Tax Credit (LIHTC) Workshops

Workshop details

Locations and Dates

www.treasurer.ca.gov) approximately one week prior to the date of the workshop. Registered attendees are strongly encouraged to visit the TCAC website prior to attending the workshops to download workshop materials. Hard copies of the materials will not be available.

Who should attend

Anyone involved in tax credit projects, including owners, developers, project managers, attorneys, accountants, consultants, and market analysts.

Attendees must register by mailing the Registration Form and $65.00 per person fee to TCAC by

February 7, 2012. Fax, telephone, or walk-in registrations will NOT be accepted.

Space is limited to 2 representatives per organization and 75 attendees per session (100 attendees for LA sessions).

Confirmation letters will be faxed to participants and are required at the door.

Full refunds will be made to registered participants if TCAC cancels or postpones the workshop.

DETACH BOTTOM PORTION AND SUBMIT TO TCAC BY MAIL

Appraisal Subcomitte

Recently, I was made aware of a letter distributed by the Appraisal Foundation (TAF) in response to a publication by the National Association of Home Builders.  The significance of the TAF letter was that appraiser have the freedom to choose whatever comps they feel are relevant to their valuation-including no arm's length sales to opine Market Value.  This practice is an apparent violation of acceptable appraisal practices.  I requested and then demanded that they send me a citation supporting this argument along with one indicating that their response was sanctioned by their bylaws.  They, again, refused.  I then demanded the information, along with comprehensive resume's indicating that they were competent to derive such conclusions, under the Freedom of Information Act (FIA.)  They again refused, stating that they were not subject to the FIA because they are a Private Non-profit organization.

This leads me to believe that they are incompetent for their positions, and that their actions have contributed to an unnecessary geometric decline in real property values.    My complaints are:

1. It is not within their purview to make requested or unrequested public comments re Appraisal Practices.

2. They are incompetent to make such statements.

3. They have no standing when it comes to an exemption of the FIA.

Thanks!

Curtis D. Harris, BS, CGREA, REB

Bachelor of Science in Real Estate, CSULA

State Certified General Appraiser

Real Estate Broker

ASTM E-2018 Commercial Real Estate Inspector

HUD 203k Consultant

HUD/FHA Real Estate Appraiser/Reviewer

FannieMae REO Consultant

CTAC LEED Certification

The Harris Company, Forensic Appraisers and Real Estate Consultants

*PIRS/Harris Company and the Science of Real Estate-Partners*

1910 East Mariposa Avenue, Suite 115

El Segundo, CA. 90245

310-337-1973 Office

310-251-3959 Cell

WebSite: http://www.harriscompanyrec.com

Resume: http://www.harriscompanyrec.com/CURRICULUMVITAENAME2011a.pdf

Commercial Appraiser Blog: http://harriscompanyrec.com/blog/

We Make a Simple Pledge to

Communicate, in a timely fashion, each appraisal, analysis, and opinion without bias or partiality

Abstain from behavior that is deleterious to our clients, the appraisal profession, and the public

Hold paramount the confidential nature of the appraiser/consultant - client relationship

and

Comply with the requirements of the Uniform Standards of Professional Appraisal Practice and the

Code of Professional Ethics of the National Society of Real Estate Appraisers

IT'S THE LAW- Statement 7: Prohibition Against Discrimination

State agencies should be aware that Title XI and the Agencies' regulations prohibit federally regulated financial institutions from excluding appraisers from consideration for an assignment by virtue of their membership, or lack of membership, in any appraisal organization. Federally regulated financial institutions should review the qualifications of appraisers to ensure that they are qualified for the assignment for which they are being considered. It is unacceptable to assume that an appraiser is qualified solely due to membership in, or designation from, an appraisal organization, or the lack thereof. The Agencies have determined that financial institutions' appraisal policies should not favor appraisers from one or more organizations or exclude individuals based on their lack of such membership. If a State agency learns that a certified or licensed appraiser allegedly has been a victim of such discrimination, the State agency should inform the Agency which has regulatory authority over the involved financial institution. INCLUDING THE APPRAISAL INSTITUTE-MAI

