Regions

By Anuradha Kher, Online News EditorNew York–The Community Preservation Corporation (CPC) has appointed F.L. Andrew Padian (pictured) as vice president for energy initiatives.  In his new role, Padian will assist in the implementation of a range of new energy efficiency projects at CPC. He will also train mortgage officers in identifying appropriate efficiency measures and will conduct energy audits. “Providing developers with the necessary tools to build quality, sustainable, affordable housing is of the utmost importance to our organization, and energy efficiency plays a large role in that mission,” says Michael Lappin, president and CEO of CPC. “We believe that helping…

Irvine, Calif.–NWP Services Corp. (NWP) has launched Multifamily Training Central, a new Web-based training/e-learning product that delivers advanced training technologies and services to its multifamily clients. “This is comprehensive web-based training for our clients who are interested in enhancing their NWP on-site training experience and gaining the ability to offer their internal training in a high impact and cost effective manner,” says Angela Rodebaugh, director of resident care and property training systems for NWP. “We understand that the demands on-site and the need to reduce expense are greater than ever.”With this product, on-site associates can connect to a system that…

By Erika Schnitzer, Associate EditorIndependence, Ore.—Independence Station, a 57,000-sq.-ft. mixed-use development, is on track to become the world’s greenest building with the highest LEED (Leadership in Energy and Environmental Design) rating ever awarded for new construction.At its completion, which is slated for early 2010, Independence Station is expected to earn between 64 and 66 points, out of a possible 69 points, and is designed for LEED Platinum certification.“We are creating not just a concept, but something that’s real, something where someone can live and work and incorporate transportation in a smart package,” says Steven Ribeiro, principal of Independence, Ore.-based Aldeia…

Washington, D.C.–With a total allocation of $47.5 billion for the housing sector, the President’s fiscal year 2010 budget restores and increases funding for many key U.S. Department of Housing and Urban Development (HUD) programs. In addition, the economic stimulus law already provides an additional $13.6 billion. These sums compare to the projected 2009 HUD budget of $40.1 billion.The budget fully funds the Community Development Block Grant (CDBG) program, while reforming the CDBG formula to better target distressed communities and promote the development of “Sustainable Communities.” It also increases funding for the Housing Choice Voucher program and the project-based rental assistance…

By Anuradha Kher, Online News Editor Odenton, Md.–KeyBank Real Estate Capital recently closed a $9.5 million Freddie Mac loan for Riverscape Apartments (pictured) in Odenton, Md. KeyBank provided a supplemental loan to Riverscape Limited Partnership for the 280-unit Class A multifamily property built in 1999. Since the initial funding in 2004, the property’s performance has improved, which allowed Riverscape Limited Partnership to increase outstanding debt on the property.Arbor Closes $7,492,700 Fannie Mae DUS LoanDallas–Arbor Commercial Funding LLC recently completed funding of a $7,492,700 loan under the Fannie Mae DUS product line to refinance the 276-unit property known as Carousel Apartments in…

Pam Monroe (pictured) is the president of the Institute of Real Estate Management (IREM) as well as Community Realty Management Inc.’s senior vice president. She has overseen properties throughout the Southeast, in Texas, Oklahoma, New Jersey, Pennsylvania, Maryland, Virginia and the Virgin Islands. She has managed all types of multifamily housing—including conventional properties, Low Income Housing Tax Credits (LIHTC) housing, senior housing, condominiums and corporate portfolios.In 2003 Monroe was named “CPM of the Year” for IREM’s South Jersey Chapter No. 101. She is currently in Korea, where she is attending IREM’s six-year old chapter. Monroe talks to MHN Online News…

By Anuradha Kher, Online News EditorNew York–The Cathedral Church of Saint John the Divine’s housing mission fund recently contributed $200,000 towards 59 affordable housing units at the Avalon Morningside Park (pictured), a 295-unit mixed-income community located at 1 Morningside Drive in New York. Residents began moving in in July 2008. This is the first of 30 annual Cathedral contributions of $200,000 to help support the cost of the 59 affordable apartment units in the building. Over 23 million dollars have been spent for the construction of the affordable housing units at Avalon Morningside Park, and the annual rent subsidy for…

By Erika Schnitzer, Associate EditorChicago—In the last 10 years, two million affordable rental homes have been lost, whether sold, demolished or priced out, said Jonathan Fanton, president of the MacArthur Foundation, in a teleconference today. Now, in an effort to preserve affordable housing, the Foundation has announced its investment of $32.5 million—$9.5 million in grants and $23 million in low-interest loans—in 12 projects to preserve more than 70,000 affordable rental homes. This investment is expected to leverage more than $147 million in other funding.  “The end of the housing bubble and a wave of foreclosures have underscored the importance of…

By Anuradha Kher, Online News Editor Los Angeles–Following the increasing demand for eco-friendly products in the furniture sector, Snaidero USA has added a whole line of “green” cabinets that meet the North-American criteria established by the USGBC (United States Green Building Council). The new line is in addition to its existing E1/ISO 14001 certified products.LEED standards are used in a growing number of projects throughout the U.S. and North America to foster sustainable building development. Compliance with these regulations usually means that the project will receive LEED points towards achieving potential silver/gold/platinum certification by the USGBC.With greater knowledge of the needs…

By Erika Schnitzer, Associate EditorOrlando—The lack of new construction in the Orlando market is not such a bad thing, according to Cole Whitaker, partner at Hendricks & Partners’ Orlando office. The downturn in new construction should help a softening rental market.“We, unfortunately, are sitting here with declining rent rolls due to increased concessions, so to have very little new construction is a good thing,” he says.            Occupancy is sitting at approximately 90 percent, whereas the city normally enjoys levels of 92 percent to 95 percent, Whitaker tells MHN. While vacancies have increased only slightly, he affirms that concessions are rising….