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Homebuilding Trends Outlined in New Report

Homebuilding strengthened in 2013, but remains below historical averages, concludes The State of the Nation’s Housing report recently released by the Joint Center for Housing Studies of Harvard University. According to this...more

Pennsylvania Mechanics' Lien Law Amended, Clarifying Open-End Construction Loan Mortgage Priority

On July 9, 2014, Pennsylvania Governor Tom Corbett signed into law Act 117 of 2014, which amends the Pennsylvania Mechanics' Lien Law (MLL), 49 P.S. 1101, et seq., to provide that a construction loan secured by an open-end...more

Surprising Shakeup in Construction Lending: New Law Kisses Kessler Goodbye

On July 9, 2014, Governor Tom Corbett signed into law Act 117 of 2014 which amends the Mechanics’ Lien Law to grant lien priority to open-end mortgages over mechanics’ liens, provided that sixty percent (60%) of the proceeds...more

Summary of HUD’s LEAN 232 Program E-Mail Blast: Office of Residential Care Facilities (ORCF), June 26, 2014

In an effort to summarize the highlights of the U.S. Department of Housing and Urban Development (HUD) LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper are providing this...more

Homebuilder Confidence Rises to Six Month High

Good news for the homebuilding industry came earlier this week when the National Association of Homebuilders/Wells Fargo released the housing market index. Its numbers showed that homebuilders’ confidence rose to 49 points...more

HUD adopts updated standard for Phase I Environmental Site Assessments

Construction SignHUD’s Office of Housing and the Federal Housing Administration’s adoption of a new technical standard for conducting Phase I Environmental Site Assessments (“Phase I ESA”) took effect on May 16, 2014....more

Insights shared during the Ballard Spahr webinar on RAD

On May 15th, Ballard Spahr hosted the webinar, “HUD’s RAD Program: Lessons Learned So Far”. The panel included HUD representatives Greg Byrne and Kathie Soroka, Ivy Dench-Carter from Pennrose Properties, a private developer...more

Florida’s Revenue System Outlined In New Report

The Leroy Collins Institute has published a report that outlines their view of the state’s revenue system and its potential misuse. The report, entitled “Tougher Choices: Shaping Florida’s Future,” builds on a 2005 Institute...more

Economic Impact Of Homebuilding And Remodeling

Blocked streets, noisy construction and unwelcome trash can be just a few of the inconveniences that come along with a neighbor’s new home construction or home remodeling. However, a report released in early May by the...more

5 things to know about RAD

With HUD’s Rental Assistance Demonstration program in full swing and transactions moving through the RAD pipeline, it may be helpful to step back now and again to consider some points about RAD. Here are a few that have...more

Certain Residential Developers are Unprotected by the Anti-Deficiency Statute after Foreclosure of a Deed of Trust on Vacant...

Nearly three years ago, in M&I Marshall & Isley Bank v. Mueller, the Arizona Court of Appeals held that the Arizona anti-deficiency statute (A.R.S. § 33-814) protects a borrower who started, but never completed, construction...more

Amendments to Arizona’s Anti-deficiency Statute Exclude Homebuilders from Anti-Deficiency Protection

Last Tuesday, April 20, 2014, Arizona’s Governor, Jan Brewer, signed HB 2018 into law. This bill closes a long-standing loophole that allowed commercial homebuilders to take advantage of Arizona’s anti-deficiency statute,...more

Lender Cleared From Being Classified As a "Developer" Under the Interstate Land Sales Act

Poyner Spruill has been keeping an eye out for lawsuits where the plaintiffs attempted to lump lenders in with developers for liability purposes and we are glad to report the North Carolina Court of Appeals has refuted such...more

"Green" Light For Energy-Efficient Home Construction in Maryland

For those who believe that government programs may provide a stimulating effect on the private economy and promote positive changes in the ways in which we work and live, an enrolled bill, not yet signed into law, coming out...more

Homebuilder Confidence Stabilized In April

On April 15th, the National Association of Home Builders (NAHB) released its National Association of Home Builders/Wells Fargo Housing Market Index (HMI), a widely followed gauge of the outlook for the U.S. housing sector. ...more

LIFE-CYCLE: A legal guide to developing, investing in and managing buildings sustainably (Global)

Real estate is a major consumer of resources. Everyone needs a place to live and work and we use real estate for that purpose. Modern life means that energy and other resources will be consumed in the development and...more

Court of Appeals Rejects Attempted Restriction of “Mortgage Banker” Priority Provision

On February 20, 2014, the Wisconsin Court of Appeals issued an opinion interpreting the meaning of “mortgage banker” under Wis. Stat. § 224.71(3) and finding that a mortgage holder was entitled to the priority afforded under...more

Homebuilders And Their Affiliates: Unexpected Tie-In Issues May Be Lurking

From my work defending mortgage loan originators, including many homebuilder captives, against mortgage repurchase and indemnification claims, as well in my role as an editor of Bilzin Sumberg’s Mortgage Crisis Watch, I have...more

Arizona Court of Appeals Holds That Certain Residential Developers Are Not Protected By The Anti-Deficiency Statute After...

Nearly three years ago, in M&I Marshall & Isley Bank v. Mueller, the Arizona Court of Appeals held that the Arizona anti-deficiency statute protects a borrower who started, but never completed, construction of a single-family...more

Arizona Court of Appeals Gives Contractor the Edge over Certain Lenders in Mechanic’s Lien Foreclosure Lawsuit

In lien foreclosure lawsuits involving lenders and contractors, priority is everything. Where you stand in terms of priority will not necessarily determine when you get paid, but rather will determine whether you get paid....more

New Jersey Offers Financing Incentives for Real Estate Investments

On September 18, 2013, Governor Christie signed the New Jersey Economic Opportunity Act (the “Act”) into law. The Act is intended to spur job creation, promote redevelopment of underutilized urban and suburban areas, and...more

Guarantors Beware! A.R.S. § 33-814 May Not Save You from a Deficiency Judgment

In First Credit Union v. Courtney, 309 P.3d 929, 669 Ariz. Adv. Rep. 18 (Ct. App. 2013), the Arizona Court of Appeals rejected three creative arguments that A.R.S. § 33-814 protected the guarantors from paying on their...more

Changes of Note to Lenders From the 2013 Legislative Long Session

During the 2013 legislative session, several new laws were passed which directly affect the banking and financial services industries. While most of these changes are relatively minor, they are certainly worth noting. Below...more

Preconstruction Deposits Are Lifeblood For Lending: Q&A With Bilzin Sumberg’s Adam Lustig

A few years ago, when condo developers began requiring significant up-front deposits from buyers prior to the finish of a project, it was a work-around for a lack of financing in the market. In the last year, lenders...more

HUD Issues New Public Housing Capital Fund Rule

The final rule for the Public Housing Capital Fund Program (Capital Fund) recently released by the U.S. Department of Housing and Urban Development (HUD) makes significant changes to the Capital Fund. Noteworthy...more

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