Rough Waters Ahead for Tax Credit Equity Availability
Tax credit developers could find rough sailing ahead as rental income remains flat while operating expenses rise and the amount of equity investment in their deals shrinks even as construction costs rise.
Blocked While on the Block
Starrett City, a 46- tower, 5,881-unit affordable housing complex located near Jamaica Bay in Brooklyn, N.Y., was the year’s biggest deal that never happened.
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.
More Pension Funds Target Value-AddedLending
Institutional real estate adviser Heitman, LLC, has begun building a structured-finance team aiming to combine senior and secondary floating-rate debt packages to finance value-added apartment turnaround ventures over two- to three-year terms.
With so much investment capital chasing so few viable multifamily development prospects these days, you’d think investors would be offering attractive partnership terms to developers controlling promising sites.
A Forest in the City
BOSTON - It’s not normal: an overgrown field ringed with thick woodland in the middle of one of the most densely developed cities in the country.
OCCH passes $1 billion mark in equity raised
Columbus, Ohio — The Ohio Capital Corporation for Housing (OCCH) said that it has raised more than $1 billion in equity for affordable housing developments in the state of Ohio, a goal it reached after closing the $157 million Ohio Equity Fund for Housing
State and local equity funds share 2006 goals
Several state and local equity funds are expanding their business models to meet increased competition and demands of the low-income housing tax credit (LIHTC) market in 2006.
Luxury rehab comes to Newark
Newark, N.J. – In March, the first potential tenants were shopping for apartments at eleven80, a historic Art Deco high-rise overlooking Military Park, just a few blocks away from Newark’s Penn Station.
Small towns hungry for housing in Illinois
Towns in rural Illinois are welcoming efforts to relieve housing pressures that have led to overcrowded, substandard housing and long commutes for workers in area factories and agribusinesses.