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It’s any site manager's worst nightmare—that moment when the phone rings to notify you that your world has been turned upside-down. The potential threats caused by natural hazards, such as hurricanes, wildfires, floods, winter storms, landslides, or earthquakes, happen more often than most people think. While a disaster occurring at your particular site may seem like a low probability, it is possible, and the impact on your site, staff, and residents can be tremendous.
On June 27, Senate Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Orrin Hatch (R-Utah) proposed a “blank-slate” approach as a legislative starting point for tax reform and called on Senate colleagues to provide proposals for tax expenditures to add back and improve in a reformed tax code.
Recently, the New Mexico Mortgage Finance Authority (MFA) released its list of winners for the 2013 Low Income Housing Tax Credit design competition. The competition was started to showcase designs that promote quality and innovation in affordable housing projects throughout the state.
As the leasing season heats up, you may find yourself spending a greater portion of your time screening applicants yourself. If you do this, one of the most important steps you take is to contact applicants' current and prior rental references. References' evaluations are valuable in helping you decide whether to rent a tax credit unit to an applicant. But rental references are often reluctant to fill out forms, so you might find it easier to call them to get the information you need.
On May 20, 2013, the President issued a major disaster declaration for the State of Oklahoma because of the devastation caused by the tornadoes. Subsequently, the Federal Emergency Management Agency (FEMA) designated jurisdictions for Individual Assistance. Because of the damage to housing caused by the tornadoes, the IRS has determined that state housing agencies may provide approval to project owners in their respective states to provide temporary emergency housing for displaced individuals in accordance with IRS Notice 2013-40.
The rebound in the single-family home market doesn’t mean that the multifamily market is overbuilt, said Mark Obrinsky of the National Multifamily Housing Council (NMHC). Obrinsky and other real estate experts spoke about multifamily housing trends at the recent annual conference of The National Association of Real Estate Editors in Atlanta.
The Massachusetts Legislature's Joint Committee on Housing has advanced a bill designed to expand and preserve affordable housing in the state. It's a five-year, $1.4 billion housing bond bill. The legislation would provide additional authorization for housing programs for low-income and moderate-income residents across the state.
Depending on your location and the demand for affordable apartments, you may be experiencing increased traffic from prospective residents through your leasing office doors. If you, as a site owner or manager, screen applicants yourself, one of the most important steps you take is to contact applicants' current and prior rental references.
New York Governor Andrew M. Cuomo recently announced $91 million in awards for shovel-ready projects to build affordable housing across the state. The funds were available through New York State Homes & Community Renewal (HCR)’s Unified Funding Application, a single-source process to apply for several funding streams for affordable, multifamily developments, part of the governor’s efforts to break down the inefficient and duplicative silos that had previously governed state funding.
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