Housing & Development

Housing & Development

KENNEDY WILSON, INC. AND PROSPECT ACQUISITION CORP. ANNOUNCE EXECUTION OF DEFINITIVE MERGER AGREEMENT

September 10, 2009 - (RealEstateRama) -- Kennedy-Wilson, Inc. (“Kennedy Wilson”) (KWIC.PK), a vertically-integrated real estate investment and services company headquartered in Beverly Hills, CA, with 21 offices throughout the U.S. and Japan, and Prospect Acquisition Corp. ("Prospect") (NYSE Amex: PAX), a special purpose acquisition company with approximately $248 million of cash, today announced that they have signed a definitive agreement under which they plan to combine. The proceeds of the transaction will enable Kennedy Wilson to seek to capitalize on distressed real estate acquisition opportunities and to fund the growth of its auction and property management businesses.

Fresno REALTOR® association to put calREDD™ participation on hold

San Francisco, CA - September 2, 2009 - (RealEstateRama) -- The Federal Home Loan Bank of San Francisco today announced that it has awarded more than $1 million in Access to Housing and Economic Assistance for Development (AHEAD) Program grants to boost economic development and affordable housing projects in Arizona, California, and Nevada

Affordable Housing Preserved in San Francisco

SAN FRANCISCO, CA - September 1, 2009 - (RealEstateRama) -- Committed to creating and maintaining affordable housing for seniors and families, Speaker of the House Nancy Pelosi (D-CA) today joined residents and neighbors in celebrating the preservation of 245 affordable apartments at Nihonmachi Terrace in the Japantown neighborhood of San Francisco. Located at 1615 Sutter Street, the seven building property is currently undergoing $25 million in renovations that will include energy-efficiency enhancements and structural improvements. The rehab is scheduled to be completed in the fall of 2010.

Holiday Inn Express Adds Two New Hotels to L.A. Market

Holiday Inn Express Los Angeles-LAX Airport is brand's 135th hotel to open in the Americas region this year. ATLANTA, GA - September 1, 2009 - (RealEstateRama) -- IHG (InterContinental Hotels Group) [LON: IHG, NYSE: IHG (ADRs)], the world's largest hotel group by number of rooms, announced today that two Holiday Inn Express® hotels will be added to the Los Angeles market. The Holiday Inn Express Los Angeles-LAX Airport and Holiday Inn Express Hotel & Suites Los Angeles Airport Hawthorne are both conveniently located near Los Angeles International Airport and will create more than 60 job opportunities to the local community

Local Homeowners Get Advice at Rep. Sánchez’ Housing Summit

Lakewood, CA - September 1, 2009 - (RealEstateRama) -- Over 300 local homeowners and future homeowners attended Rep. Linda Sánchez’ Housing Summit in Lakewood on Saturday to get free advice from housing experts and learn about tax incentives for purchasing a first home or making home improvements

Mayor Newsom Announces SFPUC ‘Watershed Stewardship’ Grants to Fund SF Neighborhood Greening Projects

August 26, 2009 - (RealEstateRama) -- Mayor Gavin Newsom today announced the immediate availability of $100,000 in Watershed Stewardship Grants from the San Francisco Public Utilities Commission (SFPUC) for neighborhood-based stormwater management projects. Eligible community projects will capture and reuse rainwater on-site with linked rain barrels or cisterns, build public green spaces, or replace paved areas with permeable ones, allowing rainwater to recharge the City’s groundwater aquifers.

Rep. Diane Watson Joins FHLBank San Francisco and Housing Activists to Discuss Government Plans...

Los Angeles, CA - August 25, 2009 - (RealEstateRama) -- On August 13, 2009, housing activists, community leaders, and public officials, including Rep. Diane Watson (CA-33), joined the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) for a roundtable discussion on pending regulatory reform legislation that will impact homeowners and potential homeowners, as well as many financial institutions in the region.

Housing Production Dips in July as Tax Credit Expires, CBIA Announces

CBIA says state new-home tax credit extension needed to bolster construction. SACRAMENTO, CA – California homebuilders pulled back on new-home production in July as homebuyers retreated from housing markets around the state following the discontinuation of the successful homebuyer tax credit early in the month, the California Building Industry Association announced today.

California Housing Affordability Inches Downward, CBIA Announces

SACRAMENTO, CA - August 19, 2009 - (RealEstateRama) -- Housing affordability inched downward throughout the state during the second quarter of 2009 as a result of incremental price increases and increased demand sparked by the state new-homebuyer tax credit, the California Building Industry Association said today.

Entry-level housing affordability reached 67 percent in Q2 09

C.A.R. reports entry-level housing affordability reached 67 percent in the second quarter of 2009 LOS ANGELES, CA - August 17, 2009 - (RealEstateRama) -- The percentage of households that could afford to buy an entry-level home in California stood at 67 percent in the second quarter of 2009, compared with 49 percent (revised) for the same period a year ago, according to a report released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

Emeryville, Oakland, Cypress Mandela Awarded Recovery Act Grants for Contaminated Land Clean Up and...

