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August 31, 2008



Fund will
this fall.

Click here for more info  about this programClick here to get
the latest information
on this new and
exciting grant and
loan program.

Fall Workshops

Get the latest information on California’s Proposition 1C Housing Bond,
and all state and federal funding programs dedicated to brownfield and infill development.

CCLR is hosting two funding workshops on October 1st & October 30th with representatives from state and federal agencies who will discuss their programs. This is our annual and very popular funding workshop that sells out quickly—so please register early.

San Francisco
Wednesday, October 1st

8:30am - 12:30pm
The Port Commission Room
2nd Floor, Ferry Building  
One Ferry Building
(Embarcadero & Market)
Map >>

Register for  San Francisco

Los Angeles
Thursday, October 30th

8:30am - 12:30pm
Center for Healthy Communities
The California Endowment
1000 North Alameda Street 
Map >>

Register for  Los Angeles

The Center for Creative
Land Recycling (CCLR
or "see clear") is a
nonprofit organization
that repairs fractured communities and
discourages urban
sprawl through creative
private, public, and
nonprofit partnerships.
Our work is accomplished
through training,
technical assistance,
small grants, and loans
for communities who are
attempting to turn
around vacant or
distressed properties.
This half-day workshop is designed for municipalities, local governments, nonprofit and private developers, and anyone involved in redeveloping brownfield sites. The workshop will bring together the major providers of funding for infill and brownfield properties, including:
Stone & Youngberg LLC
Housing & Urban Development
Dept. of Toxic Substances Control
Economic Development Admin.
Environmental Protection Agency
State Water Resources Control Board
Center for Creative Land Recycling
Housing & Community Development

Tuition: $150
CCLR is committed to helping community-based organizations by providing scholarships to reduce the cost of the workshop. Please inquire about our Wells Fargo Scholarship program.

To register, and for more information about curriculum please visit our website www.cclr.org/funding.htm or call 415.398.1080 x104.


The preceding announcement is brought to you by Center for Creative Land Recycling, a nonprofit organization that repairs fractured communities and discourages urban sprawl through creative private, public and nonprofit partnerships. Our work is accomplished through training, technical assistance and small grants for communities who are attempting to turn around vacant or environmentally impaired properties. For more information on our workshops and other activities, please visit www.cclr.org.
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USEPA 2009 Proposal Guidelines for Brownfields Assessment,

USEPA 2009 Proposal Guidelines for Brownfields Assessment, Revolving Loan Fund, and Cleanup Grants has been posted to the EPA brownfields website at: http://www.epa.gov/brownfields/applicat.htm. The proposal deadline is November 14, 2008. Please note there have been significant changes to the Proposal Guidelines and we encourage all those interested to read the guidelines carefully before applying.

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August 25, 2008

Military, state officials disagree about appraisal information

Military, state officials disagree about appraisal information



August 23, 2008


CAMP PENDLETON – Business partners Moe Nezami and Abraham Poladian own land that conservationists love. Their Fern Creek Ranch, a 140-acre flower farm, includes a crystalline stream that serves as an oasis deep in the hills of De Luz.






SCOTT LINNETT / Union-Tribune
Abraham Poladian and Moe Nezami walked under one of the greenhouse frames left on their Fern Creek Ranch flower farm. They were in line for a program that would buy their land to buffer Camp Pendleton and preserve the land as wildlife habitat. Safari sunset shrubs grow below.
The ranch is supposed to become part of a national effort to buffer military bases such as Camp Pendleton from urban encroachment and preserve land as wildlife habitat. The Pentagon, state agencies, nonprofit groups and others have teamed up to buy properties surrounding the bases.

But wrangling between the military and California's Wildlife Conservation Board has stalled the purchase of the flower farm and other parcels around Camp Pendleton.

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Geocoding System

Geocoding System

The FFIEC is under contractual agreement with Tele Atlas, its data source vendor for this system, which limits Internet users to enter one address at a time and obtain the appropriate geocoding information. For batch geocoding, please contact Tele Atlas at InfoNA@teleatlas.com for ordering the data.

Requirements: This system requires that you enter a street address along with either a city and state OR a zip code. The FFIEC web site (www.ffiec.gov) is a public web site. In order to see this public web site, you must configure your firewall systems properly to allow this site to be seen by your network. Therefore, you should set the appropriate parameters consistent with your firewall technology and security policies to safeguard your network environment. You may need the assistance of Information Technology professionals trained to work with your individual telecommunications/security systems to configure the correct settings to enable the use of our web site while simultaneously protecting your computer environment.

Year:2008 2007 2006
Street Address: 
State:AL - Alabama AK - Alaska AZ - Arizona AR - Arkansas CA - California CO - Colorado CT - Connecticut DE - Delaware DC - District of Columbia FL - Florida GA - Georgia HI - Hawaii ID - Idaho IL - Illinois IN - Indiana IA - Iowa KS - Kansas KY - Kentucky LA - Louisiana ME - Maine MD - Maryland MA - Massachusetts MI - Michigan MN - Minnesota MS - Mississippi MO - Missouri MT - Montana NE - Nebraska NV - Nevada NH - New Hampshire NJ - New Jersey NM - New Mexico NY - New York NC - North Carolina ND - North Dakota OH - Ohio OK - Oklahoma OR - Oregon PA - Pennsylvania RI - Rhode Island SC - South Carolina SD - South Dakota TN - Tennessee TX - Texas UT - Utah VA - Virginia VT - Vermont WA - Washington WV - West Virginia WI - Wisconsin WY - Wyoming PR - Puerto Rico
Zip Code: 

Please select the activity year for the CRA and/or HMDA data you are geocoding. The tract definition for 2006, 2007, and 2008 data are based on the 2000 Census. It is critical that you select the correct activity year when using the FFIEC Geocoding System. The 2006 data reflect updates made in December 2005 by the Office of Management and Budget to the Vero Beach, FL metropolitan statistical area and the Distressed or Underserved Tracts. The 2007 data reflect the addition of two new MSAs 29420 and 37380, and updates to the Essex County, MA metropolitan statistical area made in December 2006 by the Office of Management and Budget. The 2008 data reflect updates made in November 2007 by the Office of Management and Budget to the Sarasota-Bradenton-Venice, FL metropolitan statistical area.

