Nightmare at Pond View Village
GLOUCESTER, MASS. - Bob Gillis has learned the hard way about the risks of building and selling highend condominiums. “It’s a tough business, and you have to have the nerves for it,” he said.
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.
International Buyers Desert Condo Markets
Think things couldn’t get worse for condominium developers? Think again.
Kimball Hill Shuts Its Doors
The troubled economy has claimed another victim as Kimball Hill Homes, the Rolling Hills, Ill.-based developer, announced that it was shutting its doors Dec. 3, 2008.
Developers Urge CTCAC to Keep Two Rounds
Low-income housing tax credit developers in California like having two allocation rounds.
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.
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.
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.