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Volume 2 - Number 10 | May 25, 2004
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TOP STORY: Partnerships, Federal Support Needed To Support Affordable Housing, Says Report
The National Housing Conference has released a new report on affordable housing after collecting research and insight from various executives in four major metropolitan areas. The study, called Four Windows: A Metropolitan Perspective on Affordable Housing Policy in America, has led to a “road map” for affordable housing activities, says NHC president and CEO Conrad Egan.
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INSIDER: Case Study - Pacific Shores
A 206-unit apartment project developed by California’s Pacific Union Apartments Inc. has come on line in Santa Cruz, CA, on a former brownfields site. The unique project, called Pacific Shores, posed both design and development challenges.
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JV Sells 800-Unit Manhattan Asset For $93 Million
In another example of foreign-based joint venture partners seeking to capitalize on quality multifamily product before interest rates begin to climb, overseas investors Berkshire Capital Group LLC, an affiliate of London real-estate investor CIT Group Plc and Lend Lease Real Estate Investments Inc., has acquired the Chelsea at 160 West 24th St. in New York City for $93 million.
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Housing Groups Weigh In On Utility Allowances
At a time when many changes may befall the affordable housing industry, the federal government is seeking to more effectively calculate utility allowances for affordable housing projects funded by low-income housing tax credits and other federal subsidies. Now housing groups are weighing on the plans.
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