Last update: 07/17/2008 4:49 PM


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August 24, 2008

Appeals Court Expands Landlords’ Liability for Accidents on Their Property

Appeals Court Expands Landlords’ Liability for Accidents on Their Property

Authored By: Kathy K. Emanuel , Sandra I. Herrera
Landlords may now be liable for accidents that occur on the premises of property rented to tenants if there has been an entry of an unlawful detainer judgment but the tenant has not yet been evicted.  The California Court of Appeal has recently issued an opinion that behooves landlords to inspect property as soon as an unlawful detainer judgment is entered.  This is in contrast to the usual practice of waiting until a property has returned to the landlord’s possession to inspect the property. 
"A New Rule of Law"
The decision of the California Court of Appeal, Second Appellate District, is a "new rule of law" according to the sole dissenting justice.  The majority decision in the recent California case, Stone v. Center Trust Retail Properties, Inc., 2008 DJDAR 7871, held that, upon entry of an unlawful detainer judgment for possession of real property, a landlord now has a duty to inspect the premises and to conduct reasonable periodic inspections of the premises thereafter.  This holding clearly expands the scope of the duties of landlords to their tenants’ invitees.  Prior to this case, landlords had a duty to act reasonably to correct defects they knew, or should have known, about.  They did not, however, have an affirmative duty to inspect the premises upon the entry of an unlawful detainer judgment for possession of the premises.  Thus, landlords who had commenced an unlawful detainer action often waited to inspect a property until they recovered possession of the premises, either after the tenant had vacated the premises or had been removed by a sheriff.
In Stone v. Center Trust Retail Properties, Inc., the plaintiff sued for an injury resulting from a slip and fall caused by a water leak.  She sued both the owner of the restaurant in which she was injured (Gumboz Creole Cajun restaurant) and the owner of the retail mall which leased the premises to the restaurant (Center Trust Retail Properties Inc.).  Based on the evidence presented at trial, she had slipped on water on the floor which was a result of a water leak.  Prior to the accident, the landlord had brought an unlawful detainer action against the tenant for nonpayment of rent and obtained a judgment for possession of the premises.  Although the landlord had obtained a writ of possession of the premises before the accident occurred, the sheriff had not yet served the writ and the tenant was still occupying the premises.  The jury found the tenant 65% responsible for the plaintiff’s injuries, the landlord 19% responsible, and the plaintiff herself 16% responsible.  The landlord appealed the judgment. 
Case Expands Landlords’ Duties and Liability
In its opinion, the Court of Appeal first discussed the duty of landowners, including landlords, to use reasonable care to protect people who come onto their property.  Reasonable care usually requires landlords to ensure that the property is safe at the beginning of the tenancy and to repair any hazards that the landlord learns about later.  The court stated that limiting the duties of landlords to their tenants’ invitees enabled their tenants to enjoy the premises without potentially intrusive oversight of the premises by the landlords.  The court stated that, for a landlord who has relinquished possession of the premises to a tenant to be liable for a dangerous condition on the premises, a plaintiff must show that the landlord had actual knowledge of the dangerous condition, as well as the right and ability to cure the dangerous condition. 
The Court of Appeal then distinguished the instant case, stating that a landlord who is in the process of evicting a defaulting tenant "unsettles their relationship" and requires a "rebalancing of their rights and duties."  It described the situation as a "hybrid . . . lying between the limited duties of a non-possessory landlord and the greater duties of an occupying landowner."  It found that the trial court had not adequately defined the landlord’s duty to the plaintiff not only to act reasonably to correct defects it knew, or should have known about, but also to inspect the premises upon the entry of an unlawful detainer judgment for possession of the premises and to conduct reasonable periodic inspections of the premises thereafter.  The Court of Appeal remanded the case to the trial court and stated that, during the retrial, the parties could present evidence as to whether a reasonable inspection upon entry of the judgment or any later inspections would have discovered the water leak that caused the plaintiff’s slip and fall.
The dissenting justice stated that, in holding that the landlord’s duty to third parties - such as the plaintiff - included the duty to inspect the premises even though the tenant was still occupying the premises, the majority expanded the law to create a new legal duty on the part of landlords.  He further stated that the California Legislature is the proper entity to consider the proposed realignment of the relationship between landlords and tenants, including a consideration of factors such as the potential increase in public safety which would result from the landlords’ additional duty and the costs of requiring landlords to spend more time and resources in inspecting their tenants’ premises after obtaining judgments for possession of the premises but prior to the actual eviction of the tenants from the premises.
Based on the reasoning of the Court of Appeal, landlords and property managers should make sure that their tenant eviction process includes a requirement for inspection of the premises upon obtaining judgment in any eviction proceeding and thereafter.  Landlords should not wait until they take possession of the premises after the tenant has vacated or has been removed by a sheriff pursuant to a writ for possession to inspect the premises.  Landlords should also make it their practice to inspect the premises when they suspect that the tenant may not be properly maintaining the premises.
For more information, please contact Kathy K. Emanuel at 213.612.7875 / kemanuel@nossaman.com or Sandra I. Herrera at 213.612.787805 / sherrera@nossaman.com.
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August 22, 2008

Welcome to the Appraisal Insight blog.

Welcome to the Blog


Welcome to the Appraisal Insight blog. The goal of this blog is to keep you updated on current appraisal issues and to find out how they affect you. I will be one of the wrtiers of this blog. My background is more commercial than residential. I also have a background in Appraisal Education and in the regulatory side. I am NAR's representative to the Appraisal Foundation Board of Trustees. I am also the chairman of the Indiana Real Estate Appraiser LIcensure and Certification Board.

I will most likely deal more with the regulatory comments. The bigs ones that I see right now are the Fannie/Freddie Cuomo Agreement and the various issues with the ASC. There are also issues with the legilsation that just got signed into law.

How is this going to affect us all. Stay Tuned!

Joe Traynor

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Real Estate News Business


RealPage Tackles Major HUD Changes to Data Transmission By Offering Online Training to Multifamily Clients
Published: August 21, 2008

By Anuradha Kher, Online News Editor

Carrolton, Texas--RealPage Inc. will be offering a comprehensive online training package for its multifamily clients on the changes, impacts and implementation of the upcoming TRACS 2.0.2C and TRACSMail changes mandated by the Department and Housing and Urban Development (HUD).

TRACS 2.0.2C, which will replace TRACS 2.0.2B, is a new file format through which HUD properties send monthly data. TRACSMail, a modem-based system previously used to transmit data such as HUD property vouchers, will be being replaced by iMax or Modern Integrated Multifamily Access Exchange, which is a Web-based program.

RealPage has 10,000 multifamily clients, all of whom will have access to the on-demand online training the company is organizing in phases.

“These changes are pretty huge,” director of affordable housing at RealPage, Janel Ganim, tells MHN. “The last time HUD implemented big changes was three years back. Although these changes cost our company quite a bit, we believe they are positive changes, which eliminate confusion and implement consistency in what is on the forms, guidelines and the data itself.”

RealPage’s multifamily software for affordable properties meets HUD regulations, and customer compliance with HUD regulations directly affect their customers' bottom lines. “We are pleased to be able to go beyond no-charge software updates and make this training available to help ensure that our customers enjoy a smooth transition to TRACS 2.0.2C," adds Ganim.

The TRACS 2.0.2C training features industry expert Mary Ross in two of the modules covering everything clients need to know about TRACS 2.0.2C and the revised tenant certification (50059) and voucher (52670) forms. RealPage experts Ganim and Brian Sodaro will present the training modules on the impacts and implementation for the OneSite Affordable, HUDManager 2000 and HUDManager 2000 Plus products.

Additional training components include a comprehensive downloadable workbook and daily live question and answer sessions for post-training follow-up.

