Uptown deals in danger?

Recent years have seen a major run-up of prices for rent stablized buildings in Upper Manhattan and the Bronx, as major real estate companies began purchasing with plans to aggressively increase rent rolls. According to a New York Times story, the recent disclosure that the owners of the Riverton Houses in Harlem might default on their loan has "shocked the real estate industry and has raised fears about other apartment building deals from the not-so-distant past."

Workforce Housing Resource Center launched

The National Multi Housing Council (NMHC) has launched a new Workforce Housing Resource Center, including an interactive Project Estimator tool that allows real estate firms and policy makers to evaluate the financial viability of proposed “workforce housing” apartment properties. This tool may be of special value in working with local officials to demonstrate how different forms of subsidy work together to make a project viable.

Rochester Catholic Charities stands up to prevailing wage pressure

The Catholic Courier reports that the Providence Housing Development Corp., an affiliate of the Roman Catholic Diocese of Rochester, is standing up to union pressure to pay prevailing wages at a 39 unit affordable development in Irondequoit. Diocesan spokesman Doug Mandelaro stated that the project's funding did not trigger federal prevailing-wage rules. "Paying prevailing wages would be, in effect, devastating for the project," he said. "It would not be feasible to build the project." After meeting with diocesan and local officials, union workers brought the inflatable rat to the site.

Campaign contribution limits inspires court challenge

Today's New York Sun reports that over 12,000 people are listed as doing business with the city and thus are restricted in their ability to make campaign contributions under the new campaign finance law. This provision of the law is being challenged in federal court.

In an unprecedented second funding round for 2008, the New York State Division of Housing and Community Renewal is seeking applications for $37.5 million in grants and loans available under the Housing Trust Fund Program, the Urban Initiatives Program, the Rural Area Revitalization Program, and the RESTORE program. Applications will be available online by August 15 and will be due on October 2. The second round is made possible by the historic increase in housing funding approved by the Governor and the Legislature in April.

Rezoning and affordable housing

NYSAFAH executive committee member Ken Olson is featured in an article in today's New York Times about developers' use of rezoning.

Government oversight of carpenters' union extended

According to today's New York Times, a federal judge has ordered a one-year extension of government oversight of the New York City carpenters’ union. Citing widespread off-the-books work, the judge stated that officials of the New York City District Council of Carpenters “played vital roles in facilitating, enabling or abetting the employers’ fraud” by failing to supervise job sites or keep track of hours worked. The union has been under government oversight for the past fourteen years.