Kit Bond, the retiring US Senator from Missouri, announced last week that he won’t seek re-election and that his office announced that Missouri will receive $15,876,900 as part of Department of Housing and Urban Development (HUD)’s Section 811 Supportive Housing for Persons with Disabilities Program and Section 202 Supportive Housing for the Elderly Program. As […]
Category: Finance & Development
In one of the final acts of the Bush administration, thousands of very low-income senior citizens will be able to find affordable housing thanks to more than $525 million in grants announced by the U.S. Department of Housing and Urban Development last week. The funding will provide non-profit developers interest-free capital advances to produce accessible […]
Despite the credit crisis and tightening credit requirements in the mortgage market, data released in December by the Department of Housing and Urban Development shows that on a calendar year basis, the number of federally insured Home Equity Conversion Mortgages (HECMs) closed in 2008 grew 6.4% to 115,176 loans. A more detailed analysis of HUD […]
A few weeks ago, we posted about Mirabella Seattle opening early and just last week the San Mateo County Times ran a piece about Mirabella San Francisco Bay being delayed due to its inability to find construction financing. The developers are looking to resume construction once financing has been obtained but the letter from the […]
Ventas, Inc. (NYSE:VTR) (“Ventas” or the “Company”) announced last week that it has closed on the sale of four seniors housing assets to affiliates of Benchmark Assisted Living (collectively, “Benchmark”) for an aggregate sale price of $58.7 million. The assets are located in Massachusetts and contain 403 units. The sale was made pursuant to a […]
Last week, the Baltimore Sun reported that Erickson Retirement Communities laid off 260 employees and blamed the layoffs on the recession. The company announced that most of the jobs cuts came from positions at its corporate headquarters and included staff in the construction and development areas. This trend seems to follow some of the other […]
Last week, National Health Properties, Inc. (NHP) entered into a sales agreement with Cantor Fitzgerald & Co. to sell up to 5,000,000 shares of its common stock through a controlled equity offering with a proposed aggregate value of over $129,000,000 based upon last week’s stock price. The company intends to use the proceeds for general […]
According to a published report in the Boston Globe, US Representative Barney Frank stated that he wants to propose that the US Treasury buy $5 billion in low-income housing tax credits as a way to help re-start the development of affordable housing across the country and provide additional funding of $5 billion for states. Frank […]
AARP CEO Bill Novelli pledged to work with Congress and the Administration to address the nation’s most serious challenges at an event where he outlined the organization’s annual legislative and advocacy priorities. In outlining the AARP agenda for the 111th Congress, Novelli stressed the need to provide economic relief for America, fix our health care […]
Earlier this week, the New York Times ran an article about Mayor Michael Bloomberg’s comments during his weekly radio address that New York City’s housing plans would be delayed due to the current economic conditions and the reduction in prices of federal low-income housing tax credits that help investors finance the building of housing for […]
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