"We understand how difficult and expensive it is for our customers to travel for training, especially the smaller ones who also find it difficult to be out of the office for a period of time. That's why we are offering this training online,” explains Ganim.




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Builders, developers, owners, architects, property managers and other professionals convene at Multi-Housing World to get the latest information they need to build their businesses, discover innovative products and network with peers.

Multi-Housing World 2008 Registration is Now Open.

CLICK HERE to download detailed MHW 2008 Show Planner


“Capital Insights” with Jack Kern
August 19, 2008
This is the first entry in what I hope will become a regular feature here in the markets section of Multi-Housing News Online. I'm going to be writing about Markets & Metrics, a special area near and dear to my...

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 The REALTORS® Commercial Alliance is your GPS for the 2008 Realtors® Conference & Expo in Orlando, Nov 7-10th, 2008.

Be in the know with today’s hot topics -- hear two full days of educational sessions

For Fun and Networking, don’t miss the Commercial Caffeinated Breakfast and the Red Carpet Reception

Visit our booth, #3957 to learn what resources are at your fingertips on CommercialSource.com, speak with RCA staff and get your business growing.

And, here’s a bonus -- Navigate to a commercial session and enter to win a Global Positioning System (GPS) of your own.

Questions? E-mail us at responsecenter@realtors.org.

If you would be so kind as to forward this to a friend or colleague.









Please do not reply to this email. This mailbox is for distribution only.

This advertisement is brought to you by the National Association of Realtors®.


National Association of REALTORS®
430 N. Michigan Ave.
Chicago, IL 60611

As a member of the NATIONAL ASSOCIATION OF REALTORS®, you are entitled to receive the most updated information on the programs, products and services offered by the association. However, if you would like to be removed from the NAR email distribution list, please click here.

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August 21, 2008

Developer Sued Over Fair Housing Criteria, Says It’s a Matter of Local Building Code

Developer Sued Over Fair Housing Criteria, Says It’s a Matter of Local Building Code
Published: August 20, 2008


By Erika Schnitzer, Associate Editor

New York--The Department of Justice (DOJ) has filed a lawsuit against the owners and developers of Avalon Chrystie Place (pictured), a 361-unit apartment community located at 229 Chrystie St. in New York, alleging that they have failed to provide sufficient access to disabled people.

Constructed for first occupancy after March 31, 1991, the development is subject to the updated 1991 Fair Housing Act’s requirements. The DOJ claims that the defendants—AvalonBay Communities, CVP I LLC, Downtown Manhattan Residential LLC, Chrystie Venture Partners LLC and SLCE Architects LLP—-failed to design Avalon Chrystie Place so that its public spaces are readily accessible by persons with disabilities.

The complaint states that the property does not provide “an accessible route into and through the dwelling, reinforcements in bathroom walls to allow later installation of grab bars and usable kitchens and bathrooms such that an individual using a wheelchair can maneuver about the space.”

In response to the lawsuit, Fred Harris, senior vice president of AvalonBay, issued a statement, saying, “AvalonBay is committed to building apartment communities that are comfortable and accessible to all, including persons with disabilities. The action filed this week is fundamentally a construction and building codes case and not a case about discrimination against any specified individuals.”

Harris also says, “We currently provide housing to numerous residents with disabilities who enjoy our communities, including residents at Avalon Chrystie Place. This apartment community was built to comply with New York City’s Local Law 58, which is a city building code that governs accessibility. Compliance with Local Law 58 has long been understood to satisfy the accessibility requirements of both federal and local law, and it has been relied upon in the construction of tens of thousands of apartments in New York City.”


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August 20, 2008

Patriot Express Loans to Vets

U.S. Small Business Administration

-- News Release --


Release Date: August 20, 2008

Contact: Dennis Byrne (202) 205-6567

Release Number: 08-79

Internet Address: http://www.sba.gov/news

SBA’s Deputy Administrator Carranza Promotes

Patriot Express Loans to Vets

WASHINGTON – Speaking at an American Legion post in Frederick, Md., today,

U.S. Small Business Administration Deputy Administrator Jovita Carranza, U.S.

Representative Roscoe Bartlett (Md.), and SBA Maryland-area District Director

Stephen Umberger, highlighted the benefits of SBA’s Patriot Express loan

guarantees and encouraged military members who want to start or grow small

businesses to use them.

SBA’s Patriot Express Pilot Loan Initiative, started a little over a year ago,

continues to successfully help veterans and their spouses reach their dreams

of small business ownership and expansion. To date SBA has approved more

than 1,850 loan guarantees for more than $181 million at an average loan

amount of $98,000.

"SBA is committed to helping America’s service members and commends them

for all they have sacrificed for our country," said Carranza. "Veterans tend to

have the characteristics necessary for small business success: courage,

discipline and a strong work ethic. We believe that Patriot Express, supported

by SBA’s other services, goes directly to the needs of these American patriots

who wish to start or expand businesses, and create jobs and growth."

Patriot Express, launched last June 28, builds on the more than $1 billion in

loans SBA guarantees annually for veteran-owned businesses, and the

counseling assistance and procurement support the agency provides each year

to more than 100,000 veterans, service-disabled veterans, and Guard and

Reserve members.

Patriot Express is a streamlined loan product based on the agency’s highly

successful SBA Express Program, but with enhanced guaranty and interest- rate characteristics. The Patriot Express loan is offered by SBA’s network of

participating lenders nationwide and features SBA’s fastest turnaround time for

loan approvals. Loans are available up to $500,000 and qualify for SBA’s

maximum guaranty of up to 85 percent for loans of $150,000 or less and up to

75 percent for loans over $150,000 up to $500,000. For loans above

$350,000, lenders are required to take all available collateral.

The Patriot Express loan can be used for most business purposes, including

start-up, expansion, equipment purchases, working capital, inventory or

business-occupied real-estate purchases.

Patriot Express loans feature SBA’s lowest interest rates for business loans,

generally 2.25 percent to 4.75 percent over Prime, depending upon the size

and maturity of the loan. Local SBA district offices will have a listing of Patriot

Express lenders in their areas. Details on the initiative can be found at



Interest rate maximums for Patriot Express loans are the same as those for

regular 7(a) loans: a maximum of Prime + 2.25 percent for maturities under

seven years; Prime + 2.75 percent for seven years or more. Interest rates

can be higher by two percentage points for loans of $25,000 or less; and one

percentage point for loans between $25,000 and $50,000.

Patriot Express is available to military community members including veterans,

service-disabled veterans, active-duty service members participating in the

military’s Transition Assistance Program, Reservists and National Guard

members, current spouses of any of the above, and the widowed spouse of a

service member or veteran who died during service, or of a service-connected


Patriot Express loans have been approved in all 50 states, the District of

Columbia, the U.S. Virgin Islands, Puerto Rico and Guam and generally range

from $5,000 to $375,000 in individual loan amounts. The average loan amount

is almost $98,000. Nearly 15 percent of those loans have gone to military

spouses. After loan applications are approved by the bank, they are submitted

to SBA for approval. Most applications are approved by SBA within 24 hours.

