By Erika Schnitzer, Associate EditorLanett, Ala.–An affordable housing complex with 48 units, Garden Greene Apartments recently held its official opening. Developed by Bennett and Co., a real estate consulting firm, the apartments are targeted toward seniors earning 50 percent or less than the area median income.Move-ins at Garden Greene began this March, and the building is currently at 50 percent occupancy.The new project has already begun to improve the deteriorating neighborhood where it is located. “Other home-owners in the neighborhood have been inspired to repaint and groom their yards, Fred Bennett, president of Bennett and Company, tells MHN.“The city has…

Washington, D.C.—The final action on the bipartisan housing bill could take place on Tuesday, according to the New York Times.On Friday, the Senate added housing package tax breaks for manufacturing companies and for Gulf Coast residents displaced by Hurricane Katrina, both of which were approved.The Senate approved the provision enabling troubled companies to use accumulated tax credits to counteract new plant and equipment costs—suggested by Senator George V. Voinovich from Ohio, which has been heavily affected by declining employment and foreclosures–by 76 to 2.The bill also will offer an additional tax break for home builders and other businesses. The provision…

Tokyo–Japan’s largest bank and its five other major lenders could post a 40 percent decline in combined profits because of U.S. subprime mortgage-related losses, Bloomberg and Nikkei English News said.The combined net income of Mitsubishi UFJ Financial Group Inc., headquartered in Tokyo, and the other major banks should be roughly 1.5 trillion yen ($14.7 billion) in the year ended March 31. January forecasts were more than 2 trillion ($19 billion) .Japan’s other large banks include Sumitomo Mitsui Financial Group Inc., Resona Holdings Inc., Sumitomo Trust & Banking Co. and Chuo Mitsui Trust Holdings Inc.

Sacramento, Calif.—Declining Bay Area home sales—currently at their lowest level in two decades—are reducing the number of local real estate agents, the San Francisco Chronicle reports.The number of licensed California real estate agents has already dropped slightly, according to Tom Pool, a spokesman for the Sacramento, Calif.-based Department of Real Estate. In November, the state had 549,244 agents; by late January, the number had dwindled to 548,879.And more may follow: Because real estate licenses are fairly inexpensive–$120 a year—and last for four years, an agent decline can lag behind a housing market reduction, Pool said.Less people are taking the real…

By Anuradha Kher, Online News EditorWashington, D.C.–Wachovia, Wells Fargo and Bank of America were the top multifamily/ commercial originators in 2007, according to the Mortgage Bankers Association (MBA) fourth annual commercial/multifamily finance firms annual originations rankings.Other originators in the top 10 include Deutsche Bank Commercial Real Estate, Credit Suisse, Holliday Fenoglio Fowler L.P., Capmark Financial Group Inc., CBRE|Melody, Goldman Sachs & Co. and KeyBank Real Estate Capital.  Five different companies topped the eleven lists reporting originations by investor groups.Wachovia was the top originator for REITS, mortgage REITs, investment funds, Fannie Mae and conduits. Capmark Financial Group topped in Freddie Mac,…

By Anuradha Kher, Online News EditorDallas–Granite Properties and Gables Residential has begun construction on a $200-million mixed-use project in uptown Dallas. The development, featuring a high-rise 292-unit residential apartment complex as well as a 19-story Class AA office tower, is located on 2.145 acres in the center of Uptown. Completion of the two-tower project is slated for March 2010. The Granite office tower at 17 Seventeen McKinney is located at the northwest intersection of McKinney Avenue and North Akard Street and the Gables residential high rise is at 1700 Cedar Springs and Akard.“Right now, there are a lot of office…

By Erika Schnitzer, Associate EditorAtlanta–The first phase of 12th & Midtown, a three-million sq.-ft. mixed-use development, has recently been completed. The development is set to span four city blocks in Midtown Atlanta and will feature over 1.2 million sq. ft. of residences, offices, hotel rooms and retail shops.1010 Midtown, a 35-story tower comprised of 443 residences and 50,000 sq. ft. of retail and dining space, is the first phase of the project. Designed by Atlanta-based architecture firm Rule Joy Trammell + Rubio, 1010 Midtown is located at the center of “Midtown Mile”—a 14-block, one million sq.-ft. area comprised of residences,…

Vernon, Conn.–W&K Associates, an owner and manager of properties, has bought 28-32 Elm St., a nine-unit apartment building in Vernon, Conn., for $500,000. The broker for the deal was Hartford, Conn.-based Chozick Realty.The property is located in the downtown area of Vernon, which is less than 15 miles east of Hartford, Conn.“It is on a residential street but is centrally located within walking distance to retail, entertainment and employment,” Rick Chozick, president of Chozick Realty tells MHN.“It is adjacent to the downtown Vernon area, the Rockville Hospital and the Superior Court, all of which make this an attractive area to…

Washington, D.C.–Banks are so affected by the U.S. housing crisis that many are beginning to delay reacting to homeowners mortgage defaults, according to Bloomberg. The amount of borrowers at least 90 days late on their loans hit its highest level in at least five years, increasing to 3.6 percent at the end of December, according to the Mortgage Bankers Association in Washington, D.C. For the first time, that amount is almost double the amount of homes that have entered foreclosure.But banks aren’t anxious to take over vacant homes. Lenders face a number of headaches with foreclosed properties, including legal fees,…