Affordable Housing Lenders, Investors in New York City Face Underwriting Challenges

Lument’s Josh Reiss spoke to REBusiness about New York City’s affordable housing market, its outlook and challenges, and how agency financing can be an effective solution.

“In terms of underwriting, projects in New York City are unique because they historically have a high number of predevelopment costs associated with them,” he says. “Lately, we’ve seen that both Fannie and Freddie have been more willing to be a little more flexible for certain projects, such as those in particular submarkets and those that qualify for subsidies.” Read the full story at REBusiness below.