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Debt Threat Report
In 2009, CHPC released a report that spearheaded the debate around multi-family buildings that were going into foreclosure. It described the problems associated with over mortgaged multifamily rental proper ties in New York City, and the wider implications of over mortgaging across the country. If offered analysis of data on properties secured through CMBS activity between 2004 and 2007, as well as more recent anecdotal examples of impacted residential properties in NYC. And finally, and most importantly, it put forward public policy recommendations at the federal, state, and local level.
Debt Threat: Saving Multifamily Rental Housing From Zombie Mortgages
While …Read more
Inside Edge: Impact of new regulations on New York City’s Residential Mortgage Market
Citizens Housing & Planning Council recently convened a meeting of practitioners from the housing industry to discuss the state of the residential retail mortgage market and its impact on the housing market. The discussion was led by Dan Levitan, a founding partner of the Home Mortgage Acceptance Corp. (HMAC), currently Managing Director at The Manhattan Mortgage Company (MMC) and Lisa Ryell, Managing Director at MMC.
The global recession is well underway, fueled in large part by the U.S. mortgage market collapse in 2007. Fannie Mae and Freddie Mac, which were placed into conservatorship in September 2008, and which have received …Read more
Inside Edge: New Federal Lead Rule Around the Corner
Seventeen years after the passage of the federal Residential Lead-Based Paint Hazard Reduction Act of 1992, the final pieces of the implementing regulations are about to go into effect. As set forth in a prior Inside Edge (July 2008, EPA’s New Layer of Lead Paint Rules), unless action is taken by the New York City Council and the relevant city agencies this will result in a new level of confusion and complexity in New York City.
These rules were issued by the US Department of Environmental Protection (EPA) in April of 2008. They govern the precautions that must be taken …Read more
Inside Edge: Court of Appeals Delivers Final Word on Stuy Town
The Inside Edge has been closely following the case of Roberts vs. Tishman from Supreme Court (see The Inside Edge, September 2007 edition) to the Appellate Division (see The Inside Edge, March 2009 edition). Now the Court of Appeals has issued a ruling that finally settles the issue of whether buildings with J-51 tax benefits can utilize the luxury decontrol provisions of the rent stabilization law. They can’t.
But in answering this question the Court of Appeals has clarified the law on how to deal with this problem going forward. It has, however, not provided guidance …Read more
Inside Edge: Stuy Town J-51 Decision Reversed
In the September 2007 edition of the Inside Edge, we reported on the decision of Judge Richard B. Lowe of the New York State Supreme Court which indicated that accepting J-51 tax benefits from New York City did not prevent a building owner from utilizing the high rent and luxury decontrol provisions of the rent stabilization law. As of March 5, 2009 the Appellate Division of the New York State Supreme Court has reversed that decision and ruled that if you accept J-51 benefits you may not utilize the high rent and luxury decontrol provisions of rent stabilization. This…Read more
Inside Edge: EPA’s New Layer of Lead-Based Paint Rules
The US Environmental Protection Administration (EPA) has just issued a new rule on addressing lead-based paint during renovations. Adding to an already complex regulatory regime, this new set of rules governing lead-based paint, phases in implementation between June 23, 2008 and April 22, 2010. Covering the same ground as the repair and renovation portions of New York City’s Local Law 1 of 2004 (LL 1), but with different procedures and thresholds for applicability, the new rules create a confusing alternate scheme for treating lead-based paint during renovation and repair of homes, apartments and child-occupied facilities built prior to 1978. This …Read more
Urban Prospect: Liquid Assets
In 1988 the City changed the method for collecting water and sewer charges from a system based on the amount of building frontage, to a system based on metered charges determined by actual water usage. It would have been fair to presume that this change would distribute the cost of using water equitably and encourage conservation of a scarce natural resource. In reality, however, the cost of water now has less to do with the amount consumed and more to do with the enormous cost of the infrastructure required to deliver it.
In this Urban Prospect, author Harold Shultz examines …Read more
Inside Edge: The 2008 Federal Housing Budget
In typically late fashion, Congress completed an appropriations bill for 2008 in December. The 2008 Omnibus Appropriations Bill was signed by the President on December 26, 2007 and is now in effect.
Faced with veto threats over spending levels, the final Department of Housing and Urban Development (HUD) budget contained some marginal improvements in appropriations and other items. However the long term trend of decline in HUD appropriations has only been moderated, not reversed.
Herewith are the highlights of the HUD 2008 budget, broken out by the major constituents of the HUD budget: Section 8, Community Planning and Development, and …Read more
Inside Edge: How to Collect Water and Sewer Bills
Currently the Mayor and the City Council are at loggerheads on the question of how to collect water and sewer bills in the City of New York. While the standoff continues, thousands of accounts are in default, an estimated $589 million of badly needed revenue is uncollected, and the City’s ability to sell real estate tax liens has expired. While the Mayor insists on the authority to sell water and sewer tax liens, the Council wants billing errors to be corrected prior to any such sale. It appears that a perfectly workable straight-forward answer exists but has been ignored. It …Read more
Inside Edge: How Will Current Financial Instability Affect Housing and Community Development in NYC?
The Citizens Housing and Planning Council recently brought together a wide range of practitioners from the housing industry to discuss investor concern over subprime mortgages and global illiquidity, and the current turmoil that it has caused in financial markets. The discussion was led by Dan Levitan, a founding partner of the Home Mortgage Acceptance Corp. (HMAC), one of New York City’s premiere brokerage firms. HMAC was acquired by Countrywide Financial Corp. in December 2006. Mr. Levitan currently works at The Manhattan Mortgage Company.
During the month of August, financial markets around the world were battered by the onslaught of a …Read more
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