On March 1, the Government Accountability Office (GAO) released its 3rd report in a series of 4 on the Housing Credit Program, this time focusing on the role of syndicators, the factors that influence their use and the characteristics of active syndicators in the Housing Credit market.
The report indicates that of the 36 syndicators surveyed, more than $100 billion in equity has been raised since 1986 and 20,000 properties and 1.4 million units were placed in service through 2014. No recommendations were made. GAO had initially intended to include its study of syndicators within its 3rd report on development costs. Instead, due to delays in finalizing its development cost research, GAO created a free-standing report on syndicators.
The 4th and final report on development costs is not expected to be released until sometime in 2017. To refresh your memory, the first 2 reports focused on federal oversight (released in July 2015), and state administration (released in May 2016).