The Federal Home Loan Bank of New York recently announced that the Bank has awarded $19.1 million in subsidies to fund 51 affordable housing initiatives throughout New Jersey, New York, Delaware and Pennsylvania.  These awards, which are funded through the Bank’s Affordable Housing Program (AHP), will result in the creation or rehabilitation of 2,213 affordable [...]

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The Federal Home Loan Bank of Seattle announced its Affordable Housing Program (AHP) awards for the 2008 last week.  The Seattle Bank received 51 applications requesting $19.0 million in AHP subsidy for the 2008 AHP funding round and approved 13 applications for a total of $4.38 million of AHP subsidy. The bank approved four additional [...]

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President-elect Obama has picked New York City housing commissioner Shaun Donovan to be secretary of housing and urban development.  Obama has spoken that this position will be a key post that will play a large role in the administration’s efforts to stop the number of foreclosures and expand homeownership.  Donavan served on the National Housing [...]

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The Federal Home Loan Bank of Boston (the Bank) recently awarded more than $10.2 million as grants, loans, and subsidies to fund 390 units of affordable rental and ownership housing in seven Massachusetts communities.In all, 24 initiatives in eight states received more than $22.8 million in grants, loans, and rate subsidies as part of the [...]

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Chicago Housing Commissioner Ellen Sahli recently joined Ald. Ray Suarez (31st) other City officials and members of Senior Lifestyle Corporation to officially break ground for Senior Suites of Kelvyn Park, a new $20.1 million affordable rental complex for seniors.  The ceremony marked the start of construction for a proposed 85-unit development, which will be built [...]

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Cook County Sheriff has announced its suspending evictions for foreclosures where lenders do not provide adequate notice to people that are living in houses as a tenant rather than the owner.  The sheriff’s office has seen almost double the number of foreclosures from last year and the suspension on evictions has received a large amount [...]

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As the financial crisis continue forward for all of America, a growing concern is the rise of financial trouble for seniors as the value of not only their homes decline but also their retirement savings being eroded by either  the stock market or the need to spend those funds more quickly for day to day [...]

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Canada’s senior population continues to grow and the province of New Brunswick is experiencing a major shortage in the availability of senior housing to meet the needs of its citizens.  The Shannex New Brunswick development will create 216 nursing home beds in the next two years as part of a 3 building campus.  The area’s [...]

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Broome County, in New York state, received $4 million dollars as part of the state budget for 2008-2009 that will allow the demolition and rehabilitation of an area to construct a $70 million dollar nursing home.  The new facility will replace an existing nursing home that was constructed in the 1960s and expanded over the [...]

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Remember the days of getting wait listed to attend the university that you were dying to get into?  Flash forward 60 years into your future and you’ll come to realize that you’re back on the waiting list…except this time it’s for Senior Housing.  With waiting times growing longer for affordable, independent living and assisted living [...]

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With the credit crunch hurting developers and tax credit financing deals falling apart all over Wall Street, could the use of tax abatements help provide necessary incentives to developers and tenants of the new or rehabilitated senior housing projects?  Could abatements from city, school, and county taxes provide developers enough cushion to make their marginal [...]

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Last Wednesday, the Wall Street Journal ran an article that discussed the large institutional lenders and government sponsored entities (Fannie Mae and Freddie Mac) lack of participation in the federal government’s affordable housing tax credit program.  As these companies have losses associated with write downs and credit related issues, their need for the tax credits [...]

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