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CARH Director Craig Hackett
hackett_craig_12Director

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Bonneville Mortagage Company
Salt Lake City, UT

 






Mr. Hackett graduated from University of Utah with a BS in Finance followed by a Masters of Business Administration in 1973 In 1992 he was Senior VP over Real Estate lending at Key Bank of Utah which soon merged with Society Bank of Cleveland to become the new National KeyCorp. With the expansion of the bank through mergers came the ability to place larger construction and permanent real estate debt and a national scope large bank “discipline”. Permanent debt investors included – FHA, Fannie Mae, Freddie and conduit (MBS) loans. The construction loans ranged from $1,000,000 to $65,000,000 in size with the average loan size around $15,000,000. Loan types varied from apartments, industrial, retail, major office buildings to FBI/GSA leased projects. Mr. Hackett pioneered the use of tax credit lending - both construction and permanent loans - and partnership formation at Key Bank of Utah. While Mr. Hackett was directly over the Utah production the bank allowed him to follow his clients to wherever they would do construction. Projects were financed and constructed in NV, LA, OH, CA, AZ, MA and WY.

In 2002, the newest product for financing LIHTC apartment deals in rural areas was the emerging USDA 538 program. Mr. Hackett implemented the 538 financing at Key and then established and continued the program as a partner at Bonneville Multifamily as the underwriter/production co-coordinator. Now under a new organizational structure the group has recently closed its 180th USDA 538 “construction/permanent” or “permanent only” loan. The team has closed apartment loans in 33 different states and is currently processing in 35 states. Because Ginnie Mae will only accept USDA 538 apartment loans that are 50% or less “loan to cost”, all of the USDA 538 apartment loans that have been processed and closed are either 4 or 9% tax credit projects to meet Ginnie Mae standards for delivery.

Mr. Hackett is a member of the Council for Affordable Rural Housing (“CARH”) and he sits as a committee member on the Olene Walker Housing Loan Fund over DCED State of Utah multifamily and single family project fundings. Until recently he was vice-chair of the Utah Community Reinvestment Corporation (“UCRC”) loan committee.

 
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Tax Credit Percentages

For May 2013:
9%: 7.41 4%: 3.18

   

  • Previous Month's Credits

    The IRS publishes monthly credit percentages that apply to low-income housing tax credit buildings placed in service that month.  There are two rates:  the 70% present value credit (PVC) and the 30% present value credit.  The maximum 70% rate is available for low-income new construction and substantial rehabilitation expendiretures that are not federally subsidized.  The maximum 30% rate applies to acquisition expenditures and to federally subsidized low-income new construction or substantial rehabilitation expenditures.

    *Note: The Housing and Economic Recovery Act of 2008 provides for a flat minimum percentage of 9% for the 70% present value housing credit for projects placed in service after July 30, 2008.

 

Tax forms and publications in the PDF format can be viewed, navigated and printed from a workstation using the freely available Acrobat Reader software from Adobe Systems Inc.

Next CARH Meeting

The 2013 Annual Meeting & Legislative Conference will be held June 9-11, 2013, at the Ritz Carlton Pentagon City in Arlington, Virginia.