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Property Compliance News Briefs - May 2010

The National Multi Housing Council (NMHC) last month released its annual rankings of the 50 largest apartment owners and 50 largest apartment managers. The country’s five largest apartment owners are, in order, Boston Capital, with 162,677 units; SunAmerica Affordable Housing Partners, with 147,087 units; Equity Residential, with 136,843 units; AIMCO, with 133,200 units; and PNC Tax Credit Capital, with 128,727 units. The top five largest apartment management companies in the country are Pinnacle Family of Companies; Riverstone Residential Group; Greystar Real Estate Partners LLC; Equity Residential; and Lincoln Property Company. NMHC’s chief economist Mark Obrinsky noted that with the exception of the top of the owners list, changes to this year’s rankings were modest; NMHC says the rankings demonstrate the effects of the recession on the apartment industry. A complete list and analysis of results is available at the NMHC 50 or by calling (202) 974-2300.

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A report released in April by the housing division of the Colorado Department of Local Affairs indicates that the number of low-income households in the state outnumbers the amount affordable rental units by two to one. For every 100 households with an annual income of $20,000, 49 rental units exist, assuming that a household can afford a monthly rent payment equal to 30 percent of its monthly income. However, the report also found that for every 100 households making $40,000 a year, 102 rental units are available statewide. In the Denver metropolitan region, 42 units were affordable for every 100 households earning $20,000 or less, and 38 units for every 100 households earning $10,000 or less. But in the Mesa County area, 58 units were affordable to every 100 households earning $10,000 or less, and 46 units for every 100 households earning $20,000 or less. The report also lists rent burden statistics for 25 Colorado counties, with some counties showing large numbers of households paying more than 50 percent of income toward rent. The study, “Housing Mismatch and Rent Burden Information for Rental Housing in Colorado,” is available for download at the housing division’s blog: www.divisionofhousing.com.

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The U.S. Department of Housing and Urban Development (HUD) as part of Fair Housing Month in April highlighted efforts to fight housing discrimination. HUD also hosted activities to increase public awareness of rights under the Fair Housing Act. The department’s latest initiatives include reinforcing a federal requirement that it promote diverse housing opportunities when spending federal funds. For the first time, the department is investigating the prevalence of housing discrimination based on use of government assistance to pay rent. HUD has also begun a nationwide study to examine the extent of housing discrimination against lesbian, gay, bisexual or transgender individuals or couples. Last year, HUD expanded efforts to ensure that communities are investing federal funds in job opportunities for low-income residents, obtained more than $8 million for victims of housing discrimination, and launched a new web site that features information on HUD’s programs and activities translated into 16 languages. See the translated documents and more information about the Fair Housing Act on HUD’s web site.

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The Iowa Finance Authority announced that its board of directors recently approved the 2010 LIHTC compliance manual. IFA says the new version of the compliance monitoring manual was undertaken to update the state’s policies to conform to changes relayed by the issuance of the IRS’s updated Guide for Completing Form 8823 Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition (8823 Guide), which was revised in October 2009, and of HUD Handbook 4350.3, REV. 1, Change 3 Occupancy Requirements of Subsidized Multifamily Housing Programs, which was issued in June 2009. The updated manual and a summary of changes can be found online at Iowa Finance.

Journal Category:

Property Compliance

Authors:

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