Housing & Community Development
Weekly
Brief
Friday, August 5,
2005
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La Mesa to Consider Condo Conversion Task Force
The La Mesa City Council will consider
establishing to Condominium Conversion Task Force at their meeting on Tuesday,
August 9, 2005. Currently, the number of rental
units that can be converted to condominiums in La Mesa is limited to 50 percent of the annual average of the number of new
apartments that were constructed in the
preceding two fiscal years. Because limited apartment construction has occurred in La Mesa in the past decade, condominium
conversions have not occurred.
The Task
Force will consider modifying the existing ordinance to facilitate
limited condominium conversions. The objectives
the City will pursue include, the creation of
units with affordability restrictions, assurance that the required physical
improvements are completed prior to final City
approval and establishment of adequate tenant
protection provisions.
The meeting begins at 4:00 PM in the Council Chambers, 8130 Allison Avenue, La Mesa.
Revenue Procedure 2005-37 Provides
Guidance for Complying
with the IRS Good Cause Protection
Requirement
Novogradac's August 2005 Property Compliance Report reports that on July 29, 2004, the Internal Revenue Service (IRS) released Revenue Ruling 2004-82, which interprets Internal Revenue Code (IRC) Section 42 as requiring that tenants not be evicted for other than good cause during the entire 30-year extended use commitment. On June 21, 2005, the IRS released Revenue Procedure 2005-37, which clarifies what documentation needs to be executed to meet the good cause requirement and for the investor to continue claiming low-income housing tax credits (LIHTCs). Click here to Read the complete article
Senate Bill on GSE Reform Found Wanting by
Builders Legislation emerging from the Senate Banking Committee last week to
revamp the regulatory framework of Fannie Mae, Freddie Mac and the Federal
Home Loan Banks prompted disappointment among the nation's home builders.
Experts
Online: Comprehensive Community Revitalization, Aug. 10
On Wednesday, Aug. 10 at 2 p.m. ET, Local
Initiatives Support Corp. will present an online discussion about
proven strategies for successful comprehensive community revitalization.
Jim Capraro, executive director of the Greater Southwest Development
Corporation in Chicago, will talk with LISC's Hilary Greer about how his
organization harnessed the energy and talents of hundreds of
community stakeholders for comprehensive revitalization. The discussion
will cover such issues as building the organizational capacity required to
make connections between people and institutions, deepen relationships
with the community, transform a community's complexity into an asset, and
nurture organizational relationships that build a CDC's recognition,
visibility, and power. For more details about the discussion and how to
participate, click here.
Celebrating 15 Years of Support and Advocacy for Affordable Housing
Website: http://www.housingsandiego.org Email:
sdhf@housingsandiego.org
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