SBA has veterans’ business development officers in district offices in every

state and territory able to provide military community members full access to

the SBA’s range of programs and services. There are also five Veterans

Business Outreach Centers located in: Albany, N.Y.; Pittsburgh, Pa.; Lynn

Haven, Fla.; Edinburg, Texas; and Sacramento, Calif.

In addition to district offices, SBA’s resource partners SCORE, Counselors to

America’s Small Business; Small Business Development Centers; and Women’s

Business Centers provide local and online assistance with: writing a business

plan, financing options to start or grow your business, managing the business,

expanding the business and selling goods and services to the government.

For those who are already small business owners and who expect call-up, the

SBA and its resource partners can assist with preparing their businesses before

deployment, managing their businesses, selling goods and services to the

government, obtaining other SBA financing and financial assistance, and

obtaining loans for economic injury – Military Reserve Economic Injury Disaster

Loans (MREIDL). Loans of up to $2 million are available for small businesses

sustaining economic injury because an owner or essential employee has been

called to active duty as a military reservist.

The SBA and its Office of Veterans Business Development (OVBD) provides

comprehensive assistance, outreach and support to veterans. Each year the

SBA assists more than 100,000 veterans, service-disabled veterans and

Reserve Component members. Go to www.sba.gov/vets.

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Online Privacy: Maintaining Client Confidence in Online Communication 
This seminar will detail best practices, in light of the new State and Federal Rules involving the handling of electronically stored information (ESI), for attorneys and legal support staff to defensibly and cost effectively identify, preserve, query, review and deliver their client's ESI via a wide variety of formats and vehicles.
<Click here>

Eminent Domain - The First 100 Days: What Every Real Estate Lawyer Should Know 
This primer on the commencement of a condemnation action will focus on the legal requirements for adoption of a Resolution of Necessity, filing of the Complaint and a Motion for Prejudgment Possession. 
<Click here>

2008 Commercial Law & Bankruptcy Legislative Update and Law Student Award Luncheon 
Join us for the fifth annual law student excellence awards on September 10, 2008. We will be awarding 2007-2008 student excellence awards in commercial and bankruptcy law. Presenting awards and a legislative update on pending or recent enactments will be Hon. Barry Russell and Steve O. Weise. 
<Click here>

09/12/2008, 09/13/2008, 09/27/2008, 09/27/2008
DRS Advanced Skills Practicum & Certification Preparation
This highly interactive course covers the practical skills necessary for the mastery of mediation and details the latest theory in the ADR community. This course exceeds the minimum practical training requirement for applicants to the Los Angeles Superior Court Pro Bono Panel. It enables students to practice and reinforce critical skills that are needed in any mediation setting. The practicum also provides excellent preparation for the DRS assessment and certification process.  
<Click here>
Barristers Domestic Violence Project Volunteer Training
Domestic Violence Project: Volunteers Needed to Help Victims! 
Last year, LACBA’s Domestic Violence Project helped more than 6,000 abused clients. As staggering as the numbers sound, LACBA volunteers do make a difference every day. During the course of a three-hour shift, a single volunteer can help as many as three victims seek protection from their abusers. Volunteers interview clients and complete legal documents to obtain restraining orders, a necessary first step in handling domestic violence situations.
<Click here>

Update on California Air Resources Board's Draft Scoping Plan and Implementation of California's Global Warming Solutions Act (AB 32)
On June 26, 2008, the California Air Resources Board (CARB) issued a draft scoping plan for implementation of AB 32, the Global Warming Solutions Act of 2006. The panelists will discuss the implications of the scoping plan and what the next steps are for CARB as it moves to implement regulations to comply with AB 32. 
<Click here>
Breakfast with the Experts 
An update on what the Judges and Commissioners in the provisional remedies departments of the Los Angeles Superior Court Central District expect of practitioners regarding injunctions, writs of attachment and possession, and receiverships. You will have the opportunity to ask direct questions to Judges Yaffe, Chalfant and Commissioners Mitchell and Greenberg. Moderated by Mel Aranoff.
<Click here
Immigration Law Training Course 
This training is designed for attorneys who are new to the field of immigration law, or have been practicing in the field for less than 1 year. The training will focus on: Immigration legal concepts & procedures, Practical aspects and INS & Immigration Court policies in the Los Angeles District Office.
<Click here>
30th Annual Child Custody Colloquium: Child Custody Comes of Age - Using Our Past to Understand the Present
The 30th Annual Child Custody Colloquium will examine our history and how we, as experts, professionals, attorneys, and the judiciary, have met the changing needs of families and what is best for children. 
<Click here>
LAWLAWPALOOZA - Improving Technique and Technology
Click here>

View ALL Live Events

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August 19, 2008

California Debt and Investment Advisory Commission

2008 Debt Issuance and Public Investment Seminars and Conferences

Fall Catalog

The Bond Buyer California Public Finance Conference
The Future of the Municipal Securities Market
September 15, 2008, Hyatt Regency Embarcadero
San Francisco, California

This half-day seminar preceding The Bond Buyer California Public Finance Conference is intended to make sense of the rapidly evolving municipal securities market. Topics include the state of the bond insurance industry, the use of credit ratings, and the possible future application of a global rating scale to both corporate and municipal bonds. The seminar will conclude with a discussion on whether the municipal market will be able to regulate itself in the future. This pre-conference event is open to both public and private sector representatives of the municipal finance industry.

Understanding Municipal Securities Regulations
September 19, 2008, Sheraton San Diego Hotel & Marina
San Diego, California

This one-day seminar covers the disclosure of municipal securities information to the market. Topics include federal securities laws and regulations, issuer responsibilities, and continuing disclosure compliance.

Fundamentals of Debt Financing
October 2-3, 2008, Doubletree Hotel San Diego Mission Valley
San Diego, California

This one and one-half day seminar is the first in a series of three debt issuance courses. Topics include roles and responsibilities of financing team members, types of short- and long-term financings, the decision to use credit enhancement, and the credit rating process. The session will conclude with a discussion of issuer responsibilities for initial and continuing disclosure.

Investing Public Funds: Fundamentals of Managing Your Portfolio
November 20-21, 2008, Hilton Pasadena
Pasadena, California

This one and one-half day seminar provides investment officers and their staff with information about the investment of public funds. Topics include investment concept fundamentals, cash flow analysis, the investment of operating funds and bond proceeds, the role of investment advisors and broker/dealers, and the use of benchmarks to manage a portfolio.

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August 15, 2008

Digital Library / Search Library

Digital Library / Search Library

Welcome to ASTM's Digital Library, providing you instant access to the digital edition of nearly every ASTM International book and paper spanning 140+ industries and 100+ years. World renowned for its technical expertise and market relevance, ASTM is one of the most comprehensive and authoritative resources available.

