November 2008 Table of Contents

Midwest Developers Struggle to Find Funds

The capital markets meltdown is affecting all sectors of the affordable housing industry, and nowhere is this more evident than the Midwest. Read more

Uncertain Times Ahead

AFFORDABLE HOUSING FINANCE’s Capital Markets Outlook 2009 comes at uncertain times, and, unfortunately, the forecast isn’t bright. Read more

Seal of Approval for Historic Green Rehab

GRAND RAPIDS, MICH.—Before Verne Barry could help others, he had to rehabilitate himself. Read more

How Hills Tamed HUD How Hills Tamed HUD

WASHINGTON, D.C.— When Carla Hills took over the Department of Housing and Urban Development (HUD) in 1975, nobody expected her to be a hero for housing. Read more

Valerie Jarrett's Struggle

CHICAGO— For Valerie Jarrett, redeveloping public housing is more than a federal mandate. It's a personal mission to show that an idea championed by her grandfather was right after all. Read more

Pop Quiz

Amy Anthony is president and executive director of Preservation of Affordable Housing, Inc., (POAH) a Boston-based nonprofit organization that rescues and restores some of the nation's most "at risk" rental housing properties. Read more

2008 Readers' Choice Awards

AFFORDABLE HOUSING FINANCE readers have weighed in to select the nation's top affordable housing projects in 10 categories, plus an overall winner. Broadway Crossing in Seattle, developed by Capitol Hill Housing, took the top honors. Read more

The Wall Street Player The Wall Street Player

Editor's Note: AFFORDABLE HOUSING FINANCEhas selected 15 outstanding industry leaders under the age of 40. These 15 individuals are being featured in the June, July, September, October, and November issues. Read more

Old Highway Leads to New Housing Old Highway Leads to New Housing

SAN FRANCISCO—When the old Central Freeway was demolished several years ago after being battered by the 1989 Loma Prieta earthquake, it created a unique opportunity to build something new. Read more

Innovation Comes Home to Roost Innovation Comes Home to Roost

PASADENA, CALIF.—It could have been the size of the home—three times as large as the one-bedroom rental where she'd been living with her two children. Read more

Historic Church Gets Second Chance Historic Church Gets Second Chance

SAN FRANCISCO—A historic church that has been part of the city's Haight-Ashbury neighborhood for 93 years has been given back its grandeur, if not its original use. Read more

Gish Has the Golden Touch Gish Has the Golden Touch

SAN JOSE, CALIF.—Gish Apartments, located here, provides a model for all multifamily developments, not just affordable housing projects. Read more

Post-Hurricane Housing Serves Seniors Post-Hurricane Housing Serves Seniors

PENSACOLA, FLA.—Jim Ryan is living proof of the low-income housing tax credit's (LIHTC) ability to help people recover from the housing crisis. Read more

Emeritus House Shines in Central Emeritus House Shines in Central

CLEVELAND—Emeritus House has always been more than just a collection of housing units.  Read more

Diversity by Design Diversity by Design

SEATTLE—The $44 million Seola Crossing at Greenbridge, developed by King County Housing Authority (KCHA), is a planned community that looks anything but. Where once stood a drab row of identical gray duplexes, now stretches a happy mix of architectural styles in bold colors. Read more

Putting Safety First Putting Safety First

TAOS, N.M.—When it comes to the $7.9 million El Cerrito Apartment Homes complex completed in 2007, developer Stephen Crozier of Tierra Realty Trust has been lauded for building an affordable community in a sleek pueblo style reminiscent of mid-century modern design. Read more

Broadway Crossing Serves Community Broadway Crossing Serves Community

SEATTLE—In April 2007, a young married couple moved into Broadway Crossing after four years of living in motels and homeless shelters. Both Melissa Ellis and Dan Walker were recovering from methamphetamine addiction. Their son, Rowan, was just 2 months old. Read more

Eyes on the Children Eyes on the Children

HARTFORD, CONN.—Children swarm the back porches at Hartford Grandfamily Housing Development, which provides a place to live as well as services to grandparents that are raising their own grandchildren. Read more

Hope for the Chronically Homeless Hope for the Chronically Homeless

SEATTLE—With 75 units, the $15 million Evans House is a small step toward King County's goal of creating 2,900 units of housing over a 10-year period to end homelessness. However, with 35 units reserved for people who have just been released from a state psychiatric hospital and backed by extensive supportive services, Evans House is targeted toward the hardest homeless population segment to serve. Read more

Railton Serves San Francisco's Neediest Railton Serves San Francisco's Neediest

SAN FRANCISCO—Ian Campbell has a place to call his own at Railton Place, a big deal for a man who lived in Golden Gate Park for 17 years. “I'm flabbergasted,†he says. “This place is gorgeous.†Read more

Bon Jovi Steps Up for Housing

ROCKER JON BON JOVI is helping to build 51 affordable units with support for lowincome and special-needs residents in Newark, N.J. Read more

GSE Regulator Affirms Affordable Housing Commitment

The sudden government takeover of Fannie Mae and Freddie Mac raised concerns about the governmentsponsored enterprises’ (GSE) continuing support for affordable housing, and the new GSE regulator has tried to calm those fears by affirming their commitment to their basic mission. Read more

How Hills Tamed HUD How Hills Tamed HUD

WASHINGTON, D.C.—Ian Campbell has a place to call his own at Railton Place, a big deal for a man who lived in Golden Gate Park for 17 years.  Read more

N.Y. Unveils New Poverty Measure

DESCRIBING THE FEDERAL POVERTY MEASURE as “broken,” New York City officials have come up with their own model, becoming the first local government in the nation to reformulate the 40-year-old system of gauging poverty. Read more

Back to School

A DOCUMENTARY SERIES following a group of Tulane University architecture students as they design and build a single-family home in a low-income neighborhood of New Orleans has been airing on the Sundance Channel. Read more

Staying on the Sidelines

Although interest rates on variable-rate debt more than quadrupled in September as credit markets seized up, those in the market for taxexempt multifamily housing bonds expect rates to settle down in the coming months. Read more

LIHTC's Turbulent Ride Expected toContinue

Robert Thal didn’t receive a single bid when he put his low-income housing tax credit (LIHTC) deals on the market at the beginning of 2008. Read more

Brace Yourself

The capital markets grew more uncertain every day heading into the fourth quarter. Read more

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