Oakland, CA - August 7, 2009 - (RealEstateRama) -- Congresswoman Barbara Lee (D-CA) applauded an Environmental Protection Agency (EPA) announcement selecting the City of Emeryville to receive $500,000 in Recovery Act funding to help protect human health and the environment. Additionally the cities of Emeryville and Oakland will receive $500,000 and $400,000 respectively in other brownfields funding.

Brown Wins “Roadless Rule” Victory, Protecting 40 Million Acres of Forest Land from Development

Sacramento, CA - August 6, 2009 - (RealEstateRama) -- The Ninth Circuit Court of Appeals today gave Attorney General Edmund G. Brown Jr. a "profoundly important decision" in his fight to protect 40 million acres of pristine forest land from development by reinstating a 2001 rule banning road building and commercial logging that had been repealed by the Bush Administration.

Deputy Secretary Sims visits $14 million affordable housing project in San Diego jumpstarted as...

Funding will stimulate the production of 65 affordable housing units stalled by recession and create quality jobs. WASHINGTON - U.S. Housing and Urban Development Deputy Secretary Ron Sims today visited Cedar Gateway Developments in San Diego, CA, an affordable housing development that was under construction but came to a halt last March due to the loss of tax credit funding. HUD Tax Credit Assistance Program (TCAP) funding, provided through American Recovery and Reinvestment Act of 2009 (Recovery Act), will now allow the project's construction to restart in November, along with thousands of others throughout the country, creating quality jobs in the hard-hit construction industry.

Foreclosure Help is Here…and Coming to Your Neighborhood!

July 30, 2009 - (RealEstateRama) -- The Long Beach Housing Development Company is sponsoring a series of free foreclosure workshops all over the City. Taking place in each Council District, the workshop will focus on foreclosure prevention, and will address the foreclosure process, foreclosure loan scams, mortgage refinancing, and loan modification programs. It will be facilitated by the Los Angeles Neighborhood Housing Services (LANHS), a HUD-approved housing counseling agency

House Unanimously Passes the Neighborhood Preservation Act

Authored by Rep. Miller, the Bill Will Provide Assistance to Struggling Homeowners Washington, DC - July 29, 2009 - (RealEstateRama) -- Today, the House of Representatives unanimously passed H.R. 2529, the Neighborhood Preservation Act. This legislation, authored by Reps. Gary Miller (R-CA) and Joe Donnelly (D-IN), will address the persistence of foreclosures and large unsold housing inventories in order to give families a chance to stay in their homes, stabilize home values, and restore overall confidence in the housing market.

Mayor Newsom Announces San Francisco Awarded $96 Million in Housing and Infrastructure Funds

July 16, 2009 - (RealEstateRama) -- Mayor Gavin Newsom today announced that the California Department of Housing and Community Development has awarded over $96 million in funds to housing developments in San Francisco seeking to start construction. Awards were from two State programs created through the 2006 passage of Proposition 1C; the Transit Oriented Development and Infill Infrastructure Grant programs.

Riverside County is Latest Jurisdiction to Reduce Development Fees

Inland County Took Action to Incentivize Homebuilding and Create Jobs. July 16, 2009 - (RealEstateRama) -- Riverside County became the latest California jurisdiction to reduce development impact fees charged to homebuilders, which the California Building Industry Association said is a growing trend that is paying off.

Jordan Downs Residents Choosing Housing Models

July 15, 2009 - (RealEstateRama) — The Jordan Downs Recreation Center served as the meeting place for the Jordan Downs Redevelopment planning meetings. Residents,...

Rep. Matsui Announces $878k for Local Housing Choice Programs

Funds Will Provide Housing for Disabled Families Throughout Sacramento. WASHINGTON, DC - July 8, 2009 - (RealEstateRama) — Congresswoman Doris Matsui (CA-05) today announced $878,784 in federal funds for low-income housing initiatives has been allocated to the Sacramento region. The U.S. Department of Housing and Urban Development (HUD) will provide $878,784 to the Sacramento Housing and Redevelopment Agency through the Housing Choice Vouchers Program to provide housing for local disabled families.

Rep. Matsui Announces Nearly $1 Million for Sacramento Housing Programs

Funds Will Provide Housing for Disabled Families; Housing Assistance for Native Americans. WASHINGTON, DC - July 7, 2009 - (RealEstateRama) — Congresswoman Doris Matsui (CA-05) today announced an additional $928,364 in federal funds for housing initiatives in Sacramento. Two grants, awarded by the U.S. Department of Housing and Urban Development, will provide $878,784 to the Sacramento County Housing Authority, and $49,580 to the Buena Vista Rancheria. The Sacramento County Housing Authority will receive funding under the Designated Housing Fund, to provide housing for disabled families. Buena Vista Rancheria, home to the Me-Wuk Indian Tribe, will receive funding through the Indian Housing Block Grant Program to provide decent, safe and affordable housing for lower-income Native Americans.

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Real Estate Investor Sentenced to 30 Months in Prison for Rigging...

A real estate investor was sentenced today for his role in conspiracies to rig bids at public real estate foreclosure auctions in Northern California, the Department of Justice announced. Michael Marr was charged on Nov. 19, 2014, in an indictment returned by a federal grand jury in the Northern District of California.