FANNIE MAE, Sales of LIHTC and Section 8 Properties, Sept 2017 Summary
As shown in the chart above, the top investor in properties subsidized with Section 8 contracts over the past
18 months was the Hudson Valley Property Group (HVPG), a New York City–based affordable housing
preservation firm. HPVG acquired a portfolio of seven properties located across Northern New Jersey, thereby
preserving over 1,000 units of affordable housing in a higher housing cost market. Walker & Dunlop arranged
the financing for the $181 million acquisition by a joint venture of Hudson Valley Property Group LLC, Red
Stone Companies LLC, and Wheelock Street Capital by securing $144 million in financing from Fannie Mae.
With the properties having been built between 1979 and 1983, HPVG plans extensive renovations despite
keeping the units affordable.
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Project-Based Section 8 Property Sales
While sales of properties subsidized with Project-Based Section 8 contracts reached a high of $2.4 billion in
2016, since 2012 sales have generally totaled between $1.5 and $2.0 billion annually. Through the first half of
2017, sales of Section 8 properties totaled an estimated 1.2 billion, making it possible that 2017 sales will match
2016’s peak.
