http://us1.institutionalriskanalytics.com/pub/IRAMain.asp
&
http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.3068:
Also of note is the fact that the TARP for Main Street legislation explicitly allows Treasury and HUD to use public funds to bail out multi-family housing projects that are "at risk" or in default. A cynic might argue that the Tishman Speyer et al, aided by good friends like Reps. Barney Frank (D-MA) and Nita M. Lowey (D-NY) and Senator Chuck Schumer (D-NY), will eventually approach Secretary Geithner for a public bailout of their ridiculous investment -- this in the name of protecting the rent stabilized tenants of Stuyvesant Town and Peter Cooper Village.
Could it be that Frank, Lowey and Schumer were paid to insert the language into the legislation to bail out the investors in Stuyvesant Town and Peter Cooper Village? Of course, not being cynics, we would never suggest such a thing.
Even had Tishman paid a more reasonable price for Stuyvesant Town and Peter Cooper Village, the fact is that it would be virtually impossible to refinance the deal in the current market. Like many commercial and residential projects around the country, whether the deal makes sense or not, there is just no financing to be found. The continuing reduction in bank credit is entirely visible, yet somehow the inhabitants of Washington and Wall Street continue to pretend that it just ain't so.
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Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
SEC. 5. MULTIFAMILY MORTGAGE RESOLUTION.
(a) Use of TARP Funds- Using the authority available under section 115(a) of division A of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5225(a)), the Secretary of the Treasury shall transfer $2,000,000,000 to the Secretary of Housing and Urban Development for use under the program developed under subsection (b) to stabilize multifamily properties that are in default or foreclosure, or have recently been foreclosed.
(b) Multifamily Mortgage Resolution Program- The Secretary of Housing and Urban Development shall develop a program under this subsection to ensure the protection of current and future tenants of at-risk multifamily properties, where feasible, based on criteria that may include--
(1) creating sustainable financing of such properties, that may take into consideration such factors as--
(A) the rental income generated by such properties; and
(B) the preservation of adequate operating reserves;
(2) maintaining the level of Federal, State, and city subsidies in effect as of the date of enactment of this Act;
(3) providing funds for rehabilitation; and
(4) facilitating the transfer of such properties, when appropriate and with the agreement of owners, to responsible new owners and ensuring affordability of such properties.
(c) Definition- For purposes of this section, the term `multifamily properties' means a residential structure that consists of 5 or more dwelling units.
Ignored comment.
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Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
The funniest part of this sad tale is that because the City of New York decades ago gave the land for Stuyvesant Town and Peter Cooper Village to Met Life in return for building affordable housing, the ultimate motive of the new investors to upgrade the apartments and end the rent controls on same is probably not even possible under New York law. This is the key issue now before the New York State Court of Appeals, which is the state's highest court, by the way. And the lawsuit would effect all rent controlled apartments in New York City.
"The funniest part of this sad tale is that because the City of New York decades ago gave the land for Stuyvesant Town and Peter Cooper Village to Met Life in return for building affordable housing"
This is part of the problem I have with Mitchel-Lama Coops going private.
SEC. 5. MULTIFAMILY MORTGAGE RESOLUTION.
(a) Use of TARP Funds- Using the authority available under section 115(a) of division A of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5225(a)), the Secretary of the Treasury shall transfer $2,000,000,000 to the Secretary of Housing and Urban Development for use under the program developed under subsection (b) to stabilize multifamily properties that are in default or foreclosure, or have recently been foreclosed.
(b) Multifamily Mortgage Resolution Program- The Secretary of Housing and Urban Development shall develop a program under this subsection to ensure the protection of current and future tenants of at-risk multifamily properties, where feasible, based on criteria that may include--
(1) creating sustainable financing of such properties, that may take into consideration such factors as--
(A) the rental income generated by such properties; and
(B) the preservation of adequate operating reserves;
(2) maintaining the level of Federal, State, and city subsidies in effect as of the date of enactment of this Act;
(3) providing funds for rehabilitation; and
(4) facilitating the transfer of such properties, when appropriate and with the agreement of owners, to responsible new owners and ensuring affordability of such properties.
(c) Definition- For purposes of this section, the term `multifamily properties' means a residential structure that consists of 5 or more dwelling units.
The funniest part of this sad tale is that because the City of New York decades ago gave the land for Stuyvesant Town and Peter Cooper Village to Met Life in return for building affordable housing, the ultimate motive of the new investors to upgrade the apartments and end the rent controls on same is probably not even possible under New York law. This is the key issue now before the New York State Court of Appeals, which is the state's highest court, by the way. And the lawsuit would effect all rent controlled apartments in New York City.
They evicted Zelda!
http://www.flickr.com/photos/37996646559@N01/sets/72157621716682326/
jive turkey
"The funniest part of this sad tale is that because the City of New York decades ago gave the land for Stuyvesant Town and Peter Cooper Village to Met Life in return for building affordable housing"
This is part of the problem I have with Mitchel-Lama Coops going private.