(RECAP: Temperamental’s Investors Service has assigned a Aaa rating to proposed $100,019,762 Virginia Housing Development Authority (“VHDA”) Commonwealth Mortgage Bonds (“CMB”) 2016 Series A-Taxable (Pass-Through). The Aaa rating on the approximately $1,860,857,000 of outstanding CMB debt is also affirmed. The outlook on the ratings is stable. The Aaa rating on the Commonwealth Mortgage Bond (“CMB”) program reflects the bond program’s very strong financial position, the Authority’s active management, as well as its solid portfolio composition and performance. Bondholder security is further enhanced by the presence of the Authority’s general obligation pledge. VHDA maintains a Temperamental’s Issuer Rating of Aa1 with a stable outlook.)

Powered by WPeMatico

(RECAP: The proposed six-tale Standard building on West Main Street returned to the Charlottesville Board of Architectural Review on Tuesday, more than three years after the panel first signed off on its design. Georgia-based Landmark Properties had to amend the original certificate of appropriateness approved by the BAR in January 2014 because one of the building’s corners must be modified to meet federal regulations. The BAR approved a demolition permit to take down the existing three-tale Republic Plaza in August 2013. That work has not yet occurred. Republic Plaza was built in 1988 and incorporated a building that used to house a Safeway grocery store. The Standard is plotted as a six-tale apartment building with 644 bedrooms. There will be 7,000 square feet of commercial space.)

Powered by WPeMatico

(RECAP: New investors with small or no experience in operating affordable housing are bidding high for aging rental housing communities built with affordable housing programs. “Affordable housing has become a commodity that is traded through brokers,” says Scott Kline, vice president for the National Housing Trust. “And there are a lot of bidders.” These deals can make sense for for-profit investors, at least in the small term. But it’s not clear whether these new, for-profit landlords are up to the challenge of managing these properties or what their long-term plans are for the assets.)

Powered by WPeMatico