AHR will go on hiatus as of today. You may have noticed the news on January 18 that D+B is part of the team selected to develop Prospect Plaza in Brooklyn. We’re very excited about the opportunity, but it means that, at least for the short term, we’ll need to pause on publishing the newsletter. We’ll try to restart as the development project moves forward.
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MassHousing announced a loan closing today of $8.9 million to preserve affordability for low-income senior citizens at the 100-unit Logan Park apartment community in Braintree. As a condition of the loan, Logan Park Associates Limited Partnership, an affiliate of SHP Acquisitions, which owns Logan Park, will seek to extend the federal Section 8 Housing Assistance Payment (HAP) contract and the affordability on all 100 apartments for the longest term possible—typically 20 years—when the current HAP contract expires in February 2014. Logan Park was built in 1984 at 193 Grove St., in Braintree and was originally financed by MassHousing. The original MassHousing loan will mature in April 2014. Logan Park was refinanced through MassHousing’s Section 8 Proactive Preservation Program, which seeks to extend affordability at developments where Section 8 HAP contracts are due to expire.
- Real Estate Rama Massachusetts
Only five months after the city passed the long-overdue update to its 1962 zoning code, City Council members are once again tinkering with the ground rules. Two months after moving to revise parking requirements, they’re now focused on outreach. While the City is trying to spur development, City Council last week made a major change to the 5-month-old zoning code that critics say could significantly slow building projects throughout the city. The purpose of the bill, Councilwoman Jannie Blackwell said, is to ensure “inclusion across the board.” Critics argue that it will stall development when the new code was supposed to help streamline it.
AHR will go on hiatus as of this Friday. You may have noticed the news on January 18 that D+B is part of the team selected to develop Prospect Plaza in Brooklyn. We’re very excited about the opportunity, but it means that, at least for the short term, we’ll need to pause on publishing the newsletter. We’ll try to restart as the development project moves forward.
Thanks for reading!
Gov. Chris Christie’s latest rejection of legislation to make vacant foreclosed homes available as affordable housing has left a broad coalition of proponents scratching their heads about what to try next to deal with New Jersey’s foreclosure crisis. In twin vetoes, the governor suggested he would try to divert some federal foreclosure relief funding into Hurricane Sandy aid and would continue to fight to use municipal affordable- housing money to patch holes in the state budget. In his veto message, the governor told lawmakers the state should rely on $300 million in federal funds to assist New Jersey families in trouble with their mortgages, “as opposed to the unavailable and, in some cases unidentified, state funding sources that this bill relies upon,” he said.
- NJ Spotlight