Regions

By Anuradha Kher, Online News EditorCharlotte, N.C.–The Bank of America Charitable Foundation has announced a $1 million grant to Conservation International’s (CI) Center for Environmental Leadership in Business (CELB) to promote private-sector environmental stewardship. The grant is part of Bank of America’s $20 billion, 10-year environmental initiative to reduce climate change through lending, investing, creating new products and services, sponsoring philanthropy and reviewing operations.“We have been partnering with CI since the 1990s, either for philanthropic initiatives or in educating customers about environmental issues,” Kaj Jenson, vice president of public policy, Bank of America, tells MHN.Conservation International created CELB to engage…

By Anuradha Kher, Online News EditorWashington, D.C.–Total new-home starts (single-family and multifamily) declined 3.3 percent to a seasonally adjusted annual rate of 975,000 units in May, the lowest total starts number since March 1991, according to the U.S. Commerce Department.Multifamily starts dropped 8 percent, falling into a 301,000-unit rate after a substantial uptick in April. A National Association of Home Builders (NAHB) report termed this a “more realistic rate.” Meanwhile, multifamily permits rose 3.9 percent to 346,000 units.Total housing starts fell in three out of four regions in May, with the Midwest posting a 25 percent decline from the previous…

Washington, D.C.–U.S. home construction was less than expected in May, the Commerce Department said Tuesday.The number of single-family home starts dropped 1.3 percent last month, reaching a 17-year low. Privately-owned housing starts dropped 3.3 percent to a seasonally adjusted annual rate of 975,000; April’s starts were revised to 1,008,000, CNNMoney.com reports.Building permit applications declined 1.3 percent to a seasonally adjusted annual rate of 969,000 last month from a revised 982,000 April rate.

Washington, D.C.–Increased production costs in May–due mostly to higher oil prices–may mean higher costs in June, according to government data.In May, the Producer Price Index grew 1.4 percent–its quickest rate in six months–which could indicate that inflation is becoming more of a concern, the New York Times said Tuesday. The wholesale gasoline price increased 9.3 percent in May. Residential gas costs grew 3.8 percent, and the total price of consumer goods escalated by 1.8 percent.However, the cost of women’s clothing, computers and passenger cars showed a small decline.

Washington, D.C.–U.S. homebuilder confidence dropped in June, indicating that the housing decline may get worse, according to Bloomberg.The National Association of Home Builders/Wells Fargo sentiment index dropped from 19 in May to 18 this month. A reading below 50 indicates the majority of respondents feel conditions are less than favorable.The index first hit 18 in December.Buyer traffic also fell, declining from 18 in May to 17 in June, the Washington, D.C.-based NAHB said. The index–first published in January 1985–averaged 27 in 2007.

Washington, D.C.–Despite rising concern about inflation, the Federal Reserve may not change interest rates at its meeting next week, The Wall Street Journal said Tuesday.In fact, the Fed may leave rates unchanged until fall. Yet some–such as futures markets, which are guessing the Fed will raise its interest rate target in August due to inflation–are sure a rate change is coming.Higher energy prices–which have skyrocketed in recent weeks–could hamper U.S. economic growth and increase the rate of inflation.The Fed meets next Tuesday and Wednesday.

By Anuradha Kher, Online News EditorSan Diego–Sperry Van Ness has recently completed the sale of Balboa Palms Apartments, a 28-unit apartment community in San Diego, for $2.47 million.The property is located at 2855 – 2865 A St. near downtown San Diego.   San Diego-based Cyprias Enterprises LLC Series 19 bought the two-building property that was built in 1959.Balboa Palms is situated on 0.32 acres of land and was 100 percent occupied at the close of escrow. The unit mix consists of 20 studio units and eight one-bedroom units with monthly rents ranging from $750 to $825.The property features a gated entry…

By Anuradha Kher, Online News EditorGreensburg/Harrisburg, Pa.–The West Penn Power Sustainable Energy Fund (WPPSEF) and the Pennsylvania Housing Finance Agency (PHFA) are collaborating to preserve affordable apartment units in 23 western and central Pennsylvania counties.The two organizations will work together to lower the expense of heating and cooling multifamily dwellings to make sure high energy prices don’t increase costs for fixed-income older Pennsylvanians, families with lower incomes, or persons with disabilities.Under the two-year program called Preservation through Smart Rehab, WPPSEF and PHFA will provide funds to determine how apartment buildings use energy, and to pay for modifications to make them…

By Anuradha Kher, Online News EditorPhoenix–Alliance Residential Co. (ARC) has unveiled plans to build a 240-unit luxury rental community in the heart of the Camelback Corridor in Phoenix. The $36 million project, spread across 4.14 acres at the intersection of 16th St. and Campbell, is scheduled to open in the fall of 2009. “We are delighted to invest, once again, in our hometown and look forward to meeting the current and growing need for luxury living in the Camelback retail and employment corridor,” says Bob Hutt managing director, southwest region for ARC, which is based in Phoenix. The soon-to-be-named community…

By Erika Schnitzer, Associate EditorNew York–The Acting Commissioner of the New York City Department of Buildings, Robert LiMandri (pictured), was the keynote speaker at BuildingsNY 2008, held at the Jacob K. Javits Convention Center from June 17-18. With GreenBuildingsNY joining the BuildingsNY convention for the first time, LiMandri acknowledged the importance of building green to accommodate the future, with the benefit to the builder of reduced operating costs. In addition, and most importantly, with the recent crane collapses in the forefront of the industry’s mind, LiMandri discussed the city’s new safety guidelines at high-rise construction sites. The industry and the government must…