For many years multifamily housing apartment projects could be financed with tax-exempt drawn-down bonds and loans with all of the bonds issued pursuant to a draw-down loan being treated as part of a single issue. The date of issuance for the bonds would be the first date on which the aggregate draws exceeded the lesser of $50,000 or 5 percent of the issue price of the bonds. Draw-down bond structures were used in many private placements as a means to eliminate negative arbitrage.
With all the current and planned building projects taking place in South Florida, it seems the recent real estate crash has largely been forgotten. However, the collapse still haunts traditional lending institutions, many of whom are unwilling or unable to finance Miami’s present building boom.
As I write this, we are awaiting SEC’s vote scheduled for tomorrow, August 27, on final Regulation AB2 Rule and the NRSRO Rules. I say “man the barricades or the bleachers” because I’m not sure whether there is much to do except watch these unfold.
Much has changed, but much has remained the same, in the arena of green building law mandates since March 18,2002, when the city of Normal, Illinois enacted Ordinance 4825, the first ever mandatory green building law, requiring LEED certification in the Central Business District for public or private new construction of over 7,500 square feet.
DOJ Announces an $850,000 Settlement to Resolve Multiple Race and Familial Status Housing Discrimination Lawsuits
Think that the U.S. Department of Justice (DOJ) has lost interest in prosecuting Fair Housing Act (FHA) discrimination cases? Think again. Earlier this week, DOJ announced that two property owners in Ohio agreed to pay $850,000 to settle lawsuits filed by the DOJ as well as other private parties and Ohio state officials claiming that the defendants discriminated on the basis of race and familial status at properties they formerly owned.
Construction companies are like any other business when it comes to knowing, respecting, and abiding by corporate formalities. What does that mean? It means that incorporating your business can have significant benefits in the areas of protection from individual/personal liability. On the other hand, it means that the corporation must be treated as a separate entity, and the owners and managers of the business must maintain formality and separation between the company and those who own it.
We often hear from owners and their counsel who claim that Illinois associations cannot evict an owner for failing to pay condominium or common interest community assessments. This is simply incorrect, and it has been well-settled in Illinois that associations may avail themselves of the provisions of the Forcible Entry and Detainer statutes, or eviction statutes, to seek both money damages and possession of a delinquent owner’s property to recover unpaid assessments, costs, and reasonable attorney’s fees.
The U.S. Supreme Court’s decision last year in Koontz v. St. John’s River Water Management District received quite a bit of national coverage in the development world. If you’ll recall, Koontz held that the nexus and proportionality standards that apply to the government’s attempt to exact land in exchange for a land use permit similarly apply to monetary exactions.
It is interesting that some attribute the phrase “Monkey on my back” to an older phrase: “Monkey on the roof,” which referred to one’s mortgage. Well, call it a monkey or a 900-pound gorilla – either way – Bank of America just loosed some kind of opposable-thumb animal from its back.
For a court to have authority to make legal decisions and enter a judgment against someone, the court must have both personal and subject matter jurisdiction over that person.