January 2008 Table of Contents

Groundbreaking Project Opens in Utah

SALT LAKE CITY - Sunrise Metro Apartments has given many of the city’s longtime homeless residents a place to call home. Read more

Profitable Partnership

TRENTON, NJ - BTC Management Corp., a nonprofit affordable housing owner and manager, didn’t spend a dime from its reserve accounts to upgrade all of the central heating and cooling equipment at Trent Center East with new energy- efficient machines. Read more

Keeping Track

The term “skid row” was first used to describe the makeshift roads found in the 19th-century Pacific Northwest, where loggers would drag trees down from the foothills to a waiting sawmill below. Read more

Regional News

APPLE VALLEY, MINN. The Midtown Village complex here was originally planned as a market-rate development of for-sale townhomes and condos. Read more

Helping Homeless Women Veterans

Crisis Ministries in Charleston, S.C., sheltered four homeless women veterans in 2006. In 2007, it had served 16 with two months left to go. Read more

Philadelphia Turns to Housing

PHILADELPHIA - About once a month, Milton Pratt gets an invitation to visit a vacant lot or field of rubble in North Philadelphia. Read more

MIP Fight Enters Final Round

The fight over a proposed increase in the mortgage insurance premium (MIP) charged by the Federal Housing Administration (FHA) has again gone down to the wire. Read more

Refinancing Tips for 202s

Owners of Sec. 202 affordable seniors housing are in the catbird seat these days.  Read more

Mastering Mixed-Use

With few exceptions, most developers will say that mixed-use projects are more challenging than single-use projects. Read more

New York’s HFA Focuses on Affordability

HAMBURG, N.Y. - Workers began to renovate both the apartments and common areas at Creek Bend Heights Senior Apartments in August, adding new windows and a new roof to the 43-year-old building. Read more

LIHTC Investors Weigh Year Ahead

The big uncertainty going into 2008 is how active, if at all, the biggest low-income housing tax credit (LIHTC) investor will be in the market. Several affordable housing industry leaders have said that Fannie Mae, which has been the single-largest LIHTC investor in the recent past, will be out of the market or will significantly reduce its LIHTC investments this year. Read more

Q&A with Mark Dambly, president of Pennrose Properties, LLC

Meet Mark Dambly, president of Pennrose Properties, LLC, one of the nation’s most active developers of affordable housing. Read more

Valuing General Partner Interests

A number of general partner interests in tax credit partnerships was offered to the market during 2007. Valuing these interests can be very complex and extremely tricky at best. In this article, I’ll explore some of the key elements to determining how to analyze general partner interests. Read more

Seeds of Change

Alfredo Valdovinos and his wife, Irma, work hard harvesting lemons in Santa Paula, Calif. Until recently, the couple and their four children lived in a two-room converted garage that didn’t have a kitchen. Even for a place that small, the rent was costly for the two farmworkers. Read more

Fannie Streamlines DUS Guide

What’s old is new again. Fannie Mae has revamped its Delegated Underwriting and Servicing (DUS) guide, the first major update since the DUS program began about 20 years ago. Read more

Nightmare at Pond View Village

GLOUCESTER, MASS. - Bob Gillis has learned the hard way about the risks of building and selling highend condominiums. “It’s a tough business, and you have to have the nerves for it,” he said. Read more

Mile-High Meters Mile-High Meters

Denver is placing 50 more donation meters along downtown streets to raise money to help the homeless Read more

Showdown in the Capital

House and Senate conferees have approved an increase in Department of Housing and Urban Development (HUD) funding for fiscal 2008, but the administration appears to have the votes to back up a threatened veto of the bill (H.R. 3074). Read more

America’s Homeless Crisis

States across the country are increasingly encouraging the development of supportive housing through their low income housing tax credit (LIHTC) programs. Read more

Where Do They Go at Night?

When I drove the backroads of Santa Cruz County, Calif., where I lived for many years, I would pass the region’s many strawberry fields. It was easy to spot the hunched-over backs of the farmworkers who were picking the red berries. Read more

Northeast Developers See Danger, Opportunity

Broken windows and splintered front steps mar the empty home at 160 Elm St. in Orange, N.J. The twostory house is one of dozens aught up in the web of bankruptcy and indictments surrounding the collapse of a fraudulent local lender, NJ Affordable Homes Corp. Read more

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