CONFIDENTIALITY/PRIVILEGE NOTICE: This transmission and any attachments are intended solely for the addressee. The information contained in this transmission is confidential in nature and protected from further use or disclosure under U.S. Pub. L. 106-102, 113 U.S. Stat. 1338 (1999), and may be subject to consultant/appraiser-client or other legal privilege. Your use or disclosure of this information for any purpose other than that intended by its transmittal is strictly prohibited and may subject you to fines and/or penalties under federal and state law. If you are not the intended recipient of this transmission, please destroy all copies received and confirm destruction to the sender via return transmittal

UPCOMING CHANGES TO REAL PROPERTY APPRAISER QUALIFICATIONS

On December 9, 2011, the Appraiser Qualifications Board of The Appraisal Foundation adopted changes to the

Real

that will become effective January 1, 2015. These changes represent

minimum national requirements that each state must implement no later than January 1, 2015.

Education and experience must be completed prior to

taking the AQB-approved

National Uniform Licensing and

.

All candidates for a real property appraiser credential must

undergo background screening. State appraiser regulatory

agencies are

strongly encouraged to perform background

checks on

existing credential holders as well.

Credit towards qualifying education requirements may be

obtained via the completion of a degree program in Real

Estate from an accredited degree-granting college or

university provided the college or university has had its

curriculum reviewed and approved by the AQB.

States had the option to implement the 2008

Real Property

via the “segmented

approach.” This implementation option will no longer be

valid effective January 1, 2015.

Aside from complying with the requirements to complete

the

7-Hour National USPAP Update Course (or its AQBapproved

equivalent), appraisers may not receive credit for

completion of the same continuing education course

offering within an appraiser’s continuing education cycle.

A

written, proctored examination is required for all

qualifying education distance course offerings. The term

refers to an examination that might be written on

paper or administered electronically on a computer

workstation or other device.

Added topics on green building (qualifying and continuing

education), seller concessions (qualifying and continuing

education) and developing opinions of real property value

in appraisals that also include personal property and/or

business value (continuing education only).

None None

None

30 semester credit hours of collegelevel

education from an accredited

college, junior college, community

college, or university OR an Associate’s

degree or higher (in any field).

21 semester credit hours in

specified collegiate subject matter

courses from an accredited college

or university OR an Associate’s

degree or higher.

Bachelor’s degree or higher (in any

field) from an accredited college or

university.

30 semester credit hours in specific

collegiate subject matter courses

from an accredited college or

university OR a Bachelor’s degree

or higher.

Bachelor’s degree or higher (in any

field) from an accredited college or

university.

*These requirements are effective for individuals seeking a real property appraiser credential

after January 1,

2015. However, in some cases, the requirements may also apply to

existing real property appraisers (for example,

a state may require a credentialed appraiser to meet the new Criteria if he or she moves from a state that does not

have reciprocity with that state. Or some states may require appraisers seeking to change their credential level to

meet all of the 2015 Criteria prior to obtaining the new credential).

Credentialed appraisers are urged to

State-certified Supervisory Appraiser shall be in good

standing with the training jurisdiction and not subject

to any disciplinary action within the last three (3)

years that affects the Supervisory Appraiser’s legal

ability to engage in appraisal practice. Shall have

been state certified for a minimum of three (3) years

prior to being eligible to become a Supervisory

Appraiser.

All qualifying education must be completed within the five

(5) year period prior to the date of submission of an

application for a Trainee Appraiser credential.

A Supervisory Appraiser may not supervise more

than three Trainee Appraisers at one time, unless a

state program in the licensing jurisdiction provides to

progress monitoring, supervising certified appraiser

qualifications, and supervision oversight

requirements for Supervisory Appraisers.

A Trainee Appraiser is permitted to have more than one

Supervisory Appraiser.

