Phil Treadwell

Special Report from the November 11, 2024 Board of Directors Meeting Board Approves Budget; Culture Transformation Plan Passes At its Monday, Nov. 11 meeting, the National Association of REALTORS® Board of Directors approved NAR’s operating, advocacy and Consumer Ad Campaign budgets and approved a membership figure of 1.4 million to serve as the basis for dues revenue in the 2025 budget. To date in 2024, membership continues to track ahead of forecast, NAR Treasurer Greg Hrabcak reported. (For more on the membership count, see “Strength in Numbers.”) REALTORS® Relief Foundation Board of Directors President Mike McGrew reported that the foundation had awarded more than $13.7 million in 2024. Hrabcak, who will head RRF in 2025, thanked McGrew for his leadership and appealed to the 986 directors in attendance (in person and virtually) to contribute toward a $20,000 meeting goal. By the end of the meeting, directors had contributed nearly $30,000 to the foundation. One hundred percent of contributions to RRF go to help disaster victims meet short-term housing needs. Board Actions Culture Transformation Plan On Sunday, NAR’s Executive Committee considered 11 recommendations of the Culture Transformation Commission. Under its new authority to approve policy, the committee approved 10 of the recommendations and sent one to the Board for consideration. (Note: According to the new governance process, the Executive Committee can refer decisions to the Board when needed. Because this recommendation was broad-reaching, the committee decided it should have more eyes on it.) Directors approved the final recommendation, which requires that NAR develop and conduct annual training to reinforce expectations and accountability policies, and that all NAR volunteers and staff recommit annually to understanding and adhering to all policies and procedures related to accountability. For an explanation of all 11 recommendations, see “Executive Committee, Board of Directors Approve Plan to Enhance NAR Culture.” - nar.realtor

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Yesterday, the Federal Housing Administration and HUD Office of Housing (#FHA) announced plans to increase allowable leverage on FHA-insured #multifamily loans. As a rule of thumb for a 300-unit property in Texas, if these changes are adopted as proposed, they will: -         Increase Market-Rate new construction loans $1-2 million; and -         Increase Workforce Housing/PFC new construction loans $2-3 million. The proposed changes will also increase leverage for nearly all refinance transactions (including LIHTC properties). Even now, prior to these changes taking effect, FHA multifamily loans provide the highest leverage and lowest rate, non-recourse debt, available to multifamily owners and developers. #housing

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We have had a busy few months over here at Builders Capital! Reach out to Telana Loiland or myself if you have a project you think we could be a fit on. Would love to chat. Recent Projects we have been helping on: - $31M Multifamily development in North Texas - 170 units & 50+ Acres - $11M Townhome development - Developing 76 lots and going vertical on phase 1 - $9M + $4M PACE Multifamily development in Michigan - 60 units - $35M+ on finished single family homes across Texas, Oklahoma, And Philadelphia - 11M Townhome development in Nashville, TN - Developing entire site and going vertical on all units - Numerous single family ground up homes What we are hearing: - The same thing everybody else is regarding banks. Lot of pull back and the pullback will continue. We have been interviewing for a local position in DFW and heard from a number of local bankers that they haven't done a real estate deal in over 12 months. - 18 months ago it seemed the large production builders were getting access to more funds at their banks and the smaller builders were getting cut out. Bigger builders are feeling the same pain now as the smaller ones regarding bank lending capacity. - Lot of "debt funds" have a lot of capital to deploy, us included, that being said not every group truly specializes in home building + developing like we do. How each group thinks of lot collateral, home values, how draws are handled, all goes a long way in getting a loan funded that works for you/us. If you are residential developer + builder we have a number of solutions for big or small projects. ethan.toland@builders-capital.com 214.491.0016

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This metric tells us about the middle of the market in terms of price per square foot. It makes it easy to compare homes of different sizes. SFR andreacooksey@exitrealty360.com 832-215-9084 #HoustonRealEstate #HoustonListings #EXITRealty360

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This metric tells us about the middle of the market in terms of price per square foot. It makes it easy to compare homes of different sizes. SFR andreacooksey@exitrealty360.com 832-215-9084 #HoustonRealEstate #HoustonListings #EXITRealty360

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