Preparing for 2010
Developers will find tougher underwriting standards as well as a greater emphasis on project readiness when states reserve their low-income housing tax credits (LIHTCs) next year.
The conventional wisdom in the multifamily industry is that rents and occupancies are declining, and that nothing is getting built these days. And that's true, as owners struggle through lean times and financiers continue to hunker down and wait out the recession.
Green Building Sprouts in Detroit
DETROIT Partners nonprofit Northwest Detroit Neighborhood Development, Inc.
Addressing the Changing Landscape
Developers and owners have been hit hard over the last year with a struggling lowincome housing tax credit market and troubled fi- nancial markets.
FHA Courts Affordable Developers
Tax credit developers are turning to the Federal Housing Administration (FHA) as they get set to ramp up longdormant projects.
BROOKLYN, N.Y. To keep hundreds of apartments at Spring Creek Gardens affordable, developers had to fight off a string of speculators who saw an opportunity to raise the rents.
This year's Top 50 developers started 23,428 affordable housing units in 2008. Each one has some extra sweat and maybe a tear or two on them.
Keeping the Faith
DENVER—This is how many aff ordable housing units Mercy Housing owns: 14,515. This is how many units Mercy has in some phase of development: 5,400. And this is how many Mercy wants to participate in over the next fi ve years: 65,000.
Look on the Brighter Side
The news continues to be bleak, and signs of the economic downturn on the affordable housing industry are evident in AFFORDABLE HOUSING FINANCE’s exclusive rankings of the Top 50 owners and developers.
Using Energy Credits
Incorporating solar panels at housing tax credit properties offers many valuable benefits