Regions

By Anuradha Kher, Online News EditorWashington, D.C.–In ongoing efforts to combat climate change, lawmakers at all levels are increasingly looking to apartment owners and developers to further improve the energy-efficiency of their buildings. “But if policymakers impose unrealistic energy-efficiency mandates on the sector, the cost to develop properties will spiral, exacerbating the affordable housing shortage,” according to a new report by the National Multi Housing Council (NMHC) and the National Apartment Association (NAA), titled “Strategies and Costs to Exceed ASHRAE 90.1-2004 Requirements in a Multifamily Apartment Building.”“In the past year, numerous proposals at federal, local and state levels, have been…

London–Writing Wednesday in the Financial Times, Sheila Bair, chairman of the Federal Deposit Insurance Corporation, proposed using low-cost government loans to help homeowners pay down pricey mortgages.The new government loans–which would be interest-free for the first five years–would fund up to 20 percent of the value of pre-existing mortgages. Lenders would in turn lower payments on the remainder of the mortgage to more affordable levels based on a percentage of the homeowner’s income and would pay a fee to balance out the government’s funding costs over the five-year initiation period.“Voluntary loan modifications have helped,” Bair said.” But it is not…

Washington, D.C.–The housing decline and low consumer confidence hampered the economy in the first three months of 2008–but inventory growth and exports helped prevent a contraction, the Commerce Department said on Wednesday.In the first quarter, the gross domestic product increased at a 0.6 percent annual rate.But the economy slowed. G.D.P. had grown at a 4.9 percent page in 2007’s third quarter–before the subprime fallout began spreading past the mortgage sector, the New York Times reports.After declining 25 percent at the end of 2007, the residential sector fell at a 26.7 percent annual rate in the first quarter. Housing market issues…

By Anuradha Kher, Online News EditorMt. Crested Butte, Colo.–Hudson Realty Capital, a New York-based real estate fund manager, has made a $6.08 million equity investment in a 44-unit apartment complex, The Marcellina, and nearly two acres of adjacent land located that can be developed, in Crested Butte, Colo. The money was used to purchase the property as well as for pre-development costs.The Marcellina is a 34,557-sq.-ft. building located in the Mt. Crested Butte resort, and is the only apartment community there. The apartments were completely upgraded in 2005. Amenities include two laundry rooms and an outdoor spa. “Hudson continues to…

By Erika Schnitzer, Associate EditorSan Francisco–BRE Properties Inc., a real estate investment trust, has named Henry L. Hirvela as its executive vice president and CFO. In his new role, Hirvela will be responsible for the company’s financial activities, investor relations, capital formation, internal audits and information technology services.Hirvela has more than 30 years of experience in corporate finance in diverese fields such as health care, waste management, energy and banking. Prior to joining BRE, he was vice president and CEO of VistaCare Inc., a publicly owned health care services company. In addition, Hirvela served as vice president and treasurer for…

Baltimore–The housing market won’t recover until 2010, according to the head of Fannie Mae.Speaking Tuesday at the Society of American Business Editors and Writers’ annual conference in Baltimore, Fannie Mae CEO and President Daniel Mudd said he doesn’t think the economy will see “some recovery and growth” until housing sales grow and prices stabilize, the Baltimore Sun reports.”We think at Fannie Mae that ’08 is going to be a tough year, kind of a continuation of the end of 2007; ’09 will be similar,” Mudd said.The current state of the market is uncertain, according to Mudd.”I think the reality of…

Washington, D.C.–The Fed may announce another rate cut at the end of its two-day meeting in Washington, D.C. Wednesday, but more action may be needed to increase lending, Bloomberg reports.Since the Federal Open Market Committee’s last meeting in March, the cost of acquiring funds for three months has increased by 0.33 percentage points. And banks are still leery to lend to each other.The Fed may discuss the effect of their $100-billion-a-month Term Auction Facility during the meeting; Bloomberg forecasts that it may increase the size and time period of its biweekly auctions.Policy makers may also lower the benchmark rate to…

By Anuradha Kher, Online new EditorArlington, Va.–The Fisher House apartments, a 33-unit rental community for individuals and families earning 60 percent or less of area median income in Arlington, Va., recently re-opened after undergoing a two-year rehabilitation of its four three-story buildings. The renovation process retained original building materials and details matching the period layout of 1941, when the community was built.The $9.5 million Fisher House restoration project was financed in part with $3.6 million in Low Income Housing Tax Credit and Federal Historic Tax Credit Equity from Enterprise Community Investment, $3.5 million in financing from the Virginia Housing Development…

By Anuradha Kher, Online News EditorLos Angeles–Snyder Langston recently completed construction of Phase III of the Catholic Charities/Good Shepherd Center Women’s Village, a 35,892-sq.-ft. mixed-use building that will provide services to residents of Good Shepherd Center’s facilities. Construction on the property, located at 1671 Beverly Blvd. in Los Angeles, started in November 2006. Move-ins are expected to begin in May.Phase III is situated on a half-acre parcel of land and includes underground and surface parking for 42 vehicles and a retail bakery/cafe that will provide employment assistance and concrete work experience to some of the women at Good Shepherd. The…

By Anuradha Kher, Online News EditorWashington, D.C.–Treasury Secretary Henry M. Paulson Jr.’s proposal to overhaul the regulatory apparatus that oversees the country’s financial system is expected to significantly expand the authority of the Federal Reserve over financial markets, but will likely not have a major impact on multifamily borrowers, according to David Cardwell, vice president of capital markets and technology at National Multi Housing Council. “As borrowers, it does not really affect us. If I were a security issuer, or bank lobbyist, I would be all over this proposal with my suggestions,” Cardwell tells MHN. He goes on to say…