News

Washington, D.C.–Fannie Mae will eliminate a policy that requires homeowners to provide a higher down payment in areas where home values are falling, The Wall Street Journal reported Friday.The National Association of Realtors, National Association of Home Builders and organizations encouraging affordable housing for low-income residents have urged the Washington, D.C.-based agency to change its downpayment policy because they feel it’s cutting the number of buyers and hurting the housing market, according to the Journal.The current down payment policy will end June 1; a new policy “equalizing the down-payment requirements for borrowers in all parts of the country, regardless of…

By Anuradha Kher, Online News EditorG. Reid Teaney Becomes SVP of ARA Chicago OfficeKansas City, Mo.–Atlanta-headquartered Apartment Realty Advisors (ARA) has hired G. Reid Teaney as senior vice president of ARA’s Kansas City office.In this new role, Teaney will work in the ARA central office, located in Kansas City, Mo., and will work together with current ARA principal, Mac Crowther, to expand this office’s existing multifamily investment advisory services in the Missouri, Kansas, Iowa and Nebraska markets.“Reid has more than 30 years of experience concentrated in investment and user sales, leasing and executive-level brokerage management and is highly regarded in…

By Anuradha Kher, Online News Editor    Irvine, Calif.–Shea Properties, based in Aliso Viejo, Calif., has started the leasing and move-in process at Calypso Apartments and Lofts, a 177-unit urban boutique rental community in Irvine, Calif.The four-story wrap configuration building is situated on 3.67 acres at the intersection of Jamboree Road and Alton Parkway. Designed with urban young professionals in mind, the residences feature funky contemporary colors and steel awnings, with warm finishes such as Pergo flooring, maple wood cabinetry, stainless steel appliances and modern granite countertops. “You walk into the community and you get a feel of the Caribbean,” Kirk…

Pella Doors and WindowsPella’s new collection of windows and doors, called the designer series, features optional blinds, cellular shades, decorative panels and removable grilles between panes of glass, protected from dust and damage, thus reducing lifecycle costs associated with the maintenance and replacement of room side blinds and shades. Designer series windows and doors reduce noise up to 80 percent.With the blinds closed, between-the-glass blinds offer a 43 percent reduction in solar heat gain when compared to room-side blinds, thus reducing potential air conditioning costs. Pella’s designer series of shades and blinds extend to the inside edge of the interior…

Pleasanton, Calif.–Congressman Jerry McNerney, D-Pleasanton, has written legislation to change the current Freddie Mac, Fannie Mae and Federal Housing Administration loan limits permanently, the San Jose Mercury News reports.The single-family home loan limits were raised until the end of the year to $729,750 as part of the Economic Stimulus Package to help homeowners in high-cost areas such as Northern California. “The foreclosures in San Joaquin County are horrendous,” McNerney told the Mercury News. “It’s affecting all sections of the real estate market, and we need something that will help stabilize the market and instill confidence in the market.”

Washington, D.C.–Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., said he is close to settling a foreclosure prevention plan with Republican lawmakers, Bloomberg reported Thursday. “We’re very, very close to an agreement,” Dodd said. “I’m still confident we can get there.”A hearing is scheduled for Thursday on Dodd’s plan to have lenders forgive a portion of outstanding home loans and have the Federal Housing Administration insure the refinanced mortgages.Dodd and Senator Richard Shelby, R.-Ala., worked into the “wee hours” to alter the plan, Dodd said. In a CNBC interview Thursday, Shelby said he and Dodd were close to a compromise,…

Miami–In cities such as Miami, Chicago and San Diego, condo owners are finding neighbors who default on their assessments and management companies that go bankrupt can translate into extra fees and maintenance issues, the New York Times reported Thursday.Monthly condo fees are supposed to cover ownership responsibilities such as water and lawn maintenance; but some unit owners have found that in the current economy, some neighbors and management companies are slowing or stopping the payments.The trend is leading owners to taking on some maintenance duties, including building security–and destroying the sense of community in some buildings.Condo market troubles–occurring mostly in…

Washington, D.C.–U.S. industrial production dropped in April and first-time unemployment benefits increased, adding more speculation that the country may have entered a recession, the Financial Times said Thursday.Industrial output fell 0.7 percent last month. Total manufacturing output declined by 0.8 percent–the largest monthly drop in more than two years. Capacity utilization, U.S. factories’ operating rate, dropped 0.7 percentage points to 79.7 percent–the first time it has fallen below 80 since 2005.Because the weak U.S. dollar has provided incentive for exporters, manufacturing was forecast to buck the current economy; but the reduction in domestic demand has caused lay-offs as employers brace…

By Anuradha Kher, Online News EditorCamden, N.J./Hatboro, Pa.–The Kislak Co. Inc. has arranged the sale of three apartment complexes totaling over $20.3 million in New Jersey and Pennsylvania.The sales transactions included the $11.891 million sale of Crescent Gardens, a 240-unit apartment property located at 1622 Independence Rd., and Gramercy Park Apartments, a 104-unit rental community located at 2880 Hull Rd. in Camden, N.J. Kushner Properties owned both the properties. At the time of the sale, the properties were 95 percent occupied.The second transaction included the $8.5 million sale of The Garner House, a 102-unit mixed-use complex, located at 50 South…

By Erika Schnitzer, Associate EditorBoston–With the theme of this year’s AIA Convention “We the People,” the opening session set the tone for the conference with a philanthropic message and an embrace of affordable housing.AIA President Marshall E. Purnell addressed the goals for architecture as a profession going forward. The earth has a limited number of resources and limited space for waste disposal, Purnell stated, and to that end, architects need to take responsibility and become aware of their footprints. “Imagine the possibilities of American architects serving the world,” he said.Introducing the theme speaker, Purnell stated that the primary responsibility of…