By Keat Foong, Executive EditorI remember the recession of the late-1980s-early-90s. Wave upon wave of news kept coming in 1989-‘90 of layoffs at corporations. I thought at the time, “They are laying off so many people that there will be no one left to buy the goods they produce.” Sure enough, by the early 1990s, the situation was pretty bad.   But one bright spot at the time was the Low Income Housing Tax Credit (LIHTC) program, which played a large part in driving this magazine’s recovery. The reason? Although the market-rate apartment industry at the time was not doing so…

By Erika Schnitzer, Associate EditorWashington, D.C.–The U.S. Department of Housing and Urban Development (HUD) has awarded $650 million in grants for the development of affordable housing, as well as rental assistance and aid for supportive services. The funding will provide non-profit developers interest-free capital advances for these initiatives. The Section 202 Capital Advance program received $525.9 million to fund the construction, acquisition, and rehabilitation of multifamily developments for very low-income seniors. In addition, the program subsidizes the rents of seniors so they only contribute 30 percent of their incomes toward rent.The Section 811 Capital Advance program received $124.5 million to…

By Anuradha Kher, Online News EditorWellington, Fla.–The Bainbridge Cos. has launched Bainbridge Distressed Property Services LLC, a new group that will offer a range of services to owners and lenders of 100- to 400-unit properties facing foreclosure or financial hardships. The firm is seeking multifamily, mixed-use and commercial acquisitions as well as management assignments along the East Coast and Mid-Atlantic region.“There is significant capital available for opportunistic acquisitions but there is a lack of understanding of the complexities associated with them,” Rick Giles, managing director of acquisitions for The Bainbridge Cos., tells MHN. “It’s about more than minimizing losses; it’s…

By Anuradha Kher, Online News EditorWashington, D.C.–NeighborWorks America is forecasting the total investment in its portfolio of owned and managed multifamily affordable rental housing to grow by more than $50 million, or just over eight percent of the investment made in the year ended Sept. 30 2008. Last year, NeighborWorks organizations invested in excess of $644 million in multifamily properties. The expected growth in 2009 will translate into approximately 5,000 additional units of affordable and what it said is increasingly environmentally sustainable housing.“We believe rental housing needs to be strengthened and needs to take a more prominent role in the…

By Anuradha Kher, Online News EditorWaterloo, CANADA–RenewABILITY Energy Inc., Reid’s Heritage Homes and Union Gas have completed the installation of 250 Power-Pipe DWHR Systems at the University of Waterloo, Columbia Lake Village North Community (CLV), Ontario. Now completed, the Power-Pipe DWHR Systems is expected to reduce water heating in unit showers by 20 percent to 30 percent.“This is a simple, affordable and scalable turnkey heat recovery technology that dramatically reduces water heating costs,” says Ron Salisbury, manager- Home Performance at Reid’s Heritage Homes.“Reid’s Heritage Homes which partners with the University of Waterloo in maintaining the University residences has been installing…

By Keat Foong, Executive EditorOcean Springs, Miss.–In the current environment, brand-new institutional quality apartments in healthy markets are still readily financed, and this transaction provides an example. Capmark Finance Inc. originated $3.9 million in fixed-rate financing through its Freddie Mac program for the borrower’s purchase of the newly-constructed Dominion Apartments from the original developer. “This was an excellent brand new property that had just completed leasing,” said Chad Hagwood, senior vice president of Capmark’s Birmingham, Ala. office. Hagwood, who originated the loan, characterized the market as “very good,” and he said the borrower and management companies were both “excellent” and…

By Anuradha Kher, Online News EditorNew York–HFF (Holliday Fenoglio Fowler L.P.) recently arranged a $94 million refinancing for Riverbank West (pictured), a 44-story luxury project in Manhattan.A local New York bank provided the four-year, fixed-rate loan with a five-year extension option.Riverbank West is located at 560 West 43rd St. between 10th and 11th Avenues in the Midtown West neighborhood of Manhattan. The 97 percent leased property has 418 units, 25,738-sq.-ft of retail space and an 84-space underground parking garage. Community amenities include a 24-hour doorman and concierge, business center, laundry facilities and a valet dry cleaning service. Deutsche Bank Berkshire…

By Anuradha Kher, Online News EditorAtlanta–Lane Co., like so many other companies in this tough economic time, is downsizing. Chairman and company founder George Lane will replace CEO Bill Donges (pictured) and Donges will continue to play an executive advisory role at the company.“I was part of the decision-making process,” Donges tells MHN. He has no hard feelings as he leaves a company he has spearheaded since 2005. “Given the contraction of the capital markets, it’s appropriate for just one person to be both chairman and CEO. This is the sign of the times and we are downsizing like any…

By Anuradha Kher, Online News EditorWashington, D.C.–President George W. Bush, urged by President-elect Barack Obama, plans to formally ask a reluctant Congress to release the second half of the Treasury’s $700 billion financial system bailout fund. Obama asked President Bush to formally notify Congress, on his behalf, of his intent to exercise the authority under the Emergency Economic Stabilization Act to access the $350 billion in funding for Treasury programs addressing the financial crisis.MHN asked Denise Muha, executive director of National Leased Housing Association, whether any portion of this money will be allotted toward solving the housing crisis and perhaps…