While the Big Six markets (New York; Washington, D.C.; Boston; Los Angeles; San Francisco; and Seattle) indicate that the economy is recovering, the most telling sign of a revival are when the secondary markets heat up. However, while these markets may be seeing rent growth and strength, new development isn’t the focus. Acquisition-rehabilitation deals, rather, are the hot topic in second-tier metros this year. We surveyed five industry insiders to see which “under-the-radar” markets are raising some eyebrows. MORE: http://www.multifamilyexecutive.com/development/multifamilys-top-secondary-markets-.aspx?utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=MFEBU_060613&day=2013-06-06

A composite of both private sector and ABS housing data points to a “modest slowdown” in housing market growth, says Westpac senior economist Matthew Hassan. His comments follow the latest data from RP Data-Rismark showing a surprise 1.2% correction in dwelling values over May despite Sydney auction clearance rates heading for their highest monthly result since April 2002. MORE: http://www.propertyobserver.com.au/residential/april-and-may-composite-data-points-to-modest-slowdown-in-housing-market-westpacs-matthew-hassan/2013060361887

We are a nation of illiterates. Financial illiterates, that is. Despite a proliferation of games and apps, and efforts by many schools to teach the subject, financial literacy actually declined between 2009 and 2012, according to a survey. MORE: http://www.cnbc.com/id/100784793

According to Jack Lew, U.S. Secretary of the Treasury, the Making Home Affordable Program (MHA) for non-Fannie Mae and Freddie Mac mortgage loans has been extended through December 31, 2015. It is the second extension of the foreclosure prevention program, which was currently set to expire on December 31, 2013. On the heels of the announcement, the Federal Housing Finance Agency (FHFA) announced that it will also extend the Home Affordable Modification Program (HAMP) for loans under Fannie and Freddie through the end of 2015. The FHFA will also extend their new foreclosure prevention streamlined modification program to December 31, 2015. The streamlined program offers loan modifications without documentation of financial hardship. MORE: http://www.huffingtonpost.com/anna-cuevas/home-affordable-modificat_1_b_3366049.html

Members of the LIHTC Working Group, in a May 8, 2013 letter to House Ways and Means Committee Chairman Dave Camp, highlighted the key benefits of the Low-Income Housing Tax Credit (LIHTC) program and the possible effects of corporate tax reform on equity raised from the LIHTC, as detailed in the recent report, “Affordable Rental Housing After Tax Reform: Calculating Corporate Tax Reform’s Possible Effects on Equity Raised from Low-Income Housing Tax Credits.” MORE: http://www.prweb.com/releases/2013/5/prweb10766845.htm

States allocated $978 million in low-income housing tax credits (LIHTCs)—$749.7 million from their annual state ceiling and $228.3 million to bond-financed properties—in 2011, according to a new analysis by the National Council of State Housing Agencies (NCSHA). Overall, these housing credits will help produce 87,918 affordable rental homes around the country. MORE: http://www.housingfinance.com/affordable-housing/lihtcs-finance-nearly-88000-units-in-2011.aspx

Can apartments be too small? Developers are testing the boundaries, experimenting with layout and design to determine just how tiny and inexpensive a space they can easily lease. MORE: http://www.cpexecutive.com/property-types/multi-family/uli-special-report-micro-size-it/

Landlord–tenant law was not all that riveting 10 years ago when Matthew I. Paletz first started practicing law. But in the past few years, as states have adopted medical marijuana statutes, more cases have come to the forefront of the dockets. “It’s a hot topic, without a doubt,” Paletz says. “And it doesn’t seem like it’s going away, either.” MORE: http://www.multifamilyexecutive.com/property-management/marijuana-laws-trouble-owners-operators.aspx?utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=MFEBU_052313&day=2013-05-23

The rallying cry for tax reform goes something like this: We need a simple, straightforward tax code—no more expensive tax software, no more tax accountants, no more hours of complicated calculations—and a code that helps to lower taxes on the average person and business. But on the other side of this appealing vision is a threat to programs built into the tax code that have major impacts on people and the communities in which they live—and those programs could disappear overnight. The low-income housing tax credit (LIHTC) has enjoyed bipartisan support over its 26-year history, but determination to eliminate credits and deductions and bring down corporate rates could put even successful, popular credits like this one at risk. MORE: http://www.housingfinance.com/legislation/with-tax-reform-in-sight-threat-to-housing-credit-looms-large.aspx?utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=AHFBU_052213&day=2013-05-22

“My testimony today will describe the conclusions and recommendations made by the Council in its third annual report.  The report represents extensive collaboration among staff of Council members and member agencies to provide Congress and the public with the Council’s assessment of significant financial market and regulatory developments, potential emerging threats to financial stability, and recommendations to strengthen the financial system.  The annual report is a key way that the Council can share its collective perspective and provide information on its activities to Congress and the public.” MORE: http://www.loansafe.org/testimony-of-secretary-jacob-j-lew-on-financial-system-and-housing-market-recovery