February 2009 Table of Contents

Counseling Industry Grows

APPROXIMATELY 1.7 MILLION individuals and families received housing education and counseling from more than 1,800 nonprofit organizations approved by the Department of Housing and Urban Development (HUD) in 2007. Read more


Richard L. McQuady has been named CEO of Kentucky Housing Corp. Read more

Seniors Get It All

CHAMBLEE, GA. Once a storm water runoff site for a manufacturing plant, this lot has become a popular living space for low-income seniors thanks to a public-private partnership among the city, DeKalb County, and nonprofit affordable housing developer Mercy Housing. Read more

MerryPlace's Ambitious Goals MerryPlace's Ambitious Goals

WEST PALM BEACH, FLA.— MerryPlace, a newly completed 130-unit affordable housing development, is a cornerstone in the revitalization of one of the oldest neighborhoods in the city. Read more

No Smoking, No Problem No Smoking, No Problem

A YEAR AFTER introducing a no-smoking policy at its properties across the West, Guardian Management, LLC, reports that nearly three-quarters of the residents were very or somewhat happy with the ban. Read more

Above and Beyond

Citi Community Capital tops AFFORDABLE HOUSING FINANCE's list of top lenders, originating about $1.8 billion in debt in 2007, or more than $400 million more than it posted in last year's survey. Read more

A Whole New HUD? A Whole New HUD?

For years, the Department of Housing and Urban Development (HUD) has been Washington, D.C.'s incredible shrinking agency, beaten down by scandals, staff losses, budget cuts, and a diminished mandate. Read more

By the Book

Unlike many of its competitors, U.S. Bank relies on its own balance sheet to originate loans. Read more

Scaling the Ranks

PNC MultiFamily Capital is on a roll. The company, which purchased ARCS Commercial Mortgage in mid-2007, jumped to No. 7 on this year's Top Lender list, up from No. 14 last year. Read more

Uncertainty of Execution Uncertainty of Execution

Fannie Mae and Freddie Mac lenders usually end the year with a flourish, processing deals hand over fist. But as 2008 came to a close, fewer affordable housing loans were closing. Read more

Tax Credit Advocates Seek Relief to Attract Investors

With the low-income housing tax credit (LIHTC) market staggering from a massive reduction in equity investment, program advocates are pressing Congress for legislative changes to attract new investors. Read more

Buyer's Market

All eyes will be on low-income housing tax credit (LIHTC) investors in 2009.  Read more

After the Flood After the Flood

Drivers along Interstate 10, tracing the Gulf Coast from the Florida panhandle through Alabama to Mississippi, can still see wreckage left behind by the hurricanes of 2005 Read more

High Hopes for Donovan

President Barack Obama’s choice for secretary of the Department of Housing and Urban Development (HUD) has set affordable housing industry leaders abuzz. Read more

HFAs Face Challenges

NEW YORK State housing finance agencies (HFAs) will face unprecedented challenges from the capital markets, says Moody’s Investors Service in giving the sector a “negative” outlook for the next 12 to 18 months. Read more

Regional News

SIOUX CITY, IOWA - Dominium Development & Acquisition has finished its $4.5 million renovation of Hillside Park Apartments here. Read more

Open for Business

Freddie Mac was still providing competitively priced permanent debt for 9 percent low-income housing tax credit deals and actively quoting variable-rate bond credit enhancements in mid-December 2008. Read more

Making Room for Green

DEERFIELD BEACH, FLA.—While other developers are tightening their corporate belts, Carlisle Development Group found a surplus in the construction budget for its Tallman Pines redevelopment big enough to try green building, thanks to conservative budgeting and boom-time tax credit prices. Read more

Pop Quiz

Sarah Carpenter has long been on the frontlines of delivering affordable housing in Vermont. Read more

Diverse Union

Union Bank is branching out. Read more

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