By Erika Schnitzer, Associate EditorLake Forest, Calif.–Professional Community Management of California Inc., a manager of homeowner associations based in Lake Forest, Calif., has announced the formation of a sister company, PCM Consulting Services Inc.“The heritage of PCM of California, combined with the expertise of PCM Consulting Services provides a tangible value to the developer,” says Susan Finley (pictured), the newly appointed vice president of DRE budgeting and consulting services for PCM Consulting Services, Inc. “The affiliation between the two companies provides PCM Consulting with the ability to tap into 35 years of dealing directly with homeowners and the association.” Finley…

By Anuradha Kher, Online News EditorChicago–Apartments.com has launched Apartments.com Anywhere, a suite of mobile products that allows property owners and management companies to connect with renters through mobile phones.Apartments.com Anywhere includes “Text4Info,” “Apartments.com Mobile Web” and “Send2Phone.” Using any of the three options, renters can access Apartments.com’s database of more than three million listings nationwide.“People use the Web differently on their mobile phones,” says Chris Brown, vice president of product development, Apartments.com. “When renters are on the go or in a hurry, instant access to information on a property could be a critical factor in that renter’s decision to make…

Manuel G. Gonzalez, AIA, CAASH, principal with KTGY Group Inc., a residential, retail and mixed-use design firm, is responsible for the design, land planning and production of developments as well as active adult and affordable multifamily communities nationwide. In his more than twenty years of practice in residential development, Gonzalez (pictured) has won numerous awards for his designs in the 50+ active adult market including Gold Nugget, NAHB, Pillars of Industry and Best in American Living. He recently received his fourth Gold Award from the NAHB for Dorado Senior Apartments in Buena Park. Gonzalez has also served as president of…

By Anuradha Kher, Online News EditorTucson, Ariz.–Alliant Capital LLC has completed financing of Quail Ridge, Stonybrook and La Jolla de Tucson Apartments, all located in Tucson, Ariz., for a total of $34,919,700.La Jolla de Tucson will be funded after the expiration of the existing conduit lockout.Quail Ridge Apartments, a 253-unit garden style community built in 1975, is comprised of 17 two-story buildings. The Stonybrook Apartments is a 411-unit garden-style community built in 1982 and features 17 three-story buildings. The 223-unit La Jolla de Tucson has 11 two-story garden-style buildings and was built in 1978.  All three loans have 10-year terms…

By Anuradha Kher, Online News EditorBoston–Enterprise Community Investment Inc., along with Trinity Financial Inc. and the Boston Housing Authority (BHA), are making a $45 million Low Income Housing Tax Credit (LIHTC) equity investment for Phase II of Franklin Hill redevelopment, located at 1 Shandon Rd. in Boston’s Dorchester neighborhood.Trinity Financial and the BHA completed development of the first phase of Franklin Hill earlier this year. Phase II of Franklin Hill will feature 152 affordable rental units, which will bring the total number of affordable rental units at Franklin Hill to 266.“Enterprise is proud to enter the Boston affordable housing market…

Washington, D.C.–U.S. home prices are going to fall further this year, according to 10 major bank economists with the American Bankers Association.While meeting with Federal Reserve officials this week in Washington, D.C., economists from banks including Wells Fargo Bank, JPMorgan Chase, Northern Trust, SunTrust Banks, PNC Financial Services Group and Huntington Bancorp said that the U.S. housing market is halfway through its overall price deterioration.The reduction in consumer spending, higher fuel and food costs, stricter lending practices, high unemployment and general lack of optimism about the economy were all cited as factors, the San Jose Mercury News said.”There are a…

Washington, D.C.–Mortgage industry officials and business organizations are encouraging lawmakers to remove portions of a housing bill they feel would hurt lenders, BusinessWeek said Wednesday.Six groups–the American Financial Services Association, the Consumer Bankers Association, the Consumer Mortgage Coalition, Mortgage Bankers Association, U.S. Chamber of Commerce and the Financial Services Roundtable–sent a letter Tuesday to lawmakers that questioned the bill’s provision to make lenders select the best loan for each borrower.The groups feel that the requirement could result in lawsuits and cause lenders to “reduce the number and type of products to consumers.”The letter–sent to the two senior members of the…

Cincinnati–Fifth Third Bancorp.–a large regional bank based in Cincinnati–said Wednesday that it would cut its dividend by 66 percent and raise at least $2 billion in capital to make up for growing credit losses, the New York Times reports.With $111 billion in assets and 1,314 branches in 12 states, Fifth Third is the second-largest bank headquartered in Ohio, which has been one of the states most affected by the U.S. housing slump.Other Ohio-based banks–including National City Corporation and KeyCorp, the state’s largest and third-largest lenders–also had to raise capital and reduce dividends this year.Fifth Third plans to issue 1 billion…

Boston–The rocky financial market is reducing funding for affordable apartment construction in the Boston area, according to the Boston Globe.As a result, costs for some low-rent apartment projects are increasing–and other projects are being canceled.Affordable housing construction is funded largely through a credit given to developers that cuts taxable income by a certain amount; the credit can be sold to banks or other companies to raise money. But because the value of the tax-forgiveness credits that the federal government allows developers to sell to raise funds has declined, construction money is tight. A year ago, a $1 reduction sold for…