March 2006 Table of Contents

Keep a lid on operating expenses

Rising operating costs, coupled with years of weak rental demand in many markets, have put pressure on property managers to look for ways to help apartment owners who have been pinched by property expenses. Read more

The bond choice

Affordable housing developers have been looking to tax-exempt bonds to help them escape hotly competitive 9% low-income housing tax credit rounds. Read more

Reversing the fortunes of a troubled property

The outmoded stereotype of “housing project” has evolved into what many affordable housing developments are today: home for residents who have pride of place regardless of income, and profitable business ventures for management companies and owners. Read more

Syndicators report 2005 results, new goals

Entering the new year, there were some signs that the recent pricing pressure in the low-income housing tax credit (LIHTC) market was starting to ease. Read more

CHC rescues The Altenheim

Oakland, Calif. — Citizens Housing Corp. (CHC) has saved The Altenheim here in the Fruitvale area from dereliction Read more

California workforce housing fund makes first investment

Los Angeles — A new fund has been launched in California to help create 500 homes for purchase by middle-income workers. Read more

WHEDA puts more money into preservation

Madison, Wis. — The Wisconsin Housing and Economic Develop-ment Authority (WHEDA) has committed another $10 million to its Wisconsin Saving Our Stock (SOS) program, which focuses on preserving Sec. 8 units. Read more

Small towns hungry for housing in Illinois

Towns in rural Illinois are welcoming efforts to relieve housing pressures that have led to overcrowded, substandard housing and long commutes for workers in area factories and agribusinesses. Read more


Toledo, Ohio — Red Capital Markets, Inc., and Red Mortgage Capital, Inc., the investment banking and mortgage banking entities, respectively, of Red Capital Group, structured the financing of two multifamily apartment properties here. Read more

Senator vows to rein in GSE portfolios

But passage of a bill revamping the regulation of the government-sponsored enterprises (GSEs) has grown less certain than at the end of 2005, when it seemed nearly a done deal.  Read more

Project brings big units to Sioux Falls

Sioux Falls, S.D. – The 62-unit Falls Terrace Apartments will be completed this spring and will increase the area’s affordable housing stock by about 10%. Read more

Grandparents head the house

There are approximately 2.3 million grandparents in the nation who serve as the caregiver for the grandchildren who live with them, reported the Census Bureau. An estimated 5.5 million grandparents have grandchildren under 18 living with them. Housing dev Read more

How to use HOME funds in a tax credit deal

The information presented here is intended solely for informational purposes and should not be construed as accounting advice from the author or Reznick Group. Read more

Project-based voucher program’s final rules take some by surprise

In this issue: New Department of Housing and Urban Development (HUD) final rules affecting Sec. 42: rent restrictions for project-based voucher units and the student rule. Also, is there a change in Sec. 42 utility allowances pending? Read more

From duckling to swan

Gardner, Mass. When WinnResidential took over management of Olde English Village here in 2004, the property had 30 vacant apartments, three unrentable units that had plumbing problems, a large and inefficient maintenance staff, unattractive grounds and a Read more

Akron agency acquires, rehabs key Sec. 8 project

Akron, Ohio — One hundred single-family homes have been renovated and preserved as affordable rental units by the Akron Metropolitan Housing Authority (AMHA). Read more

‘Workforce’ developers do without the programs

The phrase “workforce housing” might sound like another bit of doubletalk invented in Washington to sell a pol-icy. Read more

Developers grapple with mixed-use projects

Many cities are hungry for mixed-use affordable housing developments. City planners believe housing complemented by retail is key to community revitalization. Read more

New Orleans recovery lags

New Orleans – Six months after Hurricane Katrina wreaked destruction on the Big Easy, efforts to rebuild and repopulate the city remain stalled, according to Amy Liu, deputy director for the Brookings Institution. Read more

FHA loans decline, changes ahead

eral Housing Administration (FHA)-insured multifamily loan firm commitments dropped 25% from $7.3 billion in fiscal year 2004 to $5.5 billion in fiscal year 2005, which ended Sept. 30, 2005. Read more

Honoring Cushing Dolbeare’s memory

San Francisco — When it came to getting good media coverage of the disparity between the housing “haves” and the housing “have-nots,” no one did it better than Cushing Niles Dolbeare. Read more

Report shows slight increase in worst-case housing needs

The number of households with worst-case housing needs rose slightly from 2001 to 2003, according to a Department of Housing and Urban Development (HUD) report to Congress, but the department says the increase wasn’t statistically significant. Read more

HUD pushes SuperNOFA applicants to start early

The Department of Housing and Urban Development (HUD) made a point of warning and helping prospective grant applicants to prepare for the 2006 Super Notice of Funding Availability (SuperNOFA). Read more

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