With 1000 + books, 30,000 + papers, and 430,000 + pages of information, ASTM's Digital Library is a veritable information super-store at your fingertips. http://www.astm.org/DIGITAL_LIBRARY/index.shtml

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Help Choose the Focus of Commercial Research
NAR's Commercial Real Estate Research Subcommittee will embark on comprehensive research on commercial topics that are current and important. Help the committee choose which topics to pursue by completing a brief online survey. Topics range from finance and technology to foreign investment and environmental issues. Complete the survey by Aug. 15 online Read more...
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August 14, 2008

Over One Million Consumers Go Online in July to Look for Apartments

Over One Million Consumers Go Online in July to Look for Apartments
Published: August 13, 2008


By Anuradha Kher, Online News Editor

Scottsdale, Ariz.--For the first time, the monthly total for consumers checking specific apartment unit availability online exceeded the one million mark, according to Realty DataTrust’s VaultWare reservation system, which logged the usage from July 1 to July 31, 2008.

VaultWare distributes apartment unit availability information through a national network of over 125 Web sites that includes Internet Listing Services (I.L.S.), Internet search sites and property management Web sites. According to the VaultWare Online Marketing Index, the ILSs that renters frequent the most in their searches for online information accounted for a combined total of 294 “check availability” clicks and 6.9 reservations per property.

Those sites include:
    1. Rent.com
    2. Apartments.com
    3. ApartmentGuide.com
    4. ForRent.com
    5. Move.com

These sites experienced the highest number of VaultWare-powered availability transactions in July, contributing to the record-breaking month. Checking availability and reserving online typically begins the leasing process for prospects who want to hold an apartment they see on the
Internet and then often visit in person, according to Gina Kilker, vice president of marketing for Realty DataTrust.

"The one-million mark is something we had projected to hit this year. It's clear to us that consumers, whether they are shopping for an apartment or airline tickets or in case of any other purchase, go online specifically searching for concrete information they can use immediately to make decisions. That was the exact premise that drove the development of VaultWare when it was launched in 2003."

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August 12, 2008

Topic 425 - Passive Activities– Losses and Credits

Topic 425 - Passive Activities– Losses and Credits

Generally, losses from passive activities that exceed the income from passive activities are disallowed for the current year. Unused passive losses are carried forward to all future years. A similar rule applies to credits from passive activities.

Passive activities are trade or business activities in which you do not materially participate. In general, all rental activities are passive activities, even if you do materially participate. You materially participate in an activity if you are involved in the operation of the activity on a regular, continuous, and substantial basis. Rental real estate activities are not passive activities if you are a real estate professional and meet certain requirements. Guidelines for determining material participation and the rules for a real estate professional can be found in Publication 925, Passive Activity and At–Risk Rules.

A special rule applies for rental real estate activities in which you actively participate. The rules for active participation are different from those for material participation and are also discussed in Publication 925.

Use Form 8582 (PDF), Passive Activity Loss Limitations, to summarize income and losses from passive activities and to compute the deductible losses. Use Form 8582CR (PDF) to report passive activity credit limitations.

Generally, you may deduct in full any previously disallowed passive activity loss in the year you dispose of your entire interest in the activity. In contrast, you may not claim unused passive activity credits upon disposition of your entire interest in the activity. However, you may elect to increase the basis of the credit property in an amount equal to the portion of the unused credit that previously reduced the basis of the credit property.

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Appraisal Resources

Appraisal Resources

Contact:  Chip Kraus (517) 335-9755
Agency: Transportation

**Independant Fee Appraisers must possess the appropriate license and be able to prove their qualifications when completing appraisals for projects with State and Federal funding.  Contact AERO if there is a question regarding appraiser licensing or qualifications.

***All appraisals must comply with USPAP and be consistent with the MDOT appraisal requirements.  If federal funds are used to acquire property then appraisals must also comply with Uniform Appraisal Standards for Federal Land Acquisitions .

Search for Appraisers in Michigan

Verify an Appraisal License

** All appraisers should be familiar with  existing laws and regulations impacting properties in the vicinity of an airport  (such as the  AERONAUTICS CODE Title 14:Part 77 Title 14: Part 91 Michigan Tall Structure Act , and  Airport Approach Plans ) to determine if there are any existing restrictions on properties in the project area.  APPRAISERS SHOULD CONSIDER  APPROACH PROTECTION PLANS  TO DETERMINE CURRENT AND FUTURE IMPACTS ON ZONING (and any corresponding impacts on value) FOR PROPERTIES SURROUNDING LICENSED PUBLIC USE AIRPORTS.  Appraisers can  request a copy  of the  Exhibit "A" property map  to identify parcels with existing avigation easement encumbrances.

BEFORE AND AFTER APPRAISALS ARE REQUIRED TO BE COMPLETED FOR AVIGATION EASEMENTS UNLESS "the easement acquisition will not affect the remainder land or improvements (e.g. approach easement over agricultural land) " .  IN THESE INSTANCES, "the appraiser may apply a "part taken" approach citing their supported finding that the easement conveyance and use has no affect on remainder property".  IN MOST INSTANCES APPRAISERS SHOULD BE INSTRUCTED TO VALUE THE AIR RIGHTS ACQUIRED AND THE RIGHT TO CUT OR REMOVE TREES (e.g. trees should be treated as real estate and NOT as fixtures unless the trees are grown for a business such as a tree farm).



***Unless market data support can be found, an appraiser should never rely on a percentage or formula adjustment to reach a valuation conclusion by the use of averages, median, or means produced by the sum of available data. Without market data the use of formulas are inaccurate and outside the realm of real estate appraisal principle and theory. The use of formulas suggest a loss in value without considering highest and best use and often substitute appraisal judgment for damages that cannot be justified by market actions and influences.  An accurate estimate of value will rely on the individual appraiser's knowledge of market influences and sales data. The validity of an appraisal report is determined through sound market research and a logical explanation and correlation of the information the market provides.



MDOT Appraisal Guidelines

FAA Order 5100.37B - see Chapter 2 

FAA - 5100.17  Chapter 2 (Real Property Appraisal)

  • Appraisal of Avigation Easements: Chapter 2 (sec. 2-15)-pg. 23
  • Appraisal Report Requirements: Chapter 2 (sec. 2-9)-pg. 20

FHWA - The Appraisal Guide

Uniform Appraisal Standards for Federal Land Acquisitions

Legal Basis for Appraisal Standards for Federal Land Acquisitions

USPAP - Uniform Standards of Professional Appraisal Practice

  • 5100.17; 2-10. SHORT FORM APPRAISAL REPORT  FOR LOW VALUE AND SIMPLE ACQUISITIONS.A short-form appraisal report is acceptable for low value and simple acquisitions. Examples of an uncomplicated acquisition are a single-family residence; unimproved residential or small commercial lot or a strip taking from a large parcel not involving significant benefits or damages to the remaining property. The Federal National Mortgage Association (FannieMae) or Federal National Home Loan Bank (FreddieMac) appraisal forms or comparable appraisal report forms in common use are acceptable summary report forms.  FAA Form 5100-112URAR  provides a cover sheet for summary appraisal reports citing the applicable FAA requirements to include with the form report.
  • Waiver of Appraisal  from   CFR 49 Part 24, section 24.102 (c)(2)  and  FAA Advisory Circular 5100.17 Chg 6  - The appraisal waiver may be applied for uncomplicated acquisitions, e.g. no impact on land use and reasonable value is apparent; and the market value is estimated at $10,000 or less.  However, when the appraisal waiver is applied, the compensation value must not be set arbitrarily at the $10,000 maximum value. The compensation must be reasonable and relate to the actual value range for the non-complex acquisition.  Exceeding the $10,000 threshold, up to a maximum of $25,000, is possible with MDOT or FAA approval.



