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FROM THE EDITOR

Christine Serlin, Editor
cserlin@hanleywood.com

Challenges Ahead for Preston. Now that Steve Preston has been confirmed as the secretary of the Department of Housing and Urban Development (HUD), I hope that he will step up and work on reinvigorating the department.

Although it will be a short tenure, he has the opportunity to create a new chapter at HUD and boost morale at the agency since the resignation of Secretary Alphonso Jackson in April amid contracting allegations.

I hope that he works with Congress on supporting legislation regarding foreclosure relief, government-sponsored enterprise reform, Federal Housing Administration modernization, and affordable housing initiatives.

“At the moment, there are difficulties in the housing market. This is a decisive moment in economic history. HUD will be central to restoring financial stability,” Preston said during his swearing-in ceremony June 6.

Preston knows the next several months will be challenging, but hopefully that time will indeed be a decisive moment for him as well as HUD.

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WEB EXCLUSIVE

Homestead Audit Concludes

Homestead Capital, a nonprofit syndicator of low-income housing tax credits (LIHTCs) that came under investigation last year, avoided penalties but not the criticism of the Oregon Department of Justice, which reviewed the compensation and expenses paid to the organization’s former president and CEO.
FULL ARTICLE

Mercy Housing Recognizes Supporters

Mercy Housing, one of the nation’s largest nonprofit affordable housing developers, presented three Guardian Angel awards to an individual, corporation, and investor that has made a significant impact on affordable housing nationwide. The awards are presented to leaders whose efforts have supported Mercy Housing in its mission to provide affordable housing and supportive services.
FULL ARTICLE

Disability Advocacy Groups Oppose MSHDA's Supportive Housing Set-Asides

In its draft 2008 qualified allocation plan (QAP), the Michigan State Housing Development Authority (MSHDA) changed its set-aside categories to include a 15 percent set-aside for supportive-housing projects. But disability advocacy groups are opposing the continuation of a set-aside of tax credits for such projects that provide high-density supportive housing.
FULL ARTICLE

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Learn more.

Preston Confirmed as HUD Secretary

There’s a new boss at the Department of Housing and Urban Development (HUD). On June 5, the Senate unanimously confirmed Steve Preston as HUD secretary.
FULL ARTICLE

California Voters Decide Eminent Domain Measures

Voters in California soundly rejected Proposition 98, a ballot measure that would have phased out rent control. The proposition, which would have banned governments from taking private property for redevelopment, was defeated 61 percent to 39 percent in the June 3 election.
FULL ARTICLE

THE MAGAZINE

Costa and Partners Buy Simpson Housing Solutions Portfolio

The top affordable housing owners and developers are revealed in our exclusive lists. See how many units are owned and how many units were started in 2007 by the leading companies. The NRP Group topped the list of developers with more than 1,700 units started last year, and the Michaels Development Co. was the largest owner with more than 40,000 units.
FULL ARTICLE

Congress Moves to Expand Housing Tax Credit Program

The House Ways and Means Committee has approved a bill (H.R. 5720) introduced by committee Chairman Charles Rangel (D-N.Y.) to temporarily expand the low-income housing tax credit (LIHTC) and tax-exempt housing bond programs, revise some of the program rules and requirements, and create a new tax credit for first-time homebuyers.
FULL ARTICLE

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Contact

To reach AFFORDABLE HOUSING FINANCE Editor Christine Serlin, please e-mail cserlin@hanleywood.com

To reach AFFORDABLE HOUSING FINANCE online editor John Butterfield, e-mail jbutterf@hanleywood.com.

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