Glenn Petherick • 2 min read
The House and Senate Appropriations Committees approved bills in June to provide funding for federal housing programs for Fiscal Year 2014, which begins October 1.
Glenn Petherick • 6 min read
That’s the tale behind Buzza Lofts, a new affordable apartment development in Minneapolis created by local developer Dominium from the renovation and adaptive re-use of a 136,000-square-foot historic building.
Glenn Petherick • 9 min read
At Jamboree Housing Corporation, a nonprofit developer/owner, President Laura Archuleta is beginning to feel the pain from the elimination of California’s local redevelopment agencies (RDAs) and the large pot of gap dollars they once provided for affordable housing. She’s scrambling to find other sources of gap funds to make new low-income housing tax credit deals pencil out.
Timothy Leonhard • 5 min read
Multifamily mortgage interest rates continued rising in the past quarter and are now well above the historical lows we enjoyed for several years. The first quarter saw increases in both investor spreads and all-in borrowing rates. The second quarter was no different, with investor spreads and all-in borrowing rates climbing even further, and rapidly.
Glenn Petherick • 6 min read
Creston Avenue Residence, a new low-income housing tax credit (LIHTC) development under construction in the Fordham section of the Bronx, is writing a new chapter in the history of supportive housing.
Glenn Petherick • 5 min read
The Florida Housing Finance Corporation (FHFC) has drastically modified its competitive process for awarding 9% low-income housing tax credits and other funds for affordable multifamily rental housing projects.
Glenn Petherick • 6 min read
For Brian McDonough, an attorney in Miami, and The Michaels Organization, a developer/owner/ manager based in Marlton, N.J., affordable housing means more than just what they do for a living. Rather, it’s also a way to give back to those in need and “pay it forward.”
Thomas Amdur • 4 min read
For those of us who live and work in Washington, D.C., the city exhales when members of Congress recess for the month of August to return to their districts and states to reconnect with voters.
Glenn Petherick • 3 min read
On June 11, U.S. Sens. Jay Rockefeller (D-W.Va.) and Roy Blount (R-Mo.) introduced legislation (S. 1133) that would make the federal new markets tax credit (NMTC) program permanent and permit new markets tax credits to offset federal alternative minimum tax liability. Original co-sponsors of the measure, which was referred to the Senate Finance Committee, include […]
Glenn Petherick • 10 min read
Although the improving economy has helped boost occupancy rates to high levels at many low-income housing tax credit (LIHTC) properties, it still takes a combination of the right people, product, tools, and processes to achieve effective property management of these assets.
Glenn Petherick • 10 min read
State housing finance agencies in the nation’s “Four Corners” region – the point where Arizona, Colorado, New Mexico, and Utah come together – are at different stages in their low-income housing tax credit programs this year and have different priorities. But they share a common need for additional affordable rental units, particularly in faster growing communities in their state.
David A. Smith • 5 min read
You will never hear such a story about a Low-Income Housing Tax Credit (LIHTC) property, because of a fundamental difference in program structure. In appropriated programs, an evil owner can use the residents as economic human shields; in LIHTC and similar investment tax credits, the owner cannot.