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Volume 2 - Number 17 | September 14, 2004
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TOP STORY: As LIHTC Rollovers Loom, What's Next For Expired Properties?
By Sule Aygoren Carranza
Since its creation in 1987, HUD’s Section 42 low-income housing tax credit program, which grants 10 years of credits for properties kept affordable for 15 years, has become the most widely used way to create affordable housing. But 15 years later the first wave of Section 42 projects is now rolling over, and housing advocates are concerned about the fate of those properties.
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INSIDER: SNK Realty's Hal Watson
By Stacey Corso
A new joint venture between Emeryville, CA-based SNK Realty Group and Ann Arbor, MI-based Captec Financial Group Inc. plans to invest $500 million in developing a number of multifamily projects. The venture will concentrate on fairly dense areas in Northern and Southern California—basically, SNK’s home turf—as well as Phoenix and the big cities of Texas: Dallas, Houston, Austin and San Antonio.
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Capital Infusion May Assist In LA Housing Revitalization
By Stacey Corso
Pacific Coast Capital Partners LLC and California-based Cypress Equity Investments LLC have committed equity financing for the acquisition of 15 affordable-housing apartment communities within two portfolios in Los Angeles. In all, the 792 units have a projected stabilized value in excess of $74 million.
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UDRT Expands In West After Mega Deals
By Sule Aygoren Carranza
A flurry of deals totaling nearly $1.1 billion has made Southern California the largest market for United Dominion Realty Trust Inc. and represents a new geographic direction for the company as it pushes into California, Florida and metropolitan Washington DC with new vigor.
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Demographic Snapshot: New Study Snuffs Out Major NIMBY Argument
By Sule Aygoren Carranza
Members of the NIMBY camp—the “not in my backyard” people against development—may now have one fewer reason for their stance on multifamily construction. The idea that multifamily construction leads to overcrowding in schools, an argument often made by local residents opposing new apartment projects, is illogical, according to a recent study by the National Association of Home Builders.
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