Centerline Capital Group, a real estate asset management and financial services firm and subsidiary of Centerline Holding Company, has closed a series of transactions with Island Capital Group LLC and the company’s creditors and preferred shareholders. The transactions, which eliminated approximately $1.6 billion of aggregate liabilities and contingent exposure and provided over $100 million of […]
Wolff Waters Place, a new $90 million green development near Palm Springs, Calif., has opened its doors to more than 200 low-income households, announced John Mealey, executive director of the Coachella Valley Housing Coalition (CVHC), the nonprofit housing developer that developed the project. The 15-acre development includes 22 buildings with townhomes and garden apartments. Half […]
HUD received approximately 25 comments to its March 30, 2009, notice on its proposed methodology on how to collect data on low-income housing tax credit housing from state finance agencies. On March 3, 2010, it published a notice in the Federal Register summarizing the comments and its responses. Following are some highlights of what commenters […]
HUD Secretary Shaun Donovan issued a statement following the U.S. Senate’s adoption of an amendment extending the Gulf Coast Opportunity Zone (GO Zone) Low Income Housing Tax Credit (LIHTC) placed-in-service date by two years, to December 31, 2012. Donovan and Treasury Secretary Timothy Geithner sent a letter to U.S. Senator Mary Landrieu earlier, expressing the […]
In order to have the necessary time to examine proposed changes to Section 8 regulations and revising parts of the Renewal Guide, HUD is currently waiving certain parts of the Section 8 regulations and the Renewal Guide on a case-by-case basis. According to a February 22 memo issued by Carole Galante, Deputy Assistant Secretary for […]
KDX Ventures announced that it will be selling $306 million in multifamily and healthcare loans for HUD. The portfolio consists of 25 multifamily commercial real estate loans and one healthcare loan, ranging in size from $1.6 million to $44.3 million. The collateral is located in 14 states across the country. Investors may bid on any […]
Freddie Mac, which just released its fourth quarter and full-year 2009 results, reported a net loss of $21.6 billion in 2009, compared to a net loss of $50.1 billion in 2008. For the quarter ending December 31, its net losses were $6.5 billion compared to $5.4 billion for the quarter ending September 30, 2009. Although […]
The Justice Department has settled a lawsuit alleging that the owners and developers involved in the design and construction of 21 multifamily housing complexes in Tennessee discriminated on the basis of disability. The complexes, which were built with the assistance of federal low-income housing tax credits, contain more than 800 units covered by the Fair […]
The Contract Rent Annual Adjustment Factors (AAFs) for 2010 have been published by HUD in the Federal Register. Annual rent adjustments are required for housing units receiving assistance under Section 8 of the U.S. Housing Act of 1937. HUD develops the AAFs based on changes in residential rent and utility costs derived from Consumer Price […]
The Delaware State Housing Authority (DSHA) is now offering approximately $2.5 million in federal housing tax credits to affordable rental housing developers. Developers have until April 9 to apply to DSHA for federal housing tax credits on sites they plan to develop for low-income families. Interested developers and investors may obtain the 2010 Housing Credit […]
