News
HUD Provides $1B for Improvements to Public Housing
By Anuradha Kher, Online News EditorWashington, D.C.–U.S. Department of Housing and Urban Development (HUD) is offering nearly $1 billion to make substantial improvements to thousands of public housing units nationwide. The Public Housing Capital Funds are being provided through the American Recovery and Reinvestment Act of 2009 and are designed to help selected public housing authorities improve the quality of their housing stock, promote energy efficiency and create jobs.In March, HUD allocated nearly $3 billion in Recovery Act funding to more than 3,100 public housing authorities across the U.S. That funding is already being put to work to improve public…
First Southern Neighborhood in the U.S. Receives LEED ND Silver Certification
By Erika Schnitzer, Associate Editor Nashville, Tenn.—The Gulch, developed by MarketStreet Enterprises and planned by Looney Ricks Kiss Architects Inc., is the first neighborhood in the South to receive LEED (Leadership in Energy and Environmental Design) for Neighborhood Development Silver certification. The Gulch is one of the first fourteen neighborhoods internationally to become LEED ND-certified in this pilot program. “The Gulch is representative of a new generation of higher-density multifamily and mixed-use communities, particularly in the South, where it is somewhat of a new phenomenon,” notes Paige Close, principal at Looney Ricks Kiss Architects, adding, “there has traditionally been a…
Despite Downturn Brooklyn Condo Sells Over Half of Units in Five Months
By Anuradha Kher, Online NewsNew York–Despite the economic downturn, NV, a 40-unit condominium project in Brooklyn, N.Y. that opened in February 2009, is now 55 percent sold.Located at 101 North 5th St. at Berry Street, the six-story project features one- and two-bedroom apartments.“The economic downturn that has affected the New York condo market has moved to and has been in the selective area phase,” Developer Michael Morton of The Morton Group, tells MHN. The Morton Group developed the project. “This means there are many projects in locations that for the moment have become less desirable as a target buy. However…
Guest Column: Resident Screening—Why Bother?
By Linda Richer, Director of Resident Screening, CBC Companies, Inc. With bankruptcies at an all time high, foreclosure activity at record numbers and occupancy rates the lowest in years, finding qualified residents to fill apartment units has become increasingly difficult. Coupled with having to balance the unending responsibilities at your properties, there just doesn’t seem to be enough time or staff to complete all the daily tasks. Fortunately, one process has become more streamlined over the past decade—resident screening.Now, don’t get me wrong; this can still be a very complex and detailed item to prepare in your business plan. But…
TODAY’S DEALS: HFF Secures $18.25M Refi Loan for 408-Unit Property, and Other Transactions
By Anuradha Kher, Online News EditorCasselberry, Fla.–HFF (Holliday Fenoglio Fowler L.P.) has secured an $18.25 million refinancing for Harbor at Lake Howell (pictured), a 408-unit multifamily community in Casselberry, Fla.Working on behalf of LaSalle Investment Management, HFF placed the seven-year adjustable-rate loan with Freddie Mac (Federal Home Loan Mortgage Corp.). Harbor at Lake Howell is situated on a 34-acre site at 1280 Vinings Lane in Casselberry, approximately seven miles north of Orlando. The 90 percent leased property has one-, two- and three-bedroom units averaging 1,065 sq. ft. Community amenities include two swimming pools, a tennis court, a fitness center, a…
MULTI-HOUSING NEWS EXECUTIVES UPDATE: Christopher Hooke Joins CPC as Director of Fannie, Freddie Sales, and Other Moves
By Anuradha Kher, Online News EditorNew York–Christopher Hooke (pictured) has joined The Community Preservation Corp. as director of Freddie Mac and Fannie Mae sales. Hooke is an expert at Freddie Mac loan origination, having spent more than 10 years at Freddie Mac including five years as Northeast regional director. During his tenure, he was responsible for loan production reaching an annual level of $1.5 billion with transactions ranging from $500,000 up to $200 million or more. “The task of providing financing for affordable housing development has never been more challenging,” says Mr. Hooke. “Ironically, it has also never been…
Former HUD Secretary Jack Kemp Remembered as Man of Big Ideas
By Anuradha Kher, Online News EditorNew York–Jack Kemp (pictured), former Department of Housing and Urban Development (HUD) secretary, and congressman, one-time vice-presidential nominee, and self-described “bleeding-heart conservative,” who passed away recently at the age 73, will be remembered by his peers in the housing industry as a leader and man with big ideas no matter the platform he stood on.Kemp died after a lengthy illness, according to spokeswoman Bona Park and Edwin J. Feulner, a longtime friend and former campaign adviser. “Kemp is counted as one of the most distinguished Republican HUD secretaries, but he was a strongly bipartisan person,”…
GUEST COLUMN: The Long-Term Prospects of Multifamily Investments
By Mark Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I, Inc. Most experts agree that 2009 will be challenging for all commercial property types, including the market’s perennial bright-spot, the multifamily market. Although apartments have suffered less than other commercial real estate sectors, apartment vacancy rates are expected to rise an average of 130 basis points this year due to rising unemployment, according to Property and Portfolio Research, Inc. (PPR).In spite of current challenges, the long-term outlook for multifamily housing remains encouraging. Many economic and demographic trends continue to support a positive long-term outlook for apartments beyond 2009……
Jersey City Mixed-Income Community is the Next Step toward Creating the City of 2050
By Erika Schnitzer, Associate EditorJersey City, N.J.–Franklin Development Group and the Jersey City Redevelopment Agency (JCRA) recently broke ground on Margaret S. Herbermann Manor, a 45-unit mixed-income community located in the Heights neighborhood of Jersey City, N.J. The development is just one component of a larger, ongoing redevelopment effort.The expected $16 million development, which is slated for completion in the spring of 2010, will be financed by a combination of New Jersey Housing & Mortgage Finance Agency’s “CHOICE” program and M & T Bank. “CHOICE,” conceived to encourage the development of for-sale housing in Smart Growth areas throughout N.J., focuses…
Four Affordable Housing Developments Receive HUD Design Awards
San Francisco—The U. S. Department of Housing and Urban Development (HUD), in conjunction with the American Institute of Architects (AIA), has selected four affordable housing developments as the recipients of the HUD Secretary’s Housing and Community Design Award for excellence in residential housing design. The awards were presented during the 2009 AIA National Convention and Design Exposition held in San Francisco.The winners were Homeless Assistance Center of Dallas; Project Place-Gatehouse of Boston; Bridgeton Neighborhood Revitalization of Bridgeton, N.J.; and Irvington Terrace of Fremont, Calif.”These housing developments are truly transformational,” said HUD Secretary Shaun Donovan. “They go beyond both form…