Fannie Mae and Freddie Mac lenders are used to rushing to close deals at the end of the year, but December 2007 was crazier than usual.
Putting the Squeeze On
Amid the ongoing credit crunch, the most entrepreneurial apartment developers—those who seek the maximum amount of construction debt available for their projects—are swallowing a dose of lowerleverage reality.
Getting In On the Ground Floor
Last fall, in the heart of Memphis, Tenn., workers swarmed over a gothic revival skyscraper that had stood vacant and crumbling for more than 10 years.
New York’s HFA Focuses on Affordability
HAMBURG, N.Y. - Workers began to renovate both the apartments and common areas at Creek Bend Heights Senior Apartments in August, adding new windows and a new roof to the 43-year-old building.
Northeast Developers See Danger, Opportunity
Broken windows and splintered front steps mar the empty home at 160 Elm St. in Orange, N.J. The twostory house is one of dozens aught up in the web of bankruptcy and indictments surrounding the collapse of a fraudulent local lender, NJ Affordable Homes Corp.
Establishing Upfront Feasibility
The dearth of tax credit equity, more conservative debt underwriting standards, and vanishing sources of soft capital are making it much more difficult to pencil out deals.
Developers Urge CTCAC to Keep Two Rounds
Low-income housing tax credit developers in California like having two allocation rounds.
Affordable Housing Feels the Pain
While the housing crisis has focused on the mortgage meltdown, serious trouble has also settled over the affordable housing sector this year.
Philadelphia Turns to Housing
PHILADELPHIA - About once a month, Milton Pratt gets an invitation to visit a vacant lot or field of rubble in North Philadelphia.
RICHMOND—Developers will have to do more to win low-income housing tax credits (LIHTCs) in Virginia in 2008.