CHICAGO—The Illinois Housing Development Authority (IHDA) has made some significant changes to its 2008-2009 qualified allocation plan (QAP), revamping its setaside categories and offering incentives for lower-income targeting and green building techniques.
PHOENIX—For the second year running, Arizona’s Department of Housing (ADOH) has reorganized its tax credit competition without changing substantive goals.
Tax-Exempt Bond Financing Weathers the Storm
Tax-exempt bond financing will be readily available and affordable in 2008, with industry watchers reporting that price increases were rare even as the capital markets remained in flux heading into the fourth quarter of 2007.
Construction Financing Unscathed by Credit Crunch
Affordable housing developers will be able to procure construction financing next year with relative ease, even as the rates and terms of permanent debt become more challenging.
Austin City Limits
Austin’s booming economy is supporting a positive outlook for the multifamily market, even though there has been an uptick in vacancies through the first three quarters of 2007.
Hard Construction Lessons
Miami Beach, Fla.—After months of delays, expensive changes to construction plans, and an acrimonious lawsuit against the general contractor on its Regatta condominium development here, G&D Developers vowed not to repeat its mistakes.
Waterton Associates’ business came full circle when it purchased the Presidential Towers in a $475 million deal in March, the largest multifamily transaction in Chicago’s history.
Hartford, Conn.— Hartford’s tallest apartment tower is now half full, and new residents are signing leases for the rest of the 262 units at Hartford 21 at a rate of 15 a month.
Growing Your Own Equity
As the availability of debt financing continues to tighten in the wake of the subprime mortgage industry meltdown, a greater degree of equity will be required to get multifamily deals done.
Construction Still a Pain in the Wallet
As the single-family housing market began to tank last year, many developers expected construction costs for apartments to drop.