Shared responsibility to ensure the appraisal experience log for the Trainee Appraiser is accurate, current, and

complies with the requirements of the Trainee Appraiser’s credentialing jurisdiction.

Both the Trainee Appraiser and Supervisory Appraiser shall be required to complete a course that, at a minimum,

complies with the specifications for course content established by the AQB. The course will be oriented toward the

requirements and responsibilities of Supervisory Appraisers and expectations for Trainee Appraisers. The course

must be completed by the Trainee Appraiser prior to obtaining a Trainee Appraiser credential, and completed by

the Supervisory Appraiser prior to supervising a Trainee Appraiser.

Effective January 1, 2015

FOR IMMEDIATE RELEASE

January 24, 2012

Contact:

Paula Douglas Seidel

Executive Administrator

The Appraisal Foundation

paula@appraisalfoundation.org

direct phone 202.624.3048

Washington, DC — The Appraisal Foundation is pleased to announce that Proposed Revisions to the Real Property Appraiser Qualification Criteria (Criteria) have been adopted by the Appraiser Qualifications Board (AQB). The AQB is an independent Board of The Appraisal Foundation. The AQB is responsible for developing minimum qualifications for education, experience, examination and continuing education for real property appraisers in the United States.

The Criteria, which were adopted at the December 2011 meeting of the AQB, will be effective on January 1, 2015. The changes to the Criteria are the result of five public exposure drafts, covering a period of 15 months. Feedback was received from interested parties in the form of comment letters as well as comments made to the Board at public meetings. The changes to the Criteria will affect individuals seeking a real property appraiser credential as of January 1, 2015.  It is important to note that individual State Appraiser Regulatory Agencies may opt to implement the Criteria earlier than the 2015 deadline.

A summary of the changes to the Criteria include:

• Education and experience will have to be completed prior to taking the National Uniform Licensing and Certification Examinations;
• Applicants for the Certified Residential and Certified General classifications will have to possess a Bachelor’s degree or higher from an accredited college or university;
• Applicants for the Licensed Residential classification will have to have successfully completed 30 semester hours of college-level education from an accredited college, junior college, community college, or university, or  have an Associate’s degree or higher from an accredited college, junior college, community college, or university;
• All candidates will be required to undergo a background check;
• Recognition of approved university degree programs as counting toward the education requirements in the Real Property Appraiser Qualification Criteria;
• Removal of the “Segmented” Approach to the Real Property Appraiser Qualification Criteria implementation;
• Prohibition of repetitive continuing education in the same continuing education cycle;
• Clarification of the term “written examination”;
• Revisions to the Trainee Appraiser classification that will include a requirement to take a course oriented to the requirements and responsibilities of Trainee Appraisers and Supervisory Appraisers;
• New Supervisory Appraiser requirements;
• Revisions to Guide Note 1; and
• Additions to the illustrative list of educational topics acceptable for continuing education.

A more detailed summary of the changes to the Criteria is available at the following link:  

https://appraisalfoundation.sharefile.com/d/sd2f26fafefe402ab.

Any questions on the Real Property Appraiser Qualification Criteria and the work of the Appraiser Qualifications Board can be directed to Magdalene Vasquez, Qualifications Administrator at 202.624.3074.

Last week Governor Jerry Brown presented the State of the State speech to the legislature. In his remarks, he highlighted his commitment to build a statewide high-speed train project:

“Just as bold is our plan to build a high-speed rail system, connecting the Northern and Southern parts of our state. This is not a new idea. As governor the last time, I signed legislation to study the concept. Now thirty years later, we are within weeks of a revised business plan that will enable us to begin initial construction before the year is out.

President Obama strongly supports the project and has provided the majority of funds for this first phase. It is now your decision to evaluate the plan and decide what action to take. Without any hesitation, I urge your approval.

