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FROM THE EDITOR

Christine Serlin, Editor
cserlin@hanleywood.com

Donovan Confirms He’s the Right Guy

Shaun Donovan reaffirmed to the affordable housing industry that he’s the right guy to head the Department of Housing and Urban Development (HUD) during Tuesday’s confirmation hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

I had a chance to watch most of the confirmation online, and he addressed many of the policy issues that AFFORDABLE HOUSING FINANCE has been urging for President-elect Obama’s administration and the next HUD secretary to undertake.

Easing the foreclosure crisis to keep families in their homes and working with Congress and the administration on an economic recovery plan that helps to strengthen the housing and mortgage markets are definitely priorities for him. But at the same time, he is also very focused on affordable rental housing and how the nation needs a balanced housing policy.

Donovan seemed to get an overwhelming amount of support from the committee, with Sen. Mel Martinez (R-Fla.), a former HUD secretary, saying, “You are unusually qualified for the job.”

Sen. Christopher Dodd (D-Conn.) said he hopes that Donovan will be confirmed by the end of the week. And then hopefully Donovan will jump right in and start working to provide solutions the housing challenges that both HUD and the American people face right now.

How do you keep track of the rules and regulations, the ins and outs of managing your HUD or LIHTC housing portfolio? Count on Quadel for expert training.

Learn more.

WEB EXCLUSIVE

Donovan Given High Marks for Experience

Shaun Donovan, President-elect Barack Obama’s pick to lead the Department of Housing and Urban Development, breezed through a highly complimentary Senate confirmation hearing Jan. 13.
FULL ARTICLE

Moody’s Issues Negative Outlook for HFA Sector

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.
FULL ARTICLE

Rep. Frank Seeks Help For LIHTC Industry

Rep. Barney Frank (D-Mass.) wants the government to spend $10 billion to help stalled housing projects, according to The Boston Globe.
FULL ARTICLE

Florida Bridges Loan Gap

Through a $10 million grant Florida Housing Finance Corp. (FHFC) received from the state last August, the department is putting the money to good use by initiating a preservation bridge loan program targeting nonprofit development organizations by providing loans for acquisition and predevelopment costs related to existing affordable housing properties.
FULL ARTICLE

New York Saves 1,100 Affordable Housing Units

New York state officials have poured additional subsidies into 15 planned affordable housing developments, rescuing 1,132 units of low-income housing from failure.
FULL ARTICLE

Outperform the competition with Yardi Voyager™ Affordable Housing, the industry's leading fully integrated compliance, accounting, and property management software suite. To find out more, click here.

NYCHDC Eyes Failed Condos

While many market-rate developers are mulling opportunities to buy distressed condominium deals, some in the affordable housing world are also keeping their eyes open.
FULL ARTICLE

Freeze on California Funds

Affordable housing projects in California are in jeopardy of being delayed or halted after key state financing has been put on hold.
FULL ARTICLE

Gain Control of Property Taxes

Local tax assessment rules and practices have a lasting effect on returns to developers and owners of affordable housing. Investors face many difficulties—uncertainty about property taxes should not be one of them.
FULL ARTICLE

THE MAGAZINE

An Army of Homeless

Between 150,000 and 200,000 vets are estimated to be homeless on any given night, and a million more struggle to pay the rent each month. Learn the latest news in financing supportive-housing developments for veterans and others.
FULL ARTICLE

Credit Crisis Squeezes Deals

Sec. 202 properties that need refinancing are having a hard time finding investors for tax-exempt bonds and lowincome housing tax credits.
FULL ARTICLE

Register for the 2009 Apartment Finance Today Conference
March 30-April 1, 2009, The Arizona Biltmore Resort & Spa, Phoenix, Arizona

Learn how to navigate the turbulent economy at the Apartment Finance Today Conference. Designed exclusively to meet the information needs of developers and owners of multifamily housing, attendees learn innovative financing strategies, hear what the future holds with our annual Forecast for Rental Demand, and make connections for putting deals together,all while enjoying the beautiful Arizona Biltmore Hotel. For more information and to register, visit www.aptfinanceconf.com.

HOUSING FINANCE ONLINE POLL

If confirmed as secretary of the Department of Housing and Urban Development, do you think Shaun Donovan will live up to hype and the high expectations the affordable housing industry seems to have for him?

What will you be looking for as a measure of success for his first year?

TAKE THE POLL

PREVIOUS POLL RESULTS

Poll: Foreclosure Crisis Most Important Housing Issue for Obama

HousingFinance.com recently asked visitors what one housing issue they would like President-elect Barack Obama to tackle.

Twenty-five percent of respondees say they think the most important housing issue is the foreclosure crisis, while 21 percent believe the most important issue to tackle is boosting the low-income housing tax credit market.

Nineteen percent of the respondees would like to see Obama strengthen the Department of Housing and Urban Development, and 12 percent want Obama to increase the number of housing vouchers.

Events/Announcements

Download the AHF 50 survey for Affordable Housing Finance's top owners and developers in Word and PDF formats

Download Affordable Housing Finance's Readers' Choice nomination form for the nation's top developments in 2008 and 2009 in Word and PDF formats

Read about how you can nominate a Young Leader making a difference in the affordable housing industry.

HOUSING FINANCE BLOG

Read about deals, subsidies, gossip, taxes, and sneaky fine print in the world of rental real estate, from the editors and writers of AFFORDABLE HOUSING FINANCE here.

Contact

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

To reach AFFORDABLE HOUSING FINANCE online editor Spencer Markey, e-mail smarkey@hanleywood.com.

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