Our round-up of state news for the week of June 29 includes updates from California, Iowa, Kentucky, New York, and Texas.
On June 25 the United States Supreme Court issued a decision upholding the use of the “disparate impact” analysis in the Fair Housing Act. The decision upholds an important and longstanding principle of the Fair Housing Act, namely that housing policy can be discriminatory by showing that what may seem like neutral policies have the effect of furthering discrimination.
The Senate Appropriations Subcommittee on Transportation, Housing and Urban Development approved Tuesday a FY-2016 THUD funding bill that slashes funds for the HOME program, which often provides vital funding for housing credit developments.
Vesta Corporation Announces Closing on Redevelopment Financing for Affordable Senior Living Community in Ohio
Vesta Corporation will conduct a complete rehabilitation and redevelopment of Villa Serena Apartments, a 242-unit apartment community in Mayfield Heights, Ohio. Vesta was awarded a federal Senior Preservation Rental Assistance Contract (SPRAC). This award, combined with an FHA First Mortgage, 9% LIHTCs, and the $2 million, 20 year subsidy, will finance most of the estimated $40,000 per-apartment cost of the renovation.
The Michaels Organization Educational Foundation has awarded over 200 college scholarships worth a record $575,000 for the 2015/2016 academic year to residents of The Michaels Organization properties. With these latest awards, the total amount of scholarships awarded by the Foundation during the past 25 years now stands at more than $4.6 million.
Homes for America was recognized as Nonprofit Developer of the Year and Telesis’ development, Bass Circle Apartments, was awarded Best Large Affordable Housing Project by the Housing Association of Non-Profit Developers.