If you believe that California will continue to grow, as I do, and that millions more people will be living in our state, this is a wise investment. Building new runways and expanding our airports and highways is the only alternative. That is not cheaper and will face even more political opposition.

Those who believe that California is in decline will naturally shrink back from such a strenuous undertaking. I understand that feeling but I don’t share it, because I know this state and the spirit of the people who choose to live here. California is still the Gold Mountain that Chinese immigrants in 1848 came across the Pacific to find. The wealth is different, derived as it is, not from mining the Sierras but from the creative imagination of those who invent and build and generate the ideas that drive our economy forward.

Critics of the high-speed rail project abound as they often do when something of this magnitude is proposed. During the 1930’s, The Central Valley Water Project was called a “fantastic dream” that “will not work.” The Master Plan for the Interstate Highway System in 1939 was derided as “new Deal jitterbug economics.” In 1966, then Mayor Johnson of Berkeley called BART a “billion dollar potential fiasco.” Similarly, the Panama Canal was for years thought to be impractical and Benjamin Disraeli himself said of the Suez Canal: “totally impossible to be carried out.” The critics were wrong then and they’re wrong now.”

For a full transcript of his speech, visit: http://gov.ca.gov/home.php

Business Plan

In November 2011, the California High-Speed Rail Authority released a draft of its 2012 Business Plan which provides a comprehensive outlook on the financial, governance, and phasing plans for the statewide high-speed train project. The plan also outlines the alternatives that exist to upgrade our current transit system for the growing California population. A final Business Plan will be approved by the Board in 2012.

To review the Business Plan, please visit: www.cahighspeedrail.ca.gov/Business_Plan_reports.aspx.

Bakersfield - Palmdale Section

The Bakersfield to Palmdale regional team has continued to refine the proposed alignments in the Edison, Tehachapi and Antelope Valley sub-segments in preparation of presenting a Supplemental Alternatives Analysis Report to the California High-Speed Rail Board in February 2012. Refinements to the proposed alignments focus on value engineering along the entire segment.

For more information on the Bakersfield-Palmdale section, visit: http://cahighspeedrail.ca.gov/lib_Bakersfield_Palmdale.aspx

Palmdale - Los Angeles Section

The Supplemental Alternatives Analysis for the Palmdale to Sylmar section will be presented to the Board in April 2012. Following discussions with area stakeholders, more than ten alternatives were investigated throughout Acton, Agua Dulce and Santa Clarita/Sand Canyon. Upon further review by the Authority, the regional team will recommend to the Board alignment alternatives from Palmdale to Sylmar for study in the environmental review process.

For more information on the Palmdale-Los Angeles section, visit: http://cahighspeedrail.ca.gov/lib_Palmdale_Los_Angeles.aspx

I-5 Conceptual Study

In May 2011, the California High-Speed Rail Authority Board requested that the regional team assess potential alternatives along the I-5 to determine if new conditions and factors exist that would justify reconsidering the 2005 Program EIR/EIS decision to drop the I-5 corridor in favor of the Antelope Valley corridor.

The final study, released last week, reinforced the 2005 Program EIR/EIS. It concluded that the Antelope Valley corridor still has fewer potential environmental impacts and greater connectivity than the I-5 corridor. The Board agreed with staff recommendations at their January 2012 board meeting and requested that a proposed route through Palmdale be moved forward in the environmental review process. 

For more information on the study, visit: http://cahighspeedrail.ca.gov/pr_01122012__planning.aspx

Los Angeles – Anaheim Section

In March 2011, the California High-Speed Rail Board approved further study of a phased implementation plan for the Los Angeles to Anaheim section of the statewide high-speed train system.  This phased approach may bring early benefits to existing rail and commuter services and could improve mobility and rail safety for the local region.  This blended approach is being incorporated into the environmental document, as teams continue to work with the corridor cities, agency partners and stakeholders to develop the best solutions for the Los Angeles to Anaheim rail section.

