Archive for June 2008

By Anuradha Kher, Online News EditorNew York–Sky House, a 55-story, 139-unit luxury condominium tower located at 11 East 29th St. in Manhattan, is offering a 3,700-sq.-ft. duplex residence featuring a 300-sq.-ft., glass-enclosed winter garden on its 51st floor terrace. The winter garden duplex is part of what the developer is calling the property’s premier collection.The…

By Anuradha Kher, Online News EditorWashington, D.C.– Rep. Ed Perlmutter (D-Colo.) today introduced the H.R. 6078, the Green Resources for Energy Efficient Neighborhoods Act of 2008.If passed, the legislation would raise the bar for environmental performance in affordable housing, authorizing new federal resources for green affordable development while providing incentive to the private sector to…

In an attempt to cut back on U.S. greenhouse gas emissions, Senators John Warner (R-VA) and Joseph Lieberman (I-CT) introduced a bill to Congress that would reduce emissions in 2012 to 2005 levels and by 70 percent in 2050. The bill, known as either Warner-Lieberman or the Climate Security Act, would impose a cap-and-trade system.…

New York–New York-based ratings agency Moody’s downgraded six homebuilders on Monday, Forbes.com reports.Cash flow issues and low earning forecasts prompted Moody’s to lower ratings for Pulte Homes, Centex, Ryland Group, D.R. Horton, KB Home and Lennar.Pulte, Centex, Ryland Group, D.R. Horton and KB Home were cut from Ba1 to Ba2. Lennar fell from Ba1 to…

Washington, D.C.–The Federal Housing Administration announced $4.6 billion in losses Monday due to high home loan default rates, the New York Times reports.The F.H.A.’s seller-financed down payment mortgage plan–which has been hurt in recent years by rising foreclosure and delinquency rates–is partly to blame, according to commissioner Brian D. Montgomery.Weak traditional mortgage portfolio performance and…

Chatham, Mass.–Federal Reserve chairman Ben Bernanke said Monday that–although inflation concern is increasing–the risk of a large economic downturn in the U.S. has decreased in the past month.Speaking at a Fed conference in Chatham, Mass., Bernanke said that the increased growth expectations were due to “the effects of the monetary and fiscal stimulus, a gradual…

Beijing–The hot Chinese real estate market appears to be cooling off because of widespread credit issues, sinking prices and less transactions, the International Herald Tribune reported Tuesday.Property investment increased 32 percent in the first four months of 2008 in China–but a reduced amount of bank loans and increased borrowing costs have some building industry members…

By Anuradha Kher, Online News EditorSouth Bend, Ind.–Prime Property Investors Ltd. recently completed the acquisition of Clover Ridge Apartments, a 100 percent occupied student housing complex located in South Bend, Ind., for $ 10,250,000.The multi-building complex is situated within three blocks of the main campus of the University of Notre Dame and features one-, two-…

By Anuradha Kher, Online News EditorChristiansburg, Va.–Virginia Community Capital (VCC) and the National Housing Trust Community Development Fund (NHTCDF) recently launched an acquisition loan pool to help preserve Virginia’s affordable rental housing.With the help of private capital, VCC and NHTCDF have created a $30 million site acquisition loan pool called Preservation Acquisition Loan (PAL) to…