February 2008 Table of Contents

L.A. Targets Skid Row Homeless

FIFTY OF THE MOST chronically homeless people on Skid Row are being targeted for permanent housing under a new initiative approved by the Los Angeles County Board of Supervisors. Read more

Bush Signs Omnibus Bill with Funding for HUD Programs

President Bush has signed into law an omnibus fiscal 2008 appropriations bill (H.R. 2764) that provides $37.637 billion for the Department of Housing and Urban Development (HUD), including $16.391 billion for Sec. 8 tenant-based assistance and $6.382 billion for Sec. 8 project-based aid. Read more

LIHTC Modernization Bill Anticipated

By most accounts, 2008 is going to be a tough year for low-income housing tax credit (LIHTC) developers, with equity prices for credits projected to be lower than they have been in recent years. Read more

The AMI Effect

Lloyd Boggio doesn’t mince words when he talks about the Department of Housing and Urban Development’s (HUD’s) decision to recalculate area median incomes (AMIs) in 2007 using a new methodology. Read more

Developers Choose Swaps for Security

Swaps have taken over from caps as the first choice of price-conscious borrowers using loans funded by tax-exempt bonds. Read more

Planting New LEED Seeds

BRONX, N.Y. - Last fall, 28 low-income homeowners moved into the first community in New York state certified under the brand-new Leadership in Energy and Environmental Design (LEED) for Homes standard. Read more

Rehab Takes Center Stage in 2008

Acquisition-rehabilitation deals are expected to take center stage in 2008, and Freddie Mac is hoping to share a piece of the spotlight. Read more

Fighting For Change

The legacy of Clara Fox is standing tall all around this city. In 1969, Fox founded Settlement Housing Fund, one of the city’s first and most innovative private nonprofit housing developers. Read more

Downtown Turnaround

A decade ago, downtown Birmingham, Ala., was riddled with vacant buildings and struggling to retain its economic vitality.  Read more

Restore, Build More, Repeat

Broward County, Fla., is bordered by beaches, the Florida Everglades (two-thirds of the county lies within the protected marshlands), and the vast county of Palm Beach with views of Lake Okeechobee. Read more

PNC Goes Heavyweight

When PNC Financial Services Group, Inc., completed its acquisition of ARCS Commercial Mortgage in July, it set an aggressive course for 2008. Read more

Wells Seeks Unified Front in ’08

Wells Fargo Multifamily Capital expects to grow its business by 20 percent in 2008 and is staffing up with some industry heavyweights in anticipation of the increased production. Read more

Far From Help

Just finding a ride to a doctor’s appointment is a big challenge for many seniors in rural and semi-rural areas. Read more

Centerline on Even Keel in ’08

Centerline Capital Group ranked ninth on AFFORDABLE HOUSING FINANCE’s 2006 rankings of affordable housing lenders. Read more

Turbulence Ahead Turbulence Ahead

Fannie Mae and Freddie Mac lenders are used to rushing to close deals at the end of the year, but December 2007 was crazier than usual. Read more

Saving Oft-Overlooked Housing

RALEIGH, N.C. - Greystone Affordable Housing Initiatives, based here, orchestrated a complex financial transaction to save 830 affordable housing units deemed at risk of exiting the U.S.  Read more

HUD Contracting Faces New Scrutiny

A second internal investigation has raised fresh concerns about lax oversight and administration of contracts awarded by the Department of Housing and Urban Development (HUD). Read more

Q&A with Caleb Roope, president and CEO of The Pacific Cos.

CALEB ROOPE is president and CEO of The Pacific Cos., an affordable housing developer headquartered in Eagle, Idaho. Read more

Citi Leads the Pack

Citi Community Capital tops AFFORDABLE HOUSING FINANCE’s list of affordable housing lenders and is poised to pull away from the pack even further in next year’s rankings. Read more

Deferred Development Fee Woes

 We developed a low-income housing tax credit (LIHTC) project that was placed in service a few years ago. Read more

Headline Goes Here

A number of general partner interests in tax credit partnerships was offered to the market during 2007. Read more

Regional News

CHICAGO. A 28-unit building providing housing for lowincome and homeless women and their children has opened in the city’s Washington Park neighborhood. Read more

How to Fix HUD

There are so many serious problems at the Department of Housing and Urban Development (HUD), it’s hard to know where to focus to trigger fundamental change. Read more

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