For more information on the Los Angeles-Anaheim section, visit: http://cahighspeedrail.ca.gov/lib_Los_Angeles_Anaheim.aspx

Los Angeles - San Diego Section

In October 2011, AB 615 (Bonnie Lowenthal) was signed into law by Governor Brown, allocating $4 million in state funds to continue the environmental studies being completed throughout the Los Angeles to San Diego region.  This allows for further technical analysis to be completed in the areas of the section with multiple corridors under consideration.  We could not have achieved this funding without the support from various corridor stakeholders and agencies with an interest in seeing the planning work continue between Los Angeles and San Diego.  Further analysis and outreach to key stakeholders will continue with the submittal of a Supplemental Alternatives Analysis by the end of 2012. 

For more information on the Los Angeles-San Diego section, visit: http://cahighspeedrail.ca.gov/lib_Los_Angeles_San_Diego.aspx

SCAG 2012 RTP

The staff and board members of Southern California Association of Governments (SCAG) recently drafted the 2012 Regional Transportation Plan (RTP), a long-range transportation plan that is developed and updated by SCAG every four years. The California high-speed train is included in this long-term vision for the region, with the goal that early investment in existing passenger rail corridors identified for future high-speed train use will improve travel times and safety throughout Southern California. We want to thank the staff and committee members who have worked tirelessly to ensure high-speed rail is included in the 2012 RTP Constrained Plan.

Extraction Has No Traction

Land values were based

http://www.idfpr.com/dpr/re/ILLAppr/IllinoisAppraiserJanuary2012.pdf

.”

Look familiar?

If I had a nickel for

every

phoned‐in Cost

Approach that had this

sentence or one like it, I’d be Warren

Buffet.

defines it as:

.

The underscored portion says it all.

Usually this technique is used in rural

settings. Perhaps when appraising

some hunting shack on a couple of

hundred acres of scrub.

But no, we see it in the

middle of suburban

Hinsdale, Belleville,

Taylorville, and other

places where the residence

is easily a significant

portion of the

total value.

By definition,

extraction doesn’t really

work in cities and suburbs where improvements

tend to drive value.

Also, some Cost Approaches are so

poorly cobbled together that we seriously

doubt the appraiser’s ability to

anything.

Don’t just toss

extraction into a report.

If you cannot demonstrate an ability to

depreciate reasonably, then you certainly

won’t be able to support an extraction

application.

The board strongly suggests that you

find a course that teaches a more reliable

technique.

inversecondemnation

Agnosia

January 23, 2012

TODAY'S NEWS

HOUSING DEVELOPMENT

INSIDE BAY AREA: Project to revitalize Bay Point stalled indefinitely without redevelopment

By Sean Maher [1/22/12] // A demolished plot of Bay Point land neighbors say is an ugly magnet for transients will likely have to sit fallow while county officials sort through the rubble of Contra Costa's dissolving redevelopment agency. The Orbisonia Heights project proposes to build a hybrid of transit-adjacent housing and retail space on about 8 acres sitting between Ambrose Park and the Safeway shopping center on Bailey Road, just to the east of Highway 4. The Pittsburg/Bay Point BART station sits just about a quarter mile…

LAND USE / PLANNING / REGULATION

PALO ALTO ONLINE: Palo Alto braces for battle against housing mandates

By Gennady Sheyner // If one believes regional projections, Palo Alto will have to build 12,500 new homes by 2035 to accommodate job growth and meet California's ambitious green goals. Count the City Council among the skeptics. Over the past two years, city officials have been pushing back against the planning scenarios put forth by the Metropolitan Transportation Commission (MTC) and the Association of Bay Area Governments (ABAG), the agencies charged with implementing in the Bay Area the state's landmark greenhouse-gas-reduction law, Senate Bill 375. …

SAN GABRIEL VALLEY TRIBUNE: La Verne council begins process of eliminating its redevelopment agency

