New Orleans Rehab At Risk?
The New Orleans Times-Picayune reports that the redevelopment of four public housing complexes in the city is at risk because of the decline in prices for low-income housing tax credits.
Word on the street is that prices are in the low 80-cent-range per dollar of credit, a big decline from this time last year, when investors were paying about 95 cents on the dollar.
City officials told the Times-Pic the developers have enough contingencies built into their financing plans to complete the projects. And two of the developers said declines in other costs will offset the loss of capital from declining tax credit prices.
Meanwhile, market-rate development in the Big Easy is moving forward at decent clip, says New Orleans-based apartment broker Larry Schedler, who spoke at our Apartment Finance Today conference earlier this week.
Word on the street is that prices are in the low 80-cent-range per dollar of credit, a big decline from this time last year, when investors were paying about 95 cents on the dollar.
City officials told the Times-Pic the developers have enough contingencies built into their financing plans to complete the projects. And two of the developers said declines in other costs will offset the loss of capital from declining tax credit prices.
Meanwhile, market-rate development in the Big Easy is moving forward at decent clip, says New Orleans-based apartment broker Larry Schedler, who spoke at our Apartment Finance Today conference earlier this week.
posted by Jerry Ascierto at 10:59 AM
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