Who’s Who Directory Need to know who’s who in the multifamily industry? Want to make sure your company makes the list? Visit www.multifamilyexecutive .com today to list your company in the 2006 MULTIFAMILY EXECUTIVE Who’s Who Directory, or e-mail mfewho@hanleywood.com with questions.
Warning Signs Are Freddie and Fannie too big? Count Alan Greenspan among those who say yes. In recent testimony to Congress, the Federal Reserve Chairman warned that the GSEs create risks for the U.S. financial system as they become bigger. Greenspan wants a regulator who can determine the minimum and risk-based capital standards for the GSEs. —L.S.
Slow Recovery for Kansas City? While many markets around the country are recovering, some apartment owners in the Midwest still have questions about Kansas City. “Kansas City is becoming a concern,” says Steve Hallsey, the CEO of AMLI Residential’s management company in Atlanta. “There is some new supply, which is contributing to the problem.” —L.S.
On-site Support Take the guess work out of managing tax-credit properties with RealPage’s