Last week the Florida state legislature made budget cuts that will curtail a variety of senior and affordable housing projects across the state and lawmakers there deal with a $2.4 billion budget deficit. Legislators moved to remove $190 million from the state’s affordable housing trust fund and they warned that more cuts maybe coming later […]
Category: Finance & Development
Bradford Perkins, founder of Perkins Eastman, wrote “10 top design trends in senior living facilities” for Building Design and Construction last week and discusses design trends that affect the senior housing market not only here in the United States but internationally. While the US population’s aging is discussed frequently, many of the concepts for retirement […]
California P.E.O. Home recently announced it plans to transform its existing campus into a brand new community called Redstone. The planned community will be constructed on the organization’s existing senior living community, Marguerite Gardens in Alhambra, California. The development of Redstone will be a progressive senior living community that includes 184 one- and two- bedroom […]
Last week, the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced that it will award more than $43 million to fund 85 affordable housing projects in ten states for its 2008 funding program. The awards include specific funding for senior housing projects in Alabama, Georgia and Texas. Local community developers, in partnership with FHLBank […]
Senate Majority Leader Harry Reid and Congresswoman Shelley Berkley recently announced that Nevada H.A.N.D. has been awarded a $7.5 million grant from the Department of Housing and Urban Development (HUD). Nevada H.A.N.D is local 501(c)(3) nonprofit organization that develops affordable housing to improve the lives of low-income individuals in the metropolitan Las Vegas area. The […]
Last week The American Institute of Architects (AIA) semi-annual Consensus Construction Forecast projected an 11 percent decline in design and construction activity in 2009. The AIA notes that commercial projects that have been put on hold include office buildings and retail establishments but says that prices for construction commodities have fallen in recent months as […]
Capmark Finance, Inc. recently announced that it has refinanced $24,700,000 in debt for two Florida seniors housing properties owned by subsidiaries of Hallmark Housing LLC. The two properties, Heritage Oaks and Allegro at East Lake, were refinanced with variable rate debt priced over Freddie Mac’s One-Month Reference Bill Rate totaling $17,000,000 and $7,700,000 respectively. Heritage […]
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 […]
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 […]
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