F-1: HUD 202 Program Updates: Current Trends in Development, Refinancing, and Repositioning
HUD; Service Coordinator – 1.25 Credit Hours | Thursday, June 22nd. 11:15 AM – 12:30 PM
Session Description:
This session will discuss the latest trends in refinancing and repositioning of HUD Section 202 direct loan developments supported by section 8 subsidy contracts, as well as Section 202 Capital Advance developments supported with project rental assistance contracts (PRACs). Accordingly, the session will discuss the prepayment and refinancing of direct loan projects pursuant to the American Housing and Opportunities Act of 2000 (AHEO), as amended by the Elderly Housing Act of 2010, and the repositioning of 202 capital advance projects to Section 8 rental assistance via HUD’s rental assistance demonstration (RAD). We will also discuss opportunities for 202 Owners to make energy efficiency and climate resiliency improvements, via HUD’s $1 Billion Dollar Green and Resilient Retrofit Program as authorized by the Inflationary Reduction Act.
Learning Objectives:
Differentiate with clear understanding the different 202 elderly housing variations.
Describe funding and recapitalization strategies for this class of properties.
Identify upcoming HUD programs that may assist properties in obtaining energy retrofits.
Speakers:
Chaundi Randolph, Counsel, Nixon Peabody, LLP
Chaundi Randolph is counsel in Nixon Peabody’s Affordable Housing and Real Estate group. He advises clients on the development and operation of affordable housing. Chaundi draws on his prior 12-plus years of experience at the U.S. Department of Housing and Urban Development (HUD), where he served as lead counsel on several programs for the HUD offices of Public Housing and Multifamily Housing, including the Public Housing Mixed Finance Development program. Accordingly, Chaundi advises clients on a wide range of regulatory and transactional matters involving the acquisition, financing, development, asset management, and preservation of public, HUD-assisted, and multifamily housing developments.
Peggy Lawrence, Multifamily Senior Production Specialists, HUD Headquarters
Peggy Lawrence is a HUD Senior Production Specialist responsible for providing advice and guidance on matters pertaining to HUD multifamily statutory and regulatory requirements and other administrative directives. Peggy also provides practical guidance and leadership to Multifamily Production field staff concerning the processing and approval of Section 202/811 applications.
She has 30 years of experience in all aspects of HUD Multifamily programs, including Affordable, LIHTC and market rate projects. In addition, Peggy was a HUD Multifamily Housing Representative and Asset Manager at the U.S. Department of HUD in the Boston HUD Office. Prior to joining HUD, Peggy has experience as an FHA Chief Underwriter and Deputy Chief Underwriter with large national lenders and has been an instructor with the Mortgage Bankers Association training program to certify HUD MAP Underwriters.
Larry Fergison, Section 202-811 Capital Advance Program Coordinator, HUD Multifamily Production
Larry has been involved with housing finance and community revitalization activities for the past 33 years. He is currently HUD’s Multifamily Production Coordinator for its Capital Advance Programs – Sections 202 and 811 — focused on National program and policy development issues for very low-income seniors and persons with disabilities.
During his 24 years off and on with HUD, he has held several management positions such as Production Chief and Technical Specialist Branch Chief. During this time, he was responsible for the overall development of HUD’s supportive housing production as well as FHA Multifamily Production programs in the West Region. Larry was responsible for the development and implementation of the Section 202-811 Mixed-Finance Tax Credit toolkit that was informed and refined with continuous client and industry feedback. He worked on his first LIHTC deal in 1991 when pricing was 44 cents to the dollar!
Previously, Larry worked with local housing finance agencies such as the San Francisco Mayor’s Office of Housing and New York City’s Department of Housing Preservation and Development. He believes that high-quality affordable housing can be a platform for changing people’s lives for the better and strives to keep a resident perspective in mind. Larry holds a Bachelor’s Degree from UC Berkeley and a Master’s Degree in Public Administration from New York University.