Go to FORMS AND CLAUSES  for FAA recommended appraisal related forms.

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Partnerships Can Use These Methods to Protect 1031 Gains

Partnerships Can Use These Methods to Protect 1031 Gains

By John Mangham, CPA


Property owners wishing to dispose of appreciated assets often use Internal Revenue Code Section 1031 exchanges to defer capital gains taxes. However, partnerships wishing to execute exchanges face unique challenges, particularly when individuals in the partnership have diverging investment goals or want to cash out. Partners who want to separate their interests in real property must proceed with caution as the partnership's dissolution very well may trigger the taxable gain they're trying to avoid.

Dissolution StrategiesIn such cases, partnerships should investigate different strategies to complete a successful exchange. The following six options provide viable alternatives to taxable gain.

IRC Section 761(a) Election. While difficult to achieve, this is the first step a partnership should try when structuring an exchange of this nature. Section 761(a) allows a group to avoid being categorized as a partnership for tax purposes. To qualify, the partnership should meet the following conditions:
• The group has chosen to be treated as a partnership pursuant to its state's partnership laws and has filed partnership returns in prior years.
• The group has limited involvement in the property's operation. For example, raw land, with its minimal management requirements, is an optimal asset in this respect.
• Few, if any, restrictions exist on the co-owners' rights to sell their interests individually.
• No provisions of the partnership agreement require a majority vote to transfer the asset.
• Each owner has been allocated a constant pro rata share of income and loss based on its share.

A partnership usually can amend an existing agreement to fulfill the above criteria, assuming it can do so without affecting its operation. If it meets these criteria, a partnership can make an affirmative election by filing with the Internal Revenue Service no later than the tax deadline in the year it wishes to obtain the election benefits.

Termination Through Distribution. This procedure requires the partnership to terminate under IRC Section 708(b)(l)(A) — which states that no partners can continue to carry on any of the partnership's business ventures — and distribute its assets. The exchange property then is transferred to the partners to be held as tenant-in-common interests. This method works well when the partnership owns a single property asset; otherwise, care should be taken to avoid the gain recognition on other low-basis assets.

To accomplish termination through distribution, partners should cease all partnership activity in the tax year prior to the one in which the exchange occurs, and each former partner should file taxes separately and take a prorated share of income and depreciation.

Since the tax code does not specify how long the property should be held individually, a one-year minimum is suggested. Once the now tenant-in-common owners have held the property for an extended period, they each can exchange their undivided interests into separate replacement properties.

Although the IRS could argue that the partnership distributed the property primarily for the purpose of facilitating the exchange, the risk should be minimal, provided the tenant-in-common owners hold the property for a sufficient time period.

Redemption and Allocation. This technique involves amending the partnership agreement to allocate gain to the partners who are cashing out. When the property sells, the partnership uses a portion of the proceeds to acquire the replacement property and distributes the remaining proceeds to the withdrawing partners in complete liquidation of their interests. This complex technique should be considered only if each partner has been advised of his individual tax ramifications on the transaction.

Partial Distribution. A variation of the allocation technique is when the partnership distributes an undivided interest in the property to those partners who wish to withdraw and liquidate or exchange their interests separately. After the partnership and the withdrawing individuals own and operate the property for a period of time as tenants in common, they sell the property; the partnership then exchanges its interest for a replacement property and the withdrawing individuals exchange or receive cash.

In this scenario, the partnership and its new co-owners must avoid appearing as if they are still operating a partnership. Thus, a period of separate ownership operation is recommended.

With this technique, the IRS might argue the retiring partners' allocation of gain lacks substantial economic substance — a violation of IRC Section 704(b)(2) — because the partners receive the same cash value for their shares regardless of the modified allocation at the partnership level. To counter the IRS' argument, the individuals might agree to sell for a lower price to indicate a relative valuation discount arising from a non-controlling interest. The partnership also must be careful not to unintentionally terminate by selling 50 percent or more of its total interest in capital or profits pursuant to IRC Section 708(b)(1)(B).

Third-Party Sale. In this approach the partners who wish to withdraw sell their partnership interests to third parties who want to become partners, and the partnership can increase its basis in the property by making an IRC Section 754 election. Again, the partnership must be careful not to sell 50 percent or more of the total interest in its capital or profits to avoid termination.

Purchase of Multiple Properties. Sometimes none of the partners want to retire from the partnership but simply prefer to own different assets due to different investment goals. The partnership would exchange its existing property for multiple replacement properties, each meeting the requirements of the individual partners. In such cases, the partnership agreement is amended to provide for income allocation and deductions to the specific partner or partners interested in the benefits of the particular property within the portfolio. Over time, the partnership can then distribute the specific properties to each designated partner. Each partner is then free to operate, dispose of, or exchange his individual asset as he chooses.

Dissolving a partnership after an exchange without triggering gain is challenging. Commercial real estate professionals should consult with a tax professional about the best method for managing such transactions.


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Regulatory Barriers Clearinghouse

Regulatory Barriers Clearinghouse
Strategy-of-the-Month Club
August 2008
As many communities struggle to provide affordable
housing options for their teachers, police officers, fire
fighters, paramedics, and other workers, there is a need for
state and local governments to step in to implement policies
that will have a substantial impact on increasing the
affordable housing supply. The Center for Housing Policy
has published a handbook, "Increasing the Availability of
Affordable Homes," with 22 high-impact solutions that state
and local governments can adopt to encourage affordable
workforce housing development.
The solutions, which are easily adapted to meet the unique
needs of a community, are broadly categorized under six
strategies for affordable housing preservation and
production. Some of the strategies include increasing the
amount of land available for housing, reducing regulatory
barriers, and preserving existing affordable homes. To
increase housing production, the handbook recommends
that local governments rezone larger tracts of land for
residential purposes, and allocate tax-foreclosed properties
for affordable housing purposes. There are also examples
of expedited permitting and revised impact fee structures
that can decrease housing costs, augmented by strategies
for reducing lengthy administrative approval processes and
high development fees. Other strategies include offering tax
abatements to stimulate construction and rehabilitation,
establishing incentives to increase the housing supply,
adopting building codes that facilitate rehabilitation of
existing homes, and creating housing trust funds.
To view the complete handbook and its examples of real-
world solutions adopted by communities across the nation,
please visit http://www.huduser.org/rbc/search/rbcdetails.asp?DocId=1595.
We hope this information proves useful in your efforts to
grow your region's affordable housing stock. If you have
regulatory reform strategies or resources that you'd like to
share, send us an email at rbcsubmit@huduser.org, call us
at 1-800-245-2691 (option 4), or visit our website
at www.regbarriers.org.
Feel free to forward this message to anyone who is working
to reduce regulatory barriers to affordable housing.
This message was forwarded to you by the Regulatory
Barriers Clearinghouse eList (rbc@huduser.org) because
you had expressed an interest in affordable housing and
regulatory reform. If you do not wish to receive these
occasional messages, send an email from your account to
 rbc@huduser.org with the word "unsubscribe" in the
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August 11, 2008

IRS Presents Ultimatum on Corporate Tax Shelters


August 8, 2008

The Internal Revenue Service has given companies 30 days to agree to a settlement to close their tax shelters.

