July 2007 Table of Contents

How To Do a Residual Value Analysis

My low-income tax credit investor has asked for a residual value analysis. What is this, and why do they want it? Read more

Market-Rate Firm Enters LIHTC Business

ROCKVILLE, MD.— There’s a new player in the lowincome housing tax credit (LIHTC) market—CAPREIT. The privately held real estate investment trust is known for investing in market-rate apartments, but the firm recently stepped into the affordable arena with the purchase of three LIHTC properties in Tennessee in 2006. The complexes have a total of 402 units. Read more

Regulators Get Stricter With AffiliatedNonprofits

After several Inspector General reports criticizing the dealings of public housing agencies (PHAs) with their nonprofit affiliates, the Department of Housing and Urban Development (HUD) was about to announce a new rule splitting the ambiguous middle ground it has occupied. Read more

Playing Catch-Up in the Southeast

Affordable housing developers operating in the Southeast, like other developers across the nation, are facing a host of obstacles. Read more

Struggling Through ‘07

The first half of fiscal 2007 produced significantly fewer Federal Housing Administation (FHA) loans than a year earlier, as the agency continues to focus on niche areas to offset its shrinking basic lending activity. Read more

The Top 10 Ways to Improve HUD

There are dozens of steps that need to be taken to improve HUD, but AHF has boiled them down to a list of ten, focused primarily on overall operations and multifamily programs. Read more

NIMBYism Strikes in Mississippi

Nearly two years after one of the most devastating natural disasters in the state’s history damaged or destroyed more than 71,000 rental housing units, residents of Mississippi’s Gulf Coast are blocking the new affordable housing developments the area needs now more than ever. Read more

Automating Compliance

Domin-8 is fast becoming a significant player in compliance software as it continues to grow by acquisition. Read more

Pushing for Tax Credit Improvements

The effectiveness of the lowincome housing tax credit program could be improved by easing the restrictions on combining the credit with other federal subsidies, according to witnesses at a recent hearing of the House Ways and Means Committee’s subcommittee on select revenue measures. Read more

Regional News

INDIANAPOLIS The Indiana Housing and Community Development Authority will go from receiving little state support to collecting millions every year. Read more

Transforming an Aging Public Housing Stock

This city’s oldest and largest public housing complex has been razed, clearing the way for a modern apartment complex and a senior living facility. Read more

Affordable Housing Alchemy

Developers across the country face fierce competition for 9 percent low-income housing tax credits (LIHTCs), with 19 states last year reporting that demand for the credits was more than twice the supply, data gathered by AFFORDABLE HOUSING FINANCE shows. Read more

Reinventing HUD

When Carolyn Federoff joined the Department of Housing and Urban Development in 1986, she believed in the agency’s mission of providing affordable housing and revitalizing cities, and many of her 10,000 colleagues shared her idealism. Read more

LIHTC Apartments Set to Convert to Affordable Condos

A low-income housing tax credit (LIHTC) property in Kansas City, Mo., took a big step toward converting from apartments into an affordable homeownership development after a critical Internal Revenue Service (IRS) ruling. Read more

Making Workforce Housing a Priority

Money can’t fix everything, but when it comes to building more homes affordable to America’s middle-income workforce, it sure can’t hurt. Ron Terwilliger, chairman and CEO of Atlanta-based Trammell Crow Residential, recognized that recently when he made two $5 million gifts to further the development of more workforce housing. Read more

Developers Reveal the Costs of DoingBusiness

Most affordable housing owners and developers expect construction costs to increase between 0 percent and 9 percent, longterm permanent loan rates to remain flat, and low-income housing tax credits (LIHTCs) to fetch an average price of about 94 cents per dollar of credit this year. Read more

Three’s a Charm

On July 23, 2006, The Miami Herald dropped a bombshell. Read more

LINC Spreads the Word

LONG BEACH, CALIF.— LINC Housing Corp. has long been building affordable apartments throughout California, but the nonprofit developer is at work on its first for-sale housing development. Read more

What You Should Do This Summer

As you head for the beach with your back issues of AFFORDABLE HOUSING FINANCE, don’t get too relaxed. Read more

Turning Miami Housing Upside Down

Miami-Dade County Mayor Carlos Alvarez and County Manager George Burgess expressed shock and outrage over the waste and mismanagement uncovered by The Miami Herald in its prize-winning investigation of the Miami-Dade Housing Agency (MDHA) last year. Read more


NeighborWorks America’s multifamily network added 6,964 new units to its portfolio in 2006. Read more

Five New Sessions Slated for AHF Live

Affordable housing developers and government agency housing staff will come together for AHF Live: The 2007 Tax Credit Developers’ Summit from Oct. 24 to 26 in Chicago Read more

Q&A with Joel John Roberts, CEO of PATH Partners

For the past decade as CEO, Joel John Roberts has guided PATH (People Assisting The Homeless) Partners, a Los Angeles-based nonprofit organization, into becoming a multiagency partnership that links homeless service programs with permanent housing. Read more

Tax Credit Projects Honored Tax Credit Projects Honored

In May, the Affordable Housing Tax Credit Coalition announced the winners of the Charles L. Edson Tax Credit Excellence Awards Read more

Avesta Fosters New Partnerships

PORTLAND, MAINE— Avesta Housing is a leading nonprofit affordable housing developer in Maine, with a history of building innovative projects. Read more

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