Archive for March 2008

Washington, D.C.–The Bush administration announced a proposal to revamp regulation of the U.S. financial system on Monday that marks the biggest overhaul since the Great Depression, the New York Times reports.The new plan would add a group of federal regulators with autonomy over all sectors of the financial system.Hedge funds and private equity firms, previously…

Washington, D.C.–U.S. Housing and Urban Development Secretary Alphonso Jackson resigned on Monday amid a federal criminal investigation into how agency contracts were awarded, Bloomberg reports. “There comes a time when one must attend more diligently to personal and family matters,” Jackson told reporters in Washington, D.C.  “Now is such a time for me.” His resignation…

London–President Bush and U.K. Prime Minister Gordon Brown are establishing a joint organization to create plans and oversee the banking system, according to the Financial Times.The group will consist of senior Treasury and regulatory figures from London and Washington; primarily, it will work to improve day-to-day co-operation between U.S. and U.K. financial regulators.Because of concern…

San Antonio–The USAA Real Estate Co. will begin development of The Town Center at La Cantera, a mixed-use development project on approximately 178 acres bounded by The Shops at La Cantera and Interstate 10 in San Antonio. The Shops at La Cantera is an open-air marketplace featuring stores and restaurants.The project is expected to be…

Boston–Foreclosures of two- and three-family homes last month outpaced foreclosures of other property types, including single-family homes and condominiums, according to Boston-based real estate data firm the Warren Group.Buildings that house three families–called three-deckers–have been an affordable housing option for working-class and immigrant families and have achieved an iconic significance in Massachusetts, the Boston Globe…

Houston–Atlanta-headquartered Apartment Realty Advisors (ARA) recently launched its National Affordable Housing Group, which will be based in Houston, with satellite offices in New Orleans and Atlanta.ARA’s Cliff McDaniel and the recently recruited Dave Fournier, former managing director of Holliday Fenoglio Fowler’s (HFF) tax credit housing group in Atlanta, will head the ARA National Affordable Housing…

By Erika Schnitzer, Associate EditorHinsdale, Ill.–Hinsdale, a suburb of Chicago known for its historic residential architecture, will soon have a new condominium/townhome community that will seek to blend in with the existing neighborhood.GSH Development, a partnership of Wexford Development of Hinsdale and HJH Homes of Oak Brook, worked with BSB Design to create three- and…

By Katelyn McWatters, Editorial InternOakland, Calif.– General Investment & Development Cos. recently sold the 284-unit Windsor at Metropolitan Complex to investors Richard Ross and Socorro Vasquez for $108 million. The four-story multifamily building was built last year, and was about 66 percent occupied at the time of sale. The Windsor at Metropolitan, located at 5684…

By Anuradha Kher, Online News EditorWashington, D.C–“The HUD secretary had lost credibility among people in Washington, D.C. a long time ago,” Sheila Crowley, president of the National Low Income Housing Coalition, tells MHN. “His resignation has been long overdue and not at all unexpected.”Secretary Alphonso R. Jackson resigned this morning amidst intense speculation regarding his…