President, Equitable Real Estate Investment Management, Inc.
Deputies to the Co-Chairmen
MyronJ. Resnick Senior Vice President and Treasurer, Allstate Insurance Company

Paul F. Washington Secretary to the Board, The Dime Savings Bank

Task Force Deputies
Joseph N. Belden Deputy Executive Director, Housing Assistance Council, Inc.
Eileen P. Betit Assistant to the President for Economic Research, International Union of Bricklayers and Allied
Craftsmen
Bonnie Cunic Caldwell Vice President, Government Affairs Housing and Asset-Backed Finance, Public
Securties Association
Michael Cadiner Staff Vice PreSident, National Association of Home Builders
James Cousins Senior Vice President for Legislative Affairs, U.S. League of Savings Instirutions
Susan E. Duvall Partner, Brownstein Zeidman and Lore
David Ennis President, Affinnative Investments Group Securities
Nancy Feldman Vice PreSident, The Community Preservation Corporation
Joseph 1. Flatley President, Massachusetts Housing Investment Corporation
Carol Galante Vice PreSident, BRIDGE Housing Corporation
Thomas F. Gerlitz Director, Multifamily Housing, Farmers Home Administration
Mark E. Goldhaber First Vice President, General Electric Mortgage Capital Corporation
Grace Ann Huebscher Senior Vice President, National Cooperative Bank
Stanley G. Karson Director, Center for Corporate Public Involvement, American Council of Life Insurance
Paul Katz Federal Affairs Representative, U.S. League of Savings Instirutions
JoAnne KeJUledy Director, The First Boston Corporation
Martin Levine Vice President for Low and Moderate Income Housing, Fannie Mae
DanielS. Lopez President, California Community Reinvestment Corporation
Michael L McCullough Director, Multifamily Finance, National Association of Home Builders
John C. Murphy Executive Director, Association of Local Housing Finance Agencies
Charles). Olsen Vice President, Multifamily -Production, Freddie Mac
Raymond L Pearson Vice President, Northwestern National Life Insurance Company
Bertson F. Roberts Special Assistant for Policy Program Development, Local Initiatives Support Corporation
Mark Sissman President, The Enterprise Social Investment Corporation
Jay Talbot Senior Program Officer, The Cleveland Foundation
Larry Yolk Director of Program and Policy Development, National Council of State Housing AgenCies
John F. Weir President, Local Initiatives Managed Assets Corporation
Thomas White Vice President for Multifamily Asset AcquiSition, Fannie Mae
Hillary B. Zinunennan General Counsel, McCormack, Baron & Associates, Inc.
III

PROJECT SPONSORS
Task Force Report Joint Center for Housing Studies Report
lEADING SPONSORS lEADING SPONSORS
(Contributors oj $10,000 or more) (Contributors oj $10,000 or more)
The Allstate Foundation AEtna Life and Casualty Company
Bank of America BankAmerica Foundation
Fannie Mae Foundation Chase Manhattan Bank/Chase Community
Development Corporation
The Prudential Foundation
The Equitable Life Assurance Society
AoDITION,U SPONSORS Fannie Mae
American Council of Life msurance The Prudential Foundation
Chemical Bank
The Cleveland Foundation AoDmONAL SPONSORS
The Community Preservation Corporation
The Community Preservation Corporation
The Enterprise Foundation
The Dime Savings Bank
Local lnitiatives Support Corporation
The Equitable Life Assurance SocietylEquitable
Real Estate mvestment Management, me. The Neighborhood Reinvestment Corporation
Fairfax County Redevelopment and The PrinCipal Financial Group Foundation, me.
Housing Authority
The First Boston Corporation
Freddie Mac
General Electric Mortgage Capital Corporation
Massachusens Housing mvestment Corporation
Mortgage Bankers Association of America
National Association of Home Builders
The Neighborhood Reinvestment Corporation
PRtNTh'lG A,'1D DISTRIBunON PROVIDED BY
ALLsTATE L'ISURANCE COMPANY
REPORT CREDITS
Task Force Report Joint Center for Housing Studies Report
CONSULTANT AND WRITER AurnoRS
Toni Gold Denise DiPasquale and Jean L Cummings
Joint Center for Housing Studies of Harvard University
COPY EDrroR
Mary Mclean -
Requests jor additional copies ojthe Task Force
DESIGN AND PRODUcnON report should be sent to:
Clifford D. Gray American Council of
Task Force Report
Life Insurance
c/o Mr. J. Charles Bruse
PRiNTING AND DISIlUBlJnON Allstate msurance Company
James Brewer Allstate Insurance Company 633 Pennsylvania Avenue, N.W.
Richard Reese Allstate Insurance Company Washington, D.C. 20004
IV
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CONTENTS
Page
CHAIRMEN'S PREFACE ....... ......................................... .......................... ...... .. .. .. ......................... V1

I. INTRODUCTION AND SUMMARY OF RECOMMENDATIONS .. .. ... ....... .. .. .... .... 1

ll. ORIGINATING TIlE Frn5T MORTGAGE:
Reconciling Srandards and Flexibility...... . ................... ............................... .... ................. . ...9

ill. STANDARDIZING THE SUBSIDY:
Reconciling Financial and Social ObjeClives ................ ................................. ........ ....................... 19

IV. GETTING TO THE CAPITAL MARKETS:
Reconciling Borrower and inveslOr Needs...... ....................................... ......................................25

V. VOLUME PRODUCTION:
Organizing rhe Loc:!1 Markel.. .... .............. .................... .. ............................... ...............................33

VI. REMAINING BARRIERS ... .. .. .. .... .......... ... .. .... .... ... ..... .. .... ... .... .. ... ... ......... ... ........... 43

YD. NEXT STEPS .. .. .... ................................................... .................... .............. ............. 4'7

APPENDICES
APPENDIX A: JOINT CENTER FOR HOUSING STIJDlES REpORT:
Accessing Capiral Markers for Affordable Renla.1Housing ......................... ......... .............. .. Ai

APPENDIX B: BmuoGRAPHY ........... .. ............................................................. ............ BI

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