Draw Down Bonds and Date of Issuance: Questions Remain with IRS Guidance

By | Housing Plus | August 27, 2014
Draw Down Bonds and Date of Issuance: Questions Remain with IRS Guidance

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.

Saint Paul Has an Alternative to LEED

By | Green Building Law Update | August 26, 2014
Saint Paul Has an Alternative to LEED

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

By | Fair Housing Defense | August 26, 2014
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.

Corporate Formalities for Construction Companies Do Matter

Corporate Formalities for Construction Companies Do Matter

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.

Evictions Are (Still) a Great Method for Collecting Unpaid Assessments

By | Chicago Condo Law Blog | August 25, 2014

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.

Did Koontz Stop Illegal Development Exactions in California?

Did Koontz Stop Illegal Development Exactions in California?

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.  

Mortgage Settlements and Tax Liability

Mortgage Settlements and Tax Liability

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.