By Wes Woods II // LA VERNE - The City Council on Tuesday night unanimously approved the city's intent to close down its redevelopment agency.  City Manager Bob Russi said La Verne would lose about $4 million in its first year and about $2 million in following years. Gov. Jerry Brown signed two bills last year to eliminate redevelopment agencies unless cities or counties agreed to pay a set fee this year and then a regular amount in subsequent years. …

MURRIETA PATCH: City Hopes to Protect Redevelopment Projects

By Maggie Avants // With local redevelopment agencies struck down by the California Supreme Court in late December, the Murrieta City Council moved last week to dismantle its own. City Council voted unanimously to transfer more than $26 million in Murrieta Redevelopment Agency assets and obligations to a successor agency dubbed the Murrieta Housing Authority. … The assets to be transferred include $11.1 million in tax increment funding and $15.2 million in bond funding for projects.

SANTA ROSA PRESS DEMOCRAT: Santa Rosa redevelopment agency to write its will Monday

By Kevin McCallum // …Beginning at 1:30 p.m., the housing authority will meet to decide whether to become the “successor agency” for the housing functions performed by the redevelopment agency. After that, the five-member redevelopment agency board will review plans to transfer the agency's two main real estate assets – the former AT&T building and Railroad Square property leased to the Hyatt Vineyard Creek Hotel & Spa.

HOUSING MARKETS / REAL ESTATE

DATAQUICK NEWS: California December Home Sales

News Release: [1/19/12] // An estimated 37,734 new and resale houses and condos were sold statewide last month. That was up 15.5 percent from 32,669 in November, and up 4.2 percent from 36,215 for December 2010. California sales for the month of December have varied from a low of 25,585 in 2007 to a high of 66,503 in 2003, while the average is 44,063. …

MORTGAGE & FORECLOSURE ISSUES

CNN MONEY.COM: Foreclosures: America's hardest hit neighborhoods

By Les Christie // NEW YORK (CNNMoney) -- The housing collapse has dramatically changed the nation's foreclosure landscape. Neighborhoods boasting modern homes, cul-de-sacs and tree-lined streets in and around Western cities now dominate the list of the top 100 U.S. zip codes hit hardest by foreclosures and claim and comprise all of the top 10 spots, according to data generated for CNNMoney by RealtyTrac. In 2011, Western states claimed 82 of the 100 worst hit zip codes with 38 in California …

LOS ANGELES TIMES: Fannie Mae and Freddie Mac revise policies on mortgage forbearance

By Kenneth R. Harney [1/22/12] // If you have lost a job and are in danger of falling behind on mortgage payments, here's some potentially important news: The two largest players in mortgages, Fannie Mae and Freddie Mac, are revising their policies on forbearance when unemployment interferes with the ability to stay current on a home loan. … Forbearance, it should be noted, does not mean a forgiveness or reduction of the principal balance on the mortgage. Think of it instead as a timeout. Whatever amounts go uncollected during the forbearance period must eventually be repaid.

COMMUNITY DEVELOPMENT

EUREKA TIMES-STANDARD: Three Humboldt County programs receive Federal Emergency Shelter Grants

Three Humboldt County homeless assistance programs will receive more than $340,000 this year to provide shelter and services to adults, children and families without regular housing. The one-year awards are part of $6.6 million in grants from the California Department of Housing and Community Development (HCD). HCD's Federal Emergency Shelter Grants (FESG) were recently awarded to 62 nonprofit programs and local governments in California for emergency shelter, transitional housing programs and shelter for victims of domestic violence. …

HOMELESSNESS

SAN FRANCISCO CHRONICLE: Plazas and parklets the latest battleground in homeless war

Posted by Heather Knight // All those new plazas and “parklets” across the city may seem downright adorable, but they’re the unlikely new hotspot in the never-ending battle over the city’s homeless policy. … The idea was to set some guidelines for the plazas which are in a sort of no-man’s land because they’re not technically parks, streets or sidewalks, all of which are governed by different city codes.

