GSE & HUD

The rapid expansion and evolution of state and local property tax exemptions has become a critical tool in affordable and workforce housing finance. In many jurisdictions, these exemptions can materially improve project feasibility, enhance debt service coverage and, in some cases, function as a partial substitute for traditional subsidy sources. At the same time, these programs are highly jurisdiction-specific and frequently require careful structuring, ranging from nonprofit ownership overlays to public agency participation, ground lease arrangements and long-term regulatory agreements. As a

In welcome news for the industry and Miles & Stockbridge’s lender and developer clients, on September 23, 2025, the Federal Housing Administration’s (FHA) Office of Multifamily Housing Programs published a Federal Register final notice that reduces Multifamily Mortgage Insurance Premiums (MIPs) to 0.25% across all FHA Multifamily programs. This Notice does not apply to HUD’s healthcare facility financing programs. Background/History President Donald Trump signed a presidential memorandum Jan. 20, “Delivering Emergency Price Relief for American Families and Defeating the Cost-Of-Living Crisis,” and an

Freddie Mac published a Guide Bulletin on Aug. 26 that imposes new requirements on mortgages originated on or after Oct. 1, 2025. These requirements should be familiar to those who also originate Fannie Mae loans. Freddie Mac now requires that Optigo Lenders deliver the following items in the full delivery package: For acquisitions loans:Copies of any property-seller-side settlement statements For all loans:Copies of all documents that evidence the chain of title for the 36-month period preceding the mortgage origination; A copy of the

Fannie Mae recently announced updates to its Multifamily Loan Documents with Lender Letter (25-04). Since that time, Fannie Mae released a revised Lender Letter (25-04R) that changed the mandatory date for use of the loan documents from July 28, 2025 to August 4, 2025. The updates may be used immediately and must be used for: (i) all Mortgage Loans (other than forward conversions), with a confirmed Commitment Date on or after August 4, 2025, and (ii) forward conversions occurring on

“Build-to-rent” means what it sounds like: A builder constructs single-family homes specifically designed for renters. Also known as “build-for-rent,” these communities began in Phoenix during the Great Recession and have since spread across the Sunbelt. There were 83,000 build-to-rent construction starts last year, accounting for more than 8% of all single-family construction starts. Analysts believe demand will remain strong because the supply of for-sale homes remains tight due to high home prices and mortgage rates. Developers, investors, lenders and borrowers in

Freddie Mac published Thursday an update to the Freddie Mac Guide, which included a discussion of various underwriting, fraud detection and loan document changes. Here's what you need to know. Loan Documents/Legal Matters Most of the changes to the loan documents, including Loan Agreement and Guaranty, are minor and ministerial in nature but widespread. The biggest change is to incorporate the provisions of splitting the note riders to the Loan Agreement and Guaranty directly into the bodies of the documents. This allows Freddie

The Mortgage Bankers Association hosted its annual Commercial Multifamily Finance Convention and Expo (CREF) in San Diego last week, bringing together industry leaders, experts and professionals. Members of the Krooth & Altman GSE and HUD Team at Miles & Stockbridge headed west to network, exchange insights and engage in dynamic sessions that tackled the fast-changing economic, regulatory and political landscape. Below are some of the key takeaways from the event that are important to know. Updated Guidance Coming from Fannie Mae, Freddie Mac Fannie