Word: rented
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Equipped with $1.5 billion of the nearly $800 billion stimulus package, the HPRP started giving out funds in October that some experts believe will help an estimated 600,000 Americans avoid homelessness. The program helps people pay security deposits, utility bills, moving bills and rent checks to either avoid eviction or move from transitional housing into their own apartments. The assistance lasts from three to 18 months. People on the verge of homelessness did not qualify for federal assistance previously, says Housing and Urban Development spokesman Brian Sullivan. "Now we are in the prevention game in a way we have...
...example, McDivitt spoke about Mary, a mother with two small sons who had lost her job and was four months behind on rent. With the help of HPRP and intervention by a case manager, the landlord forgave three months' rent. With only one month in arrears and one month of future rent, Mary was able to find a full-time job and arrange for day care, and by the second month, she was again able to pay her rent...
...study by affordable-housing advocates, the Association for Neighborhood and Housing Development. The study focused on New York City, where Wall Street money made the most inroads - capturing about 100,000 units (out of the city's 2.5 million), or about 10% of the city's rent-regulated apartments before the real estate bubble collapse. (See the worst business deals...
...though, many new owners have been unable to meet their overly ambitious rent roll increase targets, and many of these investments are in danger of buckling under the high debt servicing costs. Finance industry watch lists are already full of private-equity-financed deals in danger of default. That has local officials scrambling to find "preservation buyers" who are willing to take on these properties with the expectation of a more modest 7%-8% annual return...
Nowhere was that more true than in the ill-conceived investment to turn the twinned 11,000-unit middle-class housing complex known as Stuyvesant Town and Peter Cooper Village, built originally to accommodate World War II veterans, into luxury housing, for which limits on yearly rent increases are chucked in favor or whatever the market will bear. The prospectus offered by the lead investors, Tishman Speyer and Larry Fink's asset-management fund BlackRock, imagined evicting 50% of rent-regulated tenants in just a few years. But tenants fought back and won in a court decision that also undercut...