Affordable Housing Institute : US

After the Allies’ 1943 capture of Tunis ended the North African phase of World War II, they faced another amphibious landing with a vast choice of targets.  To fool the Germans as to the intended landing point, British Intelligence devised Operation Mincemeat, procuring an anonymous cadaver, dressing him as Major William Martin, RM, and releasing […]

At the Mortgage Bankers’ Commercial Real Estate Finance forum in early February, the commercial lenders bemoaned the capital markets’ interconnectedness, for the spike in spreads along the risk curve had escaped its subprime single-family boundaries and infected all forms of commercial finance, as illustrated by this nifty annotated time line from the MBA’s chief economist, […]

[Continued from the previous Part 1 and Part 2.]
 
So far our exploration of Cornerstone Apartments in Haltom City, Texas, has covered rapes, shootings, backed-up sewers, dead rats, no heat over a weekend, enormous water bugs, and an astonishing flyer from the management agent demanding that residents repair defects that are the owner’s responsibility and tacitly […]

[Continued from yesterday’s Part 1.]
 
Yesterday we saw that Cornerstone Apartments in Haltom City, TX, a mature and nearly post-mature LIHTC property rehabbed in 1994, is in deplorable condition, despite being owned by a partnership controlled by the esteemed Chancellor of Texas Tech University, Kent Hance. 
 

The maintenance staff is fully committed
 
[Editor’s note: each LIHTC property […]

 
 
Kent Hance, Chancellor of Texas Tech University, is an unlikely owner of LIHTC properties, but back in 1994, he made a financially brave decision, to take over as controlling general partner of Cornerstone Apartments in Haltom City, Texas, a small town northeast of Fort Worth.  As described in an article from the Fort Worth Star […]