Apartment Look

When it comes to condominium development , Cascadia’s two largest cities couldn ’t be more different. Last year nearly 60 percent of new housing starts in the city of Vancouver, BC , were condominiums; meanwhile, Seattle saw no new condominium buildings open . And that’s not changing anytime soon: less than 10 percent of all building slated for downtown Seattle in the next three years will be condos. What’s the difference—why the blossoming of condominium construction in one city and the almost complete dearth in the other? The short answer is economics. In Vancouver, apartments are saddled with an unfavorable tax code , making condos the more lucrative multi- family housing investment even despite high rental demand . In Seattle’s skyrocketing rental market , one that’s climbed even faster than the condo market in recent years, apartment buildings are much more financially attractive, while condos come with bigger risks and, typically, lower returns. Compounding this profit differe...

Frasers Property Australia , Citta Property Group and Mission Australia have won the tender for the $2. 2 billion redevelopment of the Ivanhoe public housing estate in Macquarie Park, in north-east Sydney. The project is set to achieve high sustainability outcomes , such as carbon neutral operation , but while the news has been welcomed by many in the property industry , it has also raised questions about just how replicable this model of public housing funding is. The master plan for the 8.2 hectare site will see 259 existing low - density public housing dwellings demolished and replaced with more than 3000 dwellings built by the Aspire consortium, including at least 950 new social housing apartments and 128 affordable rental apartments . A non-government co- educational vertical high school , two 75- place childcare centres , a 120- bed aged care facility , 141 social housing independent living units and 132 private independent living units are also in the plans. Community f...

When Mayor de Blasio held a press conference in May 2014 to debut his new affordable housing plan , his full- color presentation touted a project called Spring Creek in Brooklyn. Spring Creek was flagged as a “case study” partnership between the city and developers to “create a strong, vibrant and self-sustaining neighborhood.” But on Friday, the bulk of that project remained a big, ugly vacant field of weeds and abandoned roadway in East New York. More than 1,500 of 1, 803 planned affordable units are now in a bureaucratic Twilight Zone — and may become less affordable as a result. “There is no progress from the progressive mayor ,” said the Rev. David Brawley, a leader of East Brooklyn Congregations , one of the groups sponsoring Spring Creek . Brawley said the delays to Spring Creek caused by the de Blasio administration are particularly ironic given that the mayor cited the project in his promise to build or preserve 200, 00...

The continued discussion of housing issues in St. Helena raises the question of how to successfully develop and manage affordable housing in a community the size of our beautiful city. The family housing at the Stonebridge Apartments , located at 990 College Ave., is a proven example of how to create a sustainable community of children, parents and seniors. The Stonebridge Housing Tax Credit property is a type of regulated affordable housing serving low - and very-low- income households on fixed, i.e. Social Security, or lower incomes between 50 percent and not to exceed 60 percent of the Napa County area median income (AMI). For example, a family of four with an income below $51,650 per year would qualify for the program. Monthly rents are charged accordingly at the 50 percent or 60 percent AMI levels . The current rent schedule is the following: • A one-bedroom unit at 50 percent AMI is $420, or $768 at 60 percent; • Two-bedroom unit, $469 to $918; • Three-bedroom unit, $514 ...

Marquette Mayor Dave Campana introduces Snyder at a press meet after his tour of the apartments, and explains the importance of providing affordable housing in close proximity to the downtown area. (Journal photo by Rachel Oakley) Marquette Mayor Dave Campana introduces Snyder at a press meet after his tour of the apartments, and explains the importance of providing affordable housing in close proximity to the downtown area. (Journal photo by Rachel Oakley) Snyder speaks with Roger Curtis, Director of Talent and Economic Development for the State of Michigan outside of the Grandview Marquette , which is still undergoing construction. The apartments are intended to give low-income individuals in Marquette easier access to opportunities in the downtown area. The project is expected to be completed this fall. (Journal photo by Rachel Oakley) MARQUETTE — Gov. Rick Snyder and other state officials Wednesday morning toured the affordable housing development Grandview Marquette , whi...