The program is aimed at lease-in/lease-out and sale-in/lease-out transactions. Companies that agree to the settlement have until Dec. 31 to shut down their LILO and SILO transactions. If they don't, the IRS may pursue cases against them.

The IRS designated LILOs as "listed transactions" back in 2000 and SILOs in 2005. Since then, the IRS has gone to court and challenged the deals as having no purpose other than to create tax benefits for the companies that use them. The deals often involve companies purporting to lease or buy property, including government infrastructure such as bridges, but then leasing it back to the original owners.

Under the settlement, companies would not have to pay penalties, and would be able to retain 20 percent of the interest income they earned from the investment funds, but they would have to pay the other 80 percent back to the IRS.

"As a basic matter of fairness to all taxpayers, the IRS cannot allow LILO and SILO deals to stand," said IRS Commissioner Douglas Shulman (pictured). "The time has come for these shelter participants to put these cases behind them, and the best way for them to do so is to act on the settlement offer they will receive today."

Originally published by WebCPA.com.

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August 09, 2008


In an August 1, 2008 statement, DOJ Deputy Assistant Attorney General John DiCicco comments on a Claims Court ruling that denied deductions and imposed a 40% penalty on a family that sold stock in their business and used a portion of the proceeds to purchase a "Son of BOSS" digital foreign currency tax shelter in an effort to avoid $40 million in capital gains taxes. Under the topic of food for thought, although this case included no charitable component, we wonder if the tax(and penalty)payers' advisors ever presented a charitable remainder trust or other philanthropic planning vehicle for their clients' consideration?

Citation: 08-679

Full Text:


Federal Court Denies Family's Attempt to Avoid Taxes on $204
Million by Participating in a "Too Good to be True" Strategy


WASHINGTON -- The U.S. Court of Federal Claims has ruled in favor of the United States in a case involving one family's attempt to avoid taxes on $204 million in gain realized on the sale of their business, the Justice Department announced today. When members of the Welles family sold stock in Toledo-based Therma Tru Corporation in 2000, they paid $8 million to three tax shelter promoters for a "Son of BOSS" tax shelter involving digital foreign currency options in an effort to avoid $40 million in taxes.

The court ruled that the taxpayers owe not only the taxes, but also a 40% penalty. In a 128-page opinion, Judge Christine Odell Cook Miller found that the underlying transactions completely lacked economic substance. The court concluded that no reasonable chance existed for the Welles family members to earn a profit on the underlying "investments" in foreign currency options. Instead, Judge Miller ruled that the transactions were designed solely to generate tax benefits. As such, they could not be recognized for tax purposes.

In finding the taxpayers liable for substantial penalties, Judge Miller stated that it was unreasonable to rely upon tax opinion letters written by the same attorneys who had designed and carried out the tax shelter. These attorneys, the court noted, also charged the Welleses for the opinions as a percentage of the taxes that they were trying to save through the tax shelter. The court added that it was not reasonable to rely on the opinion letters because the factual representations on which the legal opinions were based were "demonstrably false, a fact that could not have been doubted by any sentient person involved." The court refused to sanction what it called a "bury your head in the sand" approach.

"We are pleased that yet another court has delved into the workings of this manufactured tax shelter and found it deficient," said John DiCicco, Deputy Assistant Attorney General of the Justice Department's Tax Division. "We hope that other taxpayers who seek to defend this patently abusive shelter will heed this decision and abandon their efforts to defend the indefensible. For our part, the Department of Justice will redouble its efforts to expose and defeat these blatant attempts to raid the Treasury."

Deputy Assistant Attorney General DiCicco thanked Tax Division attorneys Stuart D. Gibson, Corey A. Johnson and Jacob E. Christensen, who tried the case.

Copyright © 1998-2008 Planned Giving Design Center, LLC. All rights reserved.

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development opportunity in the heart of Orange County

Dear Investor,
Attached please see an excellent 196,000 SF development opportunity in the heart of Orange County in the city of Fullerton .  This site is located at 700 S Euclid St .  Euclid is a major North & South bound arterial that crosses the 5 Fwy and the 91 Fwy and has a car count of 38,300 daily.   Additionally, there are many national tenants including Wal Mart, Target, Mervyns and Food 4 Less in the immediate trade area.  There is no other opportunity like this in the whole Orange County .  The asking price is only $5,000,000; that is an amazing $25.5 per square foot!!!!!!
Additionally, there is $23,000 monthly income plus NNN on the property; giving an investor an excellent source of income during the permit and entitlement stage of the development.

Respectfully yours,

Mojgan Golcheh
(310) 997-0101 Ext. 510
(310) 877-1237 Cellular
(310) 288-1726 Facsimile

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August 07, 2008

How is NOI calculated with mixed-use income property?

The scenario: An income producing property grosses $60,000 per year, and half is derived from a retail sales store, the other half from an upstairs nightly rental. The retail store is under a lease and the two properties cannot be sold separately. The sales shop tenant pays the utilities; the nightly rental does not.

The solution: On a conceptual approach, the properties have to be viewed as a single entity operating two businesses. As a result, three profit-and-loss (P&L) statements would be required: One for each business and a consolidated statement. The consolidated P&L is for establishing the value of the property, and the individual P&Ls are for operating the property.

To establish net operating income (NOI), all operating expenses must be deducted. As bills are paid, every item that can be classified as an operating expense gets deducted from the income collected.

As far as allocation of operating expenses, the lease with the retail sales store should define which items they pay. If the property owner feels the store should be paying more of the operating expenses, that is a matter for renegotiation of the lease, and the result would depend on the leverage available.

Whatever items the retail sales store is not obligated to pay, the marketplace will determine how much of the remaining operating expenses can be reallocated to the nightly residents. There are no set rules other than what the marketplace will bear.

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August 06, 2008


  Home  | Schedule  | Conference Information  | Advisory Board  | Sponsors  | Rates  | Attendee List  | Register

This September 12th join ABI, Georgetown Law and 18 U.S. Bankruptcy Judges for another exciting "Views from the Bench" program. One of ABI's and Georgetown University CLE's best conferences, "Bankruptcy 2008: Views from the Bench" offers a unique opportunity for bankruptcy practitioners and 18 bankruptcy judges to convene for top-notch CLE and keen insights. Enjoy small group break-out sessions with the morning topics' judges and speakers.

