California Congressman Calls for Replacement, Not Elimination, of GSEs
Washington, D.C.–Rep. Gary Miller (R-CA) plans to introduce a bill that would replace the GSEs with a new, consolidated entity whose function would be very much like Fannie and Freddie.
Economy Watch: Bank of America to Pay $8B to Settle Countrywide Claims
BofA will pay $8.5 billion to aggrieved mortgage-backed bondholders sold by Countrywide; owning a home is still part of the American dream; and pending home sales were up last month.
Solar Installation Completed at San Diego Affordable Housing Property
The largest Multi-family Affordable Solar Housing project in San Diego (so far) has been completed at Mayberry Townhomes, a 70-unit affordable rental property.
Economy Watch: Case-Shiller Index Sees Surprise Uptick, but Is It Meaningful?
The Case-Shiller 20-city index went up in April; consumer confidence went down in May; and the number of mortgage loan fraud reports went up in the first quarter.
Affordable Housing TOD Planned for Denver
Denver–The Urban Land Conservancy has bought land along Denver’s FasTracks Southwest light-rail corridor to develop an affordable, mixed-use transit-oriented development called Evans Station Lofts.
Washington REIT and Crimson Partners Ink Apartment Development JV
Arlington, Va.–Washington Real Estate Investment Trust and Crimson Partners have formed a joint venture to develop a six-story, 150-unit mid-rise apartment complex in suburban Washington, D.C.
No Sewers? No Problem for Massachusetts Multifamily Property
Westford, Mass.–For Yule Development Co., the most difficult renovation problem in the redevelopment of its Abbot Mill property was the need to build a water treatment plant.
New Chicago Loop Apartment Building Becomes Temp Corporate Housing
Chicago–Oakwood Worldwide, a temporary housing specialist, has obtained a master lease for a new 42-story downtown Chicago apartment building.
Novogradac Study Calls LIHTC Program a Success
San Francisco–According to a study on LIHTCs, the program has been quite successful by all applicable performance measures.
Economy Watch: IMF to Greeks: More Austerity or Else
The IMF warns of “large global spillovers” if Greece doesn’t tighten the reins on its debt; Wal-Mart fends off its Supreme Court discrimination suit; and the government files suit against J.P. Morgan Chase and Royal Bank of Scotland Group for selling bad mortgage bonds to credit unions.