Washington, D.C.–American citizens view the economy as bleak and feel housing is in serious trouble, according to a Reuters/Zogby poll released Wednesday.The index–which measures the mood of the country–dropped from 99.3 in February to 87.7, the lowest level since the index began last July, the New York Times reports.The unstable stock market, mortgage meltdown and recession fears have helped dampen economic sentiment. Another Reuters/Zogby poll showed that almost three in four Americans thought the U.S. economy was in a recession and felt the housing market would not improve soon.

Washington, D.C.–The Office of Federal Housing Enterprise Oversight (OFHEO) will relax the mandatory capital requirements for Fannie Mae and Freddie Mac, freeing up $200 billion, Forbes.com reported Wednesday.The required cushion for both government-backed agencies will be cut by a third from its current amount, $20 billion. The new plan will add $200 billion to the mortgage market and should allow more homeowners in risk of default to refinance their mortgages, according to Forbes.

New York–The dollar fell against the euro, yen and Swiss franc because of concern that the Federal Reserve’s recent string of interest rate cuts won’t be able to boost the U.S. economy, Bloomberg reported Wednesday.The decline began in Asian trading on conjecture some European and U.K. banks were about to experience capital problems. Higher-than-expected earnings from Morgan Stanley and the announcement of new Fannie Mae and Freddie Mac requirements helped briefly raise the dollar.The dollar fell from $1.5625 Tuesday to $1.5704 per euro at in the morning in New York. Against the yen, the dollar dropped from 99.85 Tuesday to…

Washington, D.C.–The Federal Reserve cut the Fed funds rate by 74 basis points Tuesday to 2.25 percent, the Financial Times reports.Internationally, stock markets rose Tuesday due to the cut and to better-than-expected earnings from two investment banks, Goldman Sachs and Lehman Brothers.A full percentage point cut had been expected by many economists; however, two members of the Federal Open Market Committee wanted a less aggressive move, according to the Times.The Fed is adopting a dual approach to policy, with non-rate measures created to open up credit channels and let the Fed rate cuts fully take effect, said Drew Matus, senior…

By Anuradha Kher, Online News EditorSt. Louis–Enterprise Community Investment Inc., U.S. Bank, McCormack Baron Salazar and St. Louis-based Regional Housing and Community Development Alliance (RHCDA) will provide a $17.5 million federal New Markets Tax Credit (NMTC) investment for the redevelopment of Crown Square, the former 14th St. pedestrian mall located in the Old North St. Louis neighborhood.This financing will help in development of 33,500 sq. ft. of commercial, office, retail and restaurant space and 38 residential apartments. The development also features 42 affordable apartments in 16 buildings financed through tax-exempt bonds, historic tax credits and other subsidies. The $20.1 million…

By Anuradha Kher, Online News EditorWaco, Texas–SWB Heritage Square Partners L.P. has selected Dallas-based Humphreys & Partners Architects L.P., to design the student living facility in downtown Waco, part of Waco Town Square, a 17-acre, mixed-use development.Humphreys & Partners recently rolled out its new copyrighted “e-Urban” design to the multifamily industry. This design utilizes a number of innovative features including elevator lobbies and no corridors to create a high-efficiency ratio for net rentable space. In addition, the developer will incorporate energy-saving components and solar considerations that will enable the student housing facility to qualify as a green building.The four-story building…

By Anuradha Kher, Online News EditorSan Diego–AMCAL Multi-Housing Inc., builder of workforce and low-income housing, recently broke ground on the 89-unit Los Vientos, its first affordable housing development in San Diego, located at 1629 and 1688 National Ave. between South 16th and Sigsbee streets. The project is scheduled to open in fall 2009.Designed by Austin Veum Robbins Partners, Los Vientos will consist of two Spanish-style residential buildings showcasing 50 two-bedroom apartments, 35 three-bedroom apartments and four four-bedroom apartments. Based on today’s AMI, the rent would range between $480-$1,200, depending on the unit.Los Vientos is a 100 percent affordable development featuring…

McLean, Va.–Wachovia Multifamily Capital Inc. has achieved fully delegated status under the Freddie Mac Delegated Underwriting for Targeted Affordable HousingSM model. Wachovia is only the second company, after Centerline Capital Group, to achieve this status.Delegated Underwriting allows approved lenders to fully underwrite multifamily loans for Freddie Mac in accordance with its Delegated Underwriting Guide.“Delegated Underwriting lets us serve targeted affordable borrowers by tapping more effectively into the delegated Seller/Servicers’ capacity to originate and underwrite, in exchange for a risk-sharing relationship with us,” says Kimball Griffith, Freddie Mac vice president of affordable sales and investments.Daniel Cunningham, head of Affordable Housing at…

By Anuradha Kher, Online News EditorWashington, D.C.–This week’s fed rate cut could drive up lending in the multifamily market in the short term, but could push it down over the long haul due to an increase in the cost of borrowing.For the second time this year, the Federal Reserve has cut the federal funds rate by three-quarters of a percentage point. This brings the rate down to 2.25 percent. As recently as last September, the rate was 5.25 percent “The rate cut will most likely not impact non-recourse permanent financing for multifamily,” Martin Kamm, managing director of Real Estate Investment…

Washington, D.C.–The Federal Reserve is expected to issue a large rate cut at today’s meeting–possibly as large as a full percentage point drop to 2 percent, MarketWatch reports. The move would indicate that the Fed views the threat of a financial market collapse and a potential impending U.S. recession as serious, prompting a fast and firm action.A lower fed funds rate helps banks immediately rebuild their capital by reducing their borrowing cost. However, the other effect lower rates can have–increasing consumer and business borrowing–could take more time.Economists have said the worsening economic conditions since the last Fed meeting have increased…