Timely topics include:

  • Liquidating Cases and Asset Disposition: Sales, Auctions, Appeals
  • Real Estate: Homebuilders, Commercial and Hotels
  • The New Wave of Retail Bankruptcies
  • DIP Financing
  • The Changing Paradigm in Distressed Debt and Claims Buying: Securitized Lending and Capital Markets Issues
  • Current Developments in Ethics
  • Confirmation Issues

A few quotes from last year's conference:

  • "Excellent program. Great assembly of insightful, experienced leading bankruptcy judges."
  • "Always an excellent program."
  • "It was terrific!"


Only a Month to go, Register Now!

If you would like more information on other upcoming conferences, please click here.



Copyright 2008 - The American Bankruptcy Institute

To unsubscribe click here or send a blank email to leave-415269-103980.9879c1f4abc102862b3318bbb83da76b@host11.abiworld.org.

American Bankruptcy Institute
44 Canal Center Plaza
Suite 400
Alexandria, VA 22314
(703) 739-0800

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August 05, 2008

HUD Modernizes FHA with LIHTC Program





HUD Modernizes FHA with LIHTC Program
Published: July 23, 2008

By Anuradha Kher, Online News Editor

Washington, D.C.--The U.S. Department of Housing and Urban Development (HUD) recently issued the Mortgagee Letter 2008-19, streamlining the processing of Federal Housing Administration (FHA) multifamily insurance applications with Low Income Housing Tax Credits (LIHTC).

The Mortgagee Letter includes important changes to FHA processing, which will provide flexibility and cut costs, making FHA insurance a competitive financing vehicle for affordable rental properties with Low Income Housing Tax Credits.

“There are two very significant benefits that come with this letter,” Cathy Pharis, director at Deutsche Bank Berkshire Mortgage, tells MHN. “For one, FHA will be able to commit on loans much earlier in the development cycle, and secondly, by not requiring investors to post all of the equity up-front, developers will be able to raise more funds through higher pricing on the tax credits.”

A key feature of the streamlined process permits the deferred submission of full plans and specifications, which will better align the FHA process with the tax credit process and will allow borrowers to lock rates earlier. Another significant change is that 20 percent of the tax credit equity (reduced from 100 percent) must be funded at the time of HUD’s initial endorsement, with the remainder allowed to be paid in over the development period—as is the case for most conventional financing.

“For lenders, the step to modernize the process for combining FHA insurance with LIHTC results in a faster, more efficient way of financing these properties.  It is structured to fit much more readily into the development process,” says Pharis.

Other changes introduced by the Mortgagee Letter permit firm commitments to be conditioned, under certain defined circumstances, upon HUD-2530 approval. This approval must be received prior to initial endorsement, but the ability to condition firm commitments will provide timing flexibility to transactions and will improve borrowers’ chances of obtaining favorable rate locks and equity pricing. In addition, the Mortgagee Letter requires the designation of a LIHTC Coordinator in each Multifamily Hub and Program Center to work with credit allocation agencies and developers to better synchronize tax credit funding cycles with FHA’s application process.

“We think this memo goes a long way, making huge strides in marrying FHA Mortgage Insurance with Low Income Housing Tax Credits. Many more LIHTC developers will now be willing and able to utilize the attractive attributes of the FHA programs,” adds Pharis.

Kieran Quinn, chairman of MBA, says, “The improvements will assist the tax credit market by removing some of the impediments to financing with FHA insurance as well as eliminating unnecessary costs in the program.”

The Mortgagee Letter is effective July 22 and should immediately have an impact on properties being financed. “There are, however, a number of legislative impediments to using FHA insurance with tax credits that need to be resolved,” continued Quinn. “Most of those issues were addressed in the House version of the omnibus housing bill. We are hopeful that Congress will include those provisions in its final version of a housing bill this year.”


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First Advantage SafeRent Releases MAR Index



First Advantage SafeRent Releases MAR Index
Published: July 28, 2008

By Anuradha Kher, Online News Editor

Rockville, Md.--First Advantage SafeRent Inc. released its second quarter 2008 multifamily applicant risk statistics. The Multifamily Applicant Risk Index (MAR Index) is based on traffic quality scores from First Advantage SafeRent's statistical screening model and is updated quarterly to provide property owners and managers with a benchmark they can use to compare their portfolio's performance.

With this applicant risk index, property managers and owners are able to compare their applicant quality trends with that of the average MAR Index trends. This comparison indicates whether their portfolio is performing above, below or at market levels with respect to attracting and securing high-quality, paying residents.

The second quarter national MAR Index, including studios, one-, two-, three- and four-bedroom units, was 105. This is a 5 percent increase from the first quarter 2008, which confirms a trend of seeing higher MAR Index values during the traditionally high applicant traffic periods of the second and third quarters. Compared to the second quarter 2007, the MAR Index is the same value of 105. When comparing applicants for one- versus two-bedroom units, the MAR Index is slightly lower for one-bedroom units, at 105, compared to 106 for two-bedroom units in the second quarter.

The three Metropolitan Statistical Areas (MSA) with the leading decreases in the MAR Index were Memphis, Tenn.; Phoenix/Mesa, Ariz; and Denver/Boulder/Greeley, Colo., with decreases of four, five and six points, respectively.

The MAR Index provides trends of national and regional traffic quality scores whereby a lower index value indicates an applicant pool with a higher risk of not fulfilling lease obligations. A MAR Index value of 100 indicates that market conditions are equal to the national mean for the index's base period of 2004. A MAR Index value greater than 100 indicates market conditions with reduced average risk of default relative to the index's base period mean. A value less than 100 indicates market conditions with increased average risk of default relative to the index's base period mean.


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August 03, 2008

Ghetto Fabulious "Villa Azure"

Pool Area is just to LURE you, Not worth it!!!

From: -Anonymous-
Date posted: 2/1/2008
Years at this apartment: 2006 - 2007
User Response is available. 5 responses


Ghetto Fabulious "Villa Azure" 

Make sure you read every line in that rental contract before you sign. The contract is there to protect their interest, NOT YOURS. This company is running a SCAM - to get more money from you especially when its time to leave. They will hold your SECURITY DEPOSIT every cent that you have. I would suggest to bring them to court for any violation of Tenant Rights. There's a lot of Tenant Rights info on the WEB so be vigilant and fight for your rights as Tenants.

Pool is freezing even summer time. Security sucks. They don't screen potential renters as long as they have money to pay rent. Loud renters all night long, smell of marijuana everywhere - in th epool area and in your bedroom. Parking sucks - tenants' and guests' as well. Tenants' parking spots are small and it hard to find parking for guests especially on weekends.

I moved out and never renewed my contract.


Ghetto Fabulious "Villa Azure"

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