News

Washington, D.C.–The Bush administration said it is not currently negotiating with congressional Democrats on a proposal to reduce the housing slump with government funds, Bloomberg reports.However, Treasury Secretary Henry Paulson is “sympathetic” to the government-insured mortgage proposal by Senator Christopher Dodd and Congressman Barney Frank, according to Senator Charles Schumer, a New York Democrat.Lawmakers have suggested the federal government pay to help struggling homeowners rework their loans, which would be an extension of Paulson’s voluntary mortgage lender agreement.However, both a Treasury official and a White House spokesman denied that the administration is open to accepting any proposals.

Boston, Plymouth, Minn., Houston–NorthMarq Capital’s Boston regional office recently arranged construction financing of $5.8 million for The Bluffs Apartments in Lewiston, Maine. The company arranged this loan for the borrower, Randall Road Associates LLC, through its relationship with Commerce Bank & Trust Co.When completed, The Bluffs Apartments will consist of 11 buildings, with a total of 65 two-bedroom townhouse-style apartments and an average area of 1,120 sq. ft.The Minneapolis regional office of NorthMarq recently arranged first mortgage financing of $6.6 million for Fernbrook Townhomes, located in Plymouth, Minn. Financing for the 72-unit multifamily property was based on a 10-year term…

By Anuradha Kher, Online News EditorNew York–The senior citizen residents of 450 West 131st St. today celebrated the opening of Logan Gardens, the formerly distressed apartment building that has been transformed by CATCH and Enterprise into affordable homes for senior and disabled citizens.The opening event celebrated the late Dr. Arthur C. Logan, a well-known civil rights champion, surgeon and personal physician to such luminaries as Dr. Martin Luther King and Duke Ellington. Logan led New York City’s poverty programs during the 1960’s as chairman of the Council Against Poverty.Logan Gardens was originally rehabilitated in 1985 through the Federal Section 202…

New York–Artisan Lofts, the luxury loft condominium development under construction at 143 Reade St., has unveiled its model unit. Intérieurs, the New York-based interior design firm under the aegis of founder and designer Francine Gardner, has designed the 2,700-sq.-ft. loft featuring three bedrooms, a home office, three-and-a-half baths and a balcony.  The unit includes 12-ft.-ceilings, original columns, and a kitchen cabinet clad with walnut and blackened steel. The unit also features handcrafted mesh and metal lighting by Jose Esteves and art by the Tribeca gallerist, Cheryl Hazan. Artisan Lofts features 38 residences ranging in size from 1,860 to 3,374 sq. ft. The…

North Haven, Conn.,–The Connecticut Association of Realtors Inc. has launched CTreal.com, a Web site that enables searches of more than 31,000 multifamily and commercial properties as well as homes and land, offered for sale or rent in towns throughout the state of Connecticut.CTreal.com carries the listings of more than 13,000 members belonging to Connecticut Multiple Listing Service Inc., (CTMLS) which developed the site and administers it. CTMLS is Connecticut’s only statewide MLS and was founded with the sponsorship of the Connecticut Association of Realtors Inc. There is no login required and searches are for free.CTreal.com allows users to search listings,…

Washington, D.C.–The FCC recently banned carriers from entering into exclusive contracts to provide telecommunications services in residential apartment buildings, and prohibited enforcement of existing contracts that contain exclusivity provisions. Jim Arbury, senior vice president of Government Affairs for the National Multi Housing Council (NMHC)/National Apartment Association (NAA) Joint Legislative Program said in response, “This is just the latest in a series of misguided attempts by the FCC to manufacture competition through regulation instead of forcing the telecom firms to compete for new business. They reveal the FCC’s continued lack of understanding about how the multifamily telecommunications market actually works.”The FCC…

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…