In the Sept 6th print edition of Time magazine, Barbara Kivait will detail why “Homeownership has let us down” in an article entitled “The Case Against Home Ownership.” Below is a link to an abriged version of the forthcoming article:
http://www.time.com/time/business/article/0,8599,2013684,00.html
Charlotte Observer writer Christina Rexrode offered some good arguments for renting in the paper’s August 22nd Money section:
http://www.charlotteobserver.com/2010/08/22/1635497/renting-lets-me-invest-time-money.html
As this meeting will be of great interest to apartment owner/operators, GCAA encourages members to attend.
If you can’t attend the meeting, you can read the proposed ordinance on line here and submit comments electronically. Be sure to do so prior to the August 26th deadline.
Quick action by NAA/NMHC and an industry coalition has helped avert a potential shutdown of the FHA multifamily loan program. FHA recently announced that it was close to exhausting its $15 billion in multifamily credit subsidy for FY 2010, which would have caused the program to stop issuing commitments until the next fiscal year starts October 1. The program has experienced dramatic increases in application volume as other credit sources remain sidelined after the global financial crisis.
This week, FHA Commissioner David Stevens issued a memo outlining the situation and identifying HUD’s planned response. Last night—just two days before it was set to adjourn until mid-September—the Senate passed by unanimous consent an emergency standalone bill (H.R. 5872) providing an additional $5 billion in credit authority. This follows House passage of an identical bill on July 28.
President Obama is expected to sign the measure into law. As a result, the FHA multifamily programs are expected to have enough credit subsidy to continue issuing commitments without interruption.
The apartment industry has been waiting for this news. The GCAA will be monitoring this issue closely. See details below.
Please be advised that the City of Charlotte plans to issue an RFP to award a contract for the solid waste collection of refuse, recyclables and bulky items primarily from multifamily complexes having 30 or more residential units. Refuse collection is from bulk containers and smaller sized complexes (less than 30 units) that use dumpsters or compactors can also be included under the scope of service. Complexes serviced under the contract will receive refuse, recyclables and bulky item collection in total or may elect to receive just one or two of these services. The contract also will include the collection of these solid waste materials from designated public facilities.
The tentative schedule is as follows:
• July 9, 2010 – Issue RFP
• July 23, 2010 – RFP Acknowledgement Form due from firms that plan to submit proposals (faxed copy is acceptable)
• July 23, 2010 – Service providers’ written questions (by fax or email) are due prior to pre-proposal conference
• July 26-30, 2010 (TBD) – Non-Mandatory Pre-Proposal Conference
• July 30, 2010 – RFP Due Date
• August 2010 – Proposals Evaluation
• September 13, 2010 – Contract Award by Council
• January 1, 2011 – New Contract Start Date
ARLINGTON, Va. /June 28, 2010 - The National Apartment Association Education Institute (NAAEI) announced that its Certificate for Apartment Maintenance Technicians (CAMT) program has been accredited by the American National Standards Institute (ANSI), a private non-profit organization that administers and coordinates the U.S. voluntary standardization and conformity assessment system. The CAMT program is the only apartment industry program to be accredited by ANSI. NAAEI is one of seven organizations to have their programs accredited by ANSI, including the U.S. Food and Drug Administration (FDA) and the U.S. Army Combat Readiness/Safety Center. Read more here.
GCAA has finalized advertising options and pricing for the next print edition of its Membership Directory and Buyers’ Guide. This annual publication is a much-anticipated favorite of all GCAA members, from owner/managers, to on-site teams, to vendors.
Requests for advertising space will be honored on a first-come, first-served basis. Click here for details, specifications, deadlines, etc. Don’t delay; they go FAST!
for Independence Day. Have a safe and enjoyable holiday.
The EPA announced on June 18 that it will delay enforcement of parts of its lead-based paint Renovation, Repair and Painting (RRP) rule. Specifically, EPA extended the deadline for workers to sign up for a lead-safe training class to September 30. Training must be completed by December 31. EPA will also not take enforcement actions for violations of the rule’s firm certification requirement until October 1. NAA/NMHC had earlier asked EPA for an enforcement delay and an extension of the compliance assistance period, citing issues with the required training material among other things.
Importantly, EPA is not delaying enforcement actions for those found to be in non-compliance with the rule’s lead-safe work practice requirements. EPA says it “will continue to enforce the work practice requirements in the rule which protect children and reduce lead exposure.”
More information on the RRP rule, including an updated NAA/NMHC Guidance document, is available at the NAA web site: http://www.naahq.org/pages/welcome.aspx.
Senate leaders have tabled, for now, a bill extending several popular tax credits (including some of interest to apartment firms) that is partially paid for by increasing the tax rate on “carried interest” or a developer’s “promote.” The House passed its tax extenders bill (H.R. 4123), with a carried interest tax increase, in late May.
On June 24, the Senate failed for a third time to secure the 60 votes needed to move the measure forward even after scaling the package down from adding roughly $100 billion to the deficit to just $35 billion. As part of those changes, Senator Max Baucus (D-MT) twice modified the carried interest proposal to try to make it more palatable to real estate partnerships.
While the most immediate threat appears to have passed, NAA/NMHC remain vigilant as the Senate could take up the extenders bill again in the fall, and carried interest remains a possible “pay for” for other forthcoming legislation.
