News
Atlanta-Based Resort-Style Property Obtains FHA-Loan Approval Status
By Erika Schnitzer, Associate EditorAtlanta–Villa Sonoma, a 321-unit resort-style condominium, has obtained FHA-loan approval status. Since the property received approval, 50 percent of the loans have been FHA loans.”For buyers, FHA approval of the site essentially facilitates the home purchasing process by creating relaxed conditions to obtain a mortgage,” explains Collin Ellingson, senior vice president of sales, Coldwell Banker The Condo Store. “If a developer is able to secure FHA approval at a community, it typically opens up that property to a group of purchasers who might not otherwise be able to finance a home purchase.”If a property is FHA-approved,…
Hansgrohe Introduces Low-Flow Versions of Croma 100 Series
Hansgrohe recently introduced low-flow versions of its Croma 100 showerheads and handshowers. The Croma C 100 3-Jet Handshower and Showerhead are more traditional, with decorative bell-shaped heads. The Croma E 100 3-Jet series is streamlined and transitional. The spray channels of both series utilize silicone, which is designed to repel the buildup of lime scale deposits.The products feature a four-in. spray face and three spray modes—full spray, pulsating massage and intense turbo jet settings. The green versions of the two Croma 100 series use Hansgrohe’s AIR injection technology, which infuses the water with a three-to-one, air-to-water ratio, expanding the droplet…
NMHC Study Suggests Foreclosure Crisis Will Not Threaten Financial Health of Apartment Sector
By Anuradha Kher, Online News EditorWashington, D.C.–Homeowners of foreclosed properties have not been flocking to the apartment sector, according to new research by the National Multi Housing Council (NMHC). As a result, the credit quality of prospective renters is holding steady, suggesting that the foreclosure crisis is not spilling over to threaten the financial health of the apartment sector, the study reveals.Conducted by Bruce Innes of Innes Works Consulting and presented in a new NMHC white paper titled Renter Credit Quality in a Volatile Housing Market, the report finds that evicted house owners represent only between two and six percent…
New York City to Get Automatic Water Meters
By Anuradha Kher, Online News EditorNew York–The Department of Environmental Protection will install a wireless, automatic meter-reading system across New York City, costing $68 million. The effort to modernize the city’s water meters is expected to help save money and water by flagging leaks fast.The network will measure customers’ water use four times a day. Readings are now taken four times a year, meaning leaks sometimes linger undetected.DEP says a leaking toilet can waste 250 gallons a day, about $640 a year.The agency says the new system will spot spikes in water use and alert customers to check for leaks….
Dranoff Properties Offers Free Smart Car to Buyers
By Erika Schnitzer, Associate EditorPhiladelphia–In a move to relieve some of the pressure increased gas prices has caused for commuters, Philadelphia-based Dranoff Properties is offering a free Smart Car for those who purchase the remaining residences at its luxury condominium Symphony House.”Many residents choose to have cars, so Dranoff Properties is challenging future residents to ‘live smart, drive smart,’ ” says Carl Dranoff, president and CEO of Dranoff Properties. “By driving a Smart Car, residents can easily navigate the crowded city streets in a small, easy-to park, fuel-efficient vehicle.”In addition to the free car, Dranoff Properties is including a free…
Q&A with Dr. Catherine L. Ross: Shrinking Footprint of American Home Offers Greater Potential for Multifamily Developers
Dr. Catherine L. Ross is the first executive director of the Georgia Regional Transportation Authority. She has extensive experience in transportation and urban planning, and organizational management consulting for both the public and private sectors. She is an internationally known transportation planner with experience in conducting transportation planning, urban and regional planning, quality growth and project impact assessments. Dr. Ross is Georgia Tech’s College of Architecture’s first endowed faculty member. She holds the Harry West Chair of City and Regional Planning and directs the Center for Quality Growth and Regional Development (CQGRD).She talked to MHN Online News Editor, Anuradha Kher,…
Finalists Selected for MHN’s First Annual Green Initiative Awards
By Erika Schnitzer, Associate EditorThe finalists have been chosen for MHN’s First Annual Green Initiative Awards. Products, services and corporate initiatives were chosen based on progress toward advancing green ideals.The panel was comprised of five judges who have demonstrated an understanding of sustainability in the multifamily industry. The panel included Tim Button, a partner at Stedila Design Inc., an interior design firm commissioned to work on New York-based The Albanese Organization’s Visionaire, Solaire (LEED Gold) and Verdesian (New York’s first LEED-Platinum high-rise); Anne Sadovsky, certified speaking professional, member of the Multi-Housing World Advisory Board and a recycling advocate; and Robin…
Bush Drops Resistance to Housing Bill; House Expected to Vote Today
By Erika Schnitzer, Associate EditorWashington, D.C.–Despite his objections over a $3.9 billion provision that would assist communities devastated by foreclosures, President George W. Bush today dropped his opposition to housing rescue legislation. He was previously threatening to veto the legislation.The housing rescue package, which the House of Representatives is expected to vote on today, outlines approximately 20 various provisions, including establishing a new regulator for Fannie Mae and Freddie Mac, creating a program within the FHA (Federal Housing Administration) to refinance distressed loans and providing $3.9 billion in funding to stabilize communities devastated by the mortgage crisis. Bush’s veto threat…
HUD Modernizes FHA with LIHTC Program
By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development (HUD) recently issued the Mortgagee Letter 2008-19, streamlining the processing of Federal Housing Administration (FHA) multifamily insurance applications with Low Income Housing Tax Credits (LIHTC).The Mortgagee Letter includes important changes to FHA processing, which will provide flexibility and cut costs, making FHA insurance a competitive financing vehicle for affordable rental properties with Low Income Housing Tax Credits. “There are two very significant benefits that come with this letter,” Cathy Pharis, director at Deutsche Bank Berkshire Mortgage, tells MHN. “For one, FHA will be able to commit…
DEAL OF THE DAY: GPX Completes $3.6M Capital Improvement Plan for Stillwell Apartment Portfolio
By Anuradha Kher, Online News EditorHaverford, Pa.–GPX Realty Partners L.P. recently completed a $3.6 million capital improvement program across its Stillwell Apartment portfolio. The portfolio consists of five communities totaling 309 units across 20 buildings and is located in Montgomery and Delaware counties, Pa. GPX Realty Partners acquired the portfolio last June.The capital improvements made throughout the five developments include upgraded unit interiors, from new windows to new kitchens; refreshed building exteriors; new community signage; extensive landscaping; new roofing systems; parking lot and driveway repairs; and electrical and lighting work.”The multi-million dollar investment we’ve made to upgrade and modernize these…