News
New York Rent-Stabilized Apartment Rent Increases Approved
New York–The board that oversees New York City’s rent-stabilized apartments passed its biggest rent increases in almost 20 years on Thursday, sparking anger from current renters, the New York Times said.New York’s Rent Guidelines Board approved increases of up to 4.5 percent on one-year leases and 8.5 percent on two-year leases.In an unexpected move, the board also approved a rent increase option for buildings with tenants who have lived in their units for more than six years. Building owners can charge those tenants either the new increases or a $45 monthly increase for a one-year lease or $85 for a…
Mortgage Rates Increase; 30-Year Rate Hits Highest Level Since September
McLean, Va.–Home mortgage rates continued to rise this week and the 30-year fixed mortgage rate reached its highest level in more than eight months, according to McLean, Va.-based Freddie Mac.Freddie Mac Vice President and Chief Economist Frank Nothaft blamed inflation, The Wall Street Journal said.”Fixed-rate mortgage rates continued to climb this week to the highest point in nearly nine months following the release of May’s consumer- and producer-price indexes, both of which showed stronger levels of inflation,” Nothaft said.In the week ended Thursday, 30-year fixed mortgages averaged 6.42 percent–an increase from last week’s 6.32 percent. Last year, the 30-year mortgage…
Mortgage Fraud Probe Prompts Arrest of 400 Real Estate Industry Members, According to Justice Department
Washington, D.C.–The Justice Department said Thursday that since March, more than 400 real estate industry players–including brokers, lenders and appraisers–have been charged as part of a federal mortgage fraud probe dubbed “Operation Malicious Mortgage,” the Los Angeles Times reports.Mortgage fraud has cost homeowners and other borrowers more than $1 billion, according to the FBI; globally, it has cost $1 trillion in losses.”Whether committed by unscrupulous lenders, real estate professionals or desperate homeowners, mortgage fraud affects all of us,” Thomas P. O’Brien, the U.S. attorney in Los Angeles, told the Times. “Defaults on inflated loans and resulting foreclosures impose huge monetary…
Multi-Housing Executives on the Move
By Anuradha Kher, Online News EditorLee & Associates-Riverside Launches New Inland Southern California Apartment Group with Three New EmployeesRiverside, Calif.–Lee & Associates-Riverside recently opened its new Inland Southern California Apartment Group, which comprises John P. Kalmikov, CCIM, Dean P. Washle and Chris Riggs. Riggs, Kalmikov & Washle (pictured l-r) join the firm with a combined transaction total of more than $2 billion and 45 years of real estate experience to help place Lee & Associates on track to becoming one of the strongest multi-housing brokerage firms in the Inland Empire.“Our decision to join Lee was mainly based upon the fact…
DEAL OF THE DAY: Boston Capital Invests over $8M in To-Be-Built Seniors Housing Development
By Anuradha Kher, Online News EditorLawrence, N.J.–Boston Capital recently invested $8,229,843 in equity financing for Heritage Village at Lawrence Apartments, a to-be-built, 64-unit seniors housing development in Lawrence, N.J.The general partner is Community Investment Strategies Inc. “Heritage Village at Lawrence Apartments provides us with a great opportunity to serve a demand for multifamily housing for seniors in an area experiencing strong population growth,” says Jeff Goldstein, CEO and director of Real Estate at Boston Capital. “We are extremely pleased to once again be in partnership with Community Investment Strategies and offer seniors high-quality, multifamily housing.”Heritage Village at Lawrence Apartments will…
Earth Advantage, Countrywide Partner on Discounted Rate Program for Green Homebuyers
By Lisa Iannucci, Green Building CorrespondentPortland, Ore.–Slowly, more mortgage companies are coming on board to offer discounted rate programs to homeowners who are interested in investing in green homebuilding. Earth Advantage Inc., a nonprofit corporation and homebuilding source for sustainable and climate solutions located in Portland, Ore., has partnered with Countrywide Home Loans, a division of Countrywide Bank, FSB, to launch the Countrywide’s new Green Incentive Program for home buyers. In this program, Countrywide provides a .125 percent interest rate reduction on a Countrywide loan used to purchase a newly constructed green home. The program will initially be available to…
Dranoff Breaks Ground on Philly’s First LEED-Registered Residential, Mixed-Use Building
By Anuradha Kher, Online News EditorPhiladelphia–Dranoff Properties broke ground yesterday on 770 South Broad, Philadelphia’s first LEED-registered residential, mixed-use building.Philadelphia Mayor Michael Nutter, City Councilman Frank DiCicco and Delaware Valley Green Building Council Chairman of the Board Dan Garofalo were present at the groundbreaking along with the developer.The five-story project will feature 146 luxury loftstyle apartments and 18,000 sq. ft. of retail space along with high-efficiency heating and cooling systems. The high-tech roof will dissipate summertime heat, while floor-to-ceiling glass will let natural light in.The project includes a comprehensive carbon management plan, which makes full use of public transportation, including…
Perspective: Tomorrow’s M-F Kitchen Trends (Part I of II)
By Kevin Henry, NYLOFT KitchensUnlike any other kitchen show on the planet, Milan-based Eurocucina played host this April to over 300,000 visitors from over 140 countries. With over 140 exhibitors, all pushing the boundaries of modern kitchen design; Eurocucina has proved itself the “Mecca” for global kitchen design.Upon arriving at Eurocucina, along with 300,000 designers, retailers, editors, students and assorted guests, it is a cross between the opening day at Disneyland and Dante’s inferno…a true sensory overload. Though Eurocucina is a hotbed of individual design and interpretation, there are common themes to be found throughout the fair. Much of this…
Cross-Industry Campaign Aims to Provide $4B to Help Communities Affected by Foreclosures
By Anuradha Kher, Online News EditorColumbia, Md.–A group of cross-industry organizations, including Enterprise Community Partners, Low Income Investment Fund and National Association of Local Housing Finance Agencies, have come together to form the “Save America’s Neighborhoods” campaign. The campaign is urging Congress to include a provision for a minimum of $4 billion in emergency grants in the upcoming Housing and Economic Recovery Act of 2008, which the Senate is expected to vote on next week.The $4 billion emergency funding would be used to facilitate the bulk purchase and rehabilitation of foreclosed homes in targeted areas. In turn, this would help…
New Program Announced to Help New York Homeowners Prevent Foreclosure
New York–A new program unveiled Wednesday by New York’s chief judge could help save homes about to fall into foreclosure in the state, the New York Times reports. Under the plan, a new section of the court would be created to help lenders and borrowers reach a settlement more quickly. Foreclosure notification times would drastically increase, giving homeowners more warning their homes were in danger.Homeowners also would receive contact information for legal and foreclosure counselors and would be asked to appear in court for a settlement conference, the Times said.However, the program’s effectiveness will rely heavily on lender participation. Certain…