Fannie Mae has two new multifamily housing initiatives.
The government-sponsored enterprise this week said it has streamlined appraisals for cooperative share loans on its Desktop Underwriter system. And it has begun an experimental program to help maintain the supply of affordable rental units in the Bronx, N.Y.
Appraisers of co-op units will now have the option to base their appraisals solely on inspections of the buildings' exteriors so long as they can certify that they have adequate data from reliable sources. Previously, appraisers were required to inspect both the exterior and interior of a co-op.
The quicker process has been tested by BNY Mortgage Co. and its appraisers.
The Bronx program will provide $25 million for the acquisition, rehabilitation, and refinancing of apartment houses with five to 25 units.
Owners or potential owners of such properties will be able to get 30- year, fixed-rate loans-which have generally been hard to come by for small multifamily properties in the Bronx.
Republic National Bank and a Chase Manhattan subsidiary will originate the loans, and Fannie will package them into mortgage-backed securities. A New York City pension fund will buy the securities.