Yield PRO TV Rate Desk April 14, 2020

Rate desk April 14 edition:
• All markets are up
• UST .736 bp
• 223(f) 2.55%
• 221(d)(4) 3.20%
• Fannie 3.25%
• Freddie 3.50%
• M.TEB 3.59%
• TEL 3.05%
• HUD affordable housing segmented LIHTC into two categories: new and existing
• New LIHTC:
o HUD escrow review
o 6 - 9 months of debt-service
o Modification available for cash-flow needs
• Existing LIHTC:
o 12-month DS reserve
o Modified with stress test supporting 50% economic vacancy
o DSCR of 1.15x
• Section 8 PBRA:
o 90% or more
o Will not be required to post a DSCR escrow