Enterprise Community Investment Wins More New Markets Tax Credits
Columbia, Md.–The U.S. Department of the Treasury’s Community Development Financial Institutions Fund has awarded Enterprise Community Investment Inc. an additional $62 million in New Markets Tax Credits.
Education Realty Trust and Edwards Cos. to Build Student Housing
Tuscaloosa, Ala.–Education Realty Trust Inc. and the Edwards Cos. have inked a deal to develop and manage new student housing at the University of Alabama in Tuscaloosa, Ala.
Economy Watch: 4Q GDP Estimate Pared Down
U.S. GDP wasn’t quite as robust in the fourth quarter of 2010 as the U.S. Department of Commerce had previously estimated. On Friday, growth was recalibrated by the Bureau of Economic Analysis to an annualized rate of 2.8 percent, down from an earlier estimate of 3.2 percent.
Housing Affordability Still a Problem, Despite Price Drops
Housing has gotten increasingly difficult to afford in recent years, according to a report by the Center for Housing Policy, and cutting federal support would only exacerbate the problem.
Accounting Changes Likely Mean Headaches for Landlords
New York–Accounting standards might be arcane, but a major change in standards that could come as soon as this summer might make commercial property owners take notice. That includes multifamily owners, especially those with non-residential (namely retail) components to their properties.
Economy Watch: Existing Homes Sales Up
Existing home sales rose unexpectedly during January, according to the National Association of Realtors (NAR), up 2.7 percent from the previous month. The annualized sales rate was 5.36 million units, which compares to roughly 4.9 million sold in all of 2010 (using NAR figures).
Federal Home Loan Bank of Atlanta Awards $15.4M For Affordable Housing
Atlanta–The Federal Home Loan Bank (FHLBank) of Atlanta has awarded part of the funding under its 2010 Affordable Housing Program (AHP) to affordable housing developments in Florida and Georgia, a total of $15.4 million.
Economy Watch: Home Prices Headed for Double-Dip Territory
The latest S&P/Case-Shiller indexes on U.S. housing prices confirm that home valuations are still on the slide. In fact, almost all of the small pricing uptick experienced in 2009, which probably was a result of the long-gone federal homebuyer tax credit, has been erased. A continuing influx of distressed properties put further pressure on prices.
HUD Proposes Modest Cuts in Its Budget for FY12
Washington, D.C.–The U.S. Department of Housing and Urban Development (HUD) has released its proposed budget for the federal government’s fiscal 2012 (beginning Oct. 1, 2011), which it forecasts will be a net of about $43 billion for the year.
Economy Watch: Feds on Verge of a Nervous Shutdown
Is the federal government going to shut down because of the fracas between zealous House members (including freshman who weren’t around for the ’95 shutdown), somewhat less zealous members of Congress and the administration? On Saturday, the House passed by 235-189 a bill that cut more than $61 billion from fiscal 2011–the year underway–as part of a temporary funding measure.