INFRASTRUCTURE / BONDS

SACRAMENTO BEE: Gov. Jerry Brown once again seeks to sell Californians on big projects

By David Siders [1/22/12] // …Brown is expected by summer to propose a peripheral canal or another way to move water through or around the Delta, a project he said will cost water users "well over $10 billion." He persuaded the Legislature when he was governor before to approve such a canal, but it was defeated in a referendum in 1982. Three years earlier, in his State of the State address, Brown had called the project "an investment in the future," a refrain he repeated this week, more than 30 years later.

EMPLOYMENT / ECONOMY

THE DESERT SUN: California unemployment rate drops to 11.1 percent

(AP) // Buoyed by seasonal hiring, California’s unemployment rate dipped slightly in December to 11.1 percent, down two-tenths of a percent from the previous month. Non-farm payroll jobs increased by 10,700 last month for a total gain of 240,300 jobs in 2011. Officials at the Employment Development Department said Friday’s report shows California is continuing a gradual economic improvement. …

TRANSPORTATION / TRANSIT-ORIENTED DEVELOPMENT

SAN JOSE MERCURY: Car-sharing networks flourish in Bay Area

By Dana Hull // Donnie Fowler owns a 2006 Saab that's fully paid for, but he almost never drives it. A self-employed consultant who lives in San Francisco, he often works from home and takes public transportation to most of his meetings. But his car does not sit idle -- it's out on the streets earning money. … The car-sharing services vary in prices and policies -- PATS requires drivers to be at least 21 -- but all were founded on the same realization: Most cars sit unused much of the time and many two-car families don't need both vehicles on the weekends.

REDEVELOPMENT / INFILL / REVITALIZATION

FRESNO BEE: Friant got little for $1 Million in redevelopment

By Kurtis Alexander // FRIANT -- This foothill community with its old houses, sleepy shops and vintage diner hasn't seen much change over the decades, beyond a wider road through town and a new gas station. And major change isn't likely to come soon. The little-known redevelopment agency set up by Fresno County 20 years ago to help modernize the small town is being shut down, in part because of state law and in part because of its failure. …

DAILY PILOT: Community Commentary: Ending redevelopment has devastating consequences

By Patricia Whitaker [1/21/12] // In an effort to balance the state budget, the California Supreme Court voted at the end of December to eliminate redevelopment agencies across the state effective Jan. 31. It further struck down a separate law that would have allowed agencies to stay afloat if they paid more than $1 billion to the state. The decision has understandably caused a reverberation of panic from proponents desperate to find an amicable way to salvage redevelopment in some form …

NATIONAL HOUSING-RELATED NEWS

WASHINGTON POST: $25B deal with banks over deceptive foreclosure practices sent to AGs as settlement nears

(AP) // WASHINGTON — The nation’s five largest mortgage lenders have agreed to overhaul their industry after deceptive foreclosure practices drove homeowners out of their homes, government officials said Monday. A draft settlement between the banks and U.S. states has been sent to state officials for review. …

SAN BERNARDINO COUNTY SUN: Home sales up at end of dismal year, offering hope

By Derek Kravitz [1/20/12] // WASHINGTON - Home sales in December reached their highest pace in nearly a year. The gain coincided with other signs that the troubled housing market improved at the end of last year. Analysts cautioned that sales remain historically low and that it will take years for the home market to return to full health. Still, the third straight monthly sales increase was encouraging. And economists noted that conditions are in place for further gains this year. …

ENVIRONMENT / CLIMATE CHANGE

CENTRAL VALLEY BUSINESS TIMES: Court tosses San Joaquin Valley air pollution control plan

San Francisco 1/20/12 // A federal appeals court has shot down the U.S. Environmental Protection Agency’s approval of an air pollution cleanup plan for the San Joaquin Valley. “We should not silently rubber stamp agency action that is arbitrary and capricious in its reliance on old data without meaningful comment on the significance of more current compiled data,” says the decision Friday by the 9th U.S. Circuit Court of Appeals in San Francisco. …

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