A GROWING POPULATION, expanding job market, and rising home values make Seattle,WA nicknamed the Emerald City after the many lush evergreen trees in the area, a true jewel of a locale for affordable and market-rate multifamily housing.
The U.S. Department of Housing and Urban Development (HUD) on 2/13/08 released its estimates for Fiscal Year 2008 of median family income and income limits for 532 metropolitan and 2,043 non-metropolitan areas nationwide.
THE FEDERAL NEW MARKETS tax credit is being used to help fund a $9 million mixed-use development project in Washington, DC that will involve the rehabilitation of 27 affordable apartments and the addition of commercial space for a 24-hour child care center.
THE U.S. DEPARTMENT OF HOUSING and Urban Development (HUD) has issued a policy memorandum setting out uniform requirements and processing procedures for requests by owners of certain HUD-assisted and/or ““insured multifamily housing projects to convert efficiency apartments to one-bedroom units.
DEVELOPERS ARE PRESERVING EXISTING properties for long-term affordable rental housing use in a variety of ways, often employing the lowincome housing tax credit (LIHTC).
THERE ARE NUMEROUS and diverse opportunities for developers and owners to undertake preservation transactions ““ that is, the purchase and/or rehabilitation of existing apartment properties using the low-income housing tax credit (LIHTC) to continue their affordable rental use.
CONGRESS IS considering legislation that would extend, increase funding, and amend the federal HOPE VI public housing redevelopment program administered by the U.S. Department of Housing and Urban Development (HUD).
FREDDIE MAC AND Fannie Mae, the two large government-sponsored enterprises (GSEs), in early February reported their low-income housing tax credit equity investment volume for calendar 2007.
NEW YORK GOV. ELIOT SPITZER (D) on 1/31/08 approved major changes to the state’s qualified allocation plan (QAP) for its 2008 low-income housing tax credit program. The 2008 QAP will govern the allocation of federal and New York state housing credits this year.