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Chicago City Council introduces draft affordable housing ordinance amendment

Chicago’s City Council has introduced a proposed amendment to the existing affordable housing ordinance (the 2015 ARO) which, if passed, will change, and in most cases increase, affordable housing requirements applicable to...more

Increased costs and potential decrease in private investment: Ballard Spahr’s thoughts on the public housing...

Since HUD issued its proposed rule for the demolition and disposition of public housing in October of this year, Ballard Spahr has thoroughly examined the regulation and has now provided to HUD comments on the potentially...more

Reminder: comments on public housing demolition/disposition proposed rule due on December 15th

On October 16th, HUD issued a new proposed rule that would make significant changes to the approval process for the demolition and disposition of public housing properties. In addition to codifying a number of existing,...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending November 14 & 21, 2014

REAL PROPERTY UPDATE - - Harris Act/Inverse Condemnation: dismissal was (1) improper as to landowners’ Harris Act claim because amendments to County’s land use plan were applied specifically to landowners’ property by...more

MIA Expansion Indicative of City’s Economic Growth

For signs of economic growth in Miami, look no further than Miami International Airport, or as Miamians call it, “MIA.” In the past couple of years, MIA has experienced incredible growth. It is recognized as the number one...more

Is Green Sukuk a Viable Option for Clean Energy Initiatives in the GCC?

A number of GCC governments, including those in the UAE and Saudi Arabia, have set ambitious clean energy and energy efficiency targets. As the fastest growing region in the world, the GCC’s population is expected to grow...more

A Warning to Issuers: SEC Charges City and Two Officials with Fraud

In a first-time use of the Dodd-Frank Act, the U.S. Securities and Exchange Commission (SEC) has charged Allen Park, Mich., its former mayor and its former city administrator with fraud in connection with $31 million in...more

New Markets Tax Credits for Real Estate Development

The new markets tax credit (‘‘NMTC’’) was added to the Internal Revenue Code as §45D2 by the Community Renewal Tax Relief Act of 2000.3 Initially the program was to provide allocations of the tax credit through 2007, but has...more

Surveying the Oil & Gas Industry Landscape: Acquisitions, Divestitures and Joint Ventures

In the rapidly evolving global oil and gas market, changes in composition of assets, financing, market players and types of transactions are among the many emerging industry trends. These topics were part of the discussion at...more

Enhanced Infrastructure Financing Districts (SB 628, Beall) - A New Power Tool for Growth in California

Gov. Jerry Brown signed SB 628 on Sept. 29, 2014, ushering in a long-promised heir to redevelopment agencies. The enrolled statute is now available online and offers much promise for kick-starting dormant projects and land...more

Governor Brown Signs into Law AB 229 and SB 628, Giving New Life to Tax Increment Financing

In late September, Governor Brown signed into law AB 229 and SB 628, which are intended to finance public capital facilities or other specified projects of communitywide significance previously financed by redevelopment...more

Orange County Toll Agency Successfully Refinances Over $1 Billion of Toll Revenue Debt

The San Joaquin Hills Transportation Corridor Agency today successfully refinanced $1.4 billion of its $2.2 billion in outstanding debt issued to fund construction of the 73 Toll Road. “This is great news for drivers and the...more

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

Enhanced Infrastructure Financing District Legislation Brings Back Tax Increment Financing to California

Tax increment financing is back in California. Tax increment makes its comeback through the passage of Senate Bill 628 (Beall), legislation authorizing the creation of Enhanced Infrastructure Financing Districts (EIFDs),...more

Walsh Administration Releases Eagerly-Awaited Housing Plan

The Walsh administration has released its eagerly-awaited housing plan, “Housing a Changing City: Boston 2030,” targeting the creation of 53,000 new housing units by Boston’s 400th year anniversary in the year 2030....more

HUD Proposes Rule To Overhaul Demolition/Disposition of Public Housing

HUD recently issued a proposed rule to revise requirements applicable to demolition and disposition of public housing by public housing authorities (PHAs) and modify the rules for converting public housing to Section 8...more

California’s High Speed Rail Project. Are We Done With the Drama?

Proponents of California’s high-speed rail project cleared a major hurdle this past week when the California Supreme Court declined to review a California Court of Appeals ruling which held that the state’s funding plan did...more

OPIC Issues Its First Green Guaranties – An Innovative Financing Program - The Guaranties Are Intended to Bridge the Gap Between...

The Overseas Private Investment Corporation (OPIC) has issued its first "Green Guaranties" to provide financing for a project considered to be in alignment with Green Bond Principles. The U.S. government's development...more

Enhanced Infrastructure Financing Districts: New Hope for Cities and Counties

On September 29, 2014, Governor Jerry Brown signed into law Senate Bill 628 (Chapter 785) which provides a mechanism for cities and counties to form Enhanced Infrastructure Financing Districts (EIFDs) to divert property tax...more

FHA Multifamily Rental Project Closing Document Revisions

The U.S. Department of Housing and Urban Development (HUD) has released revised closing documents that must be used for all transactions with a commitment issued after August 10, 2014. HUD has instituted a grace period in...more

Canada’s P3 Success

Thinking of Canada conjures up a variety of images. Some will picture soaring mountains and crystal clear lakes surrounded by snow; others will focus on the world’s strongest banking sector and low corporate tax rates; while...more

Governor Signs Off on New Tax-Increment Financing Structure

On September 29, Governor Brown signed legislation that is seen as creating a robust new financing tool which will expand the existing mechanism of Infrastructure Financing Districts (“IFDs”) and replicate some of the...more

HUD announces competition for new Promise Zones

Today, HUD announced the process and criteria for selecting 6 urban communities and at least 1 rural and 1 tribal community to participate in the Promise Zone initiative. The 6 urban communities will be designated by HUD, and...more

Agencies Propose Revisions to Q&A on Community Reinvestment

On September 8, the Fed, FDIC and OCC proposed revisions to the Interagency Questions and Answers Regarding Community Reinvestment. The Q&A provides guidance on the implementation of the Community Reinvestment Act (CRA)....more

Legislation Reforms California’s Insurance Community Investment Program

On September 17, California Governor Jerry Brown signed into law legislation intended to reform the California Organized Investment Network (COIN) program. The COIN program is a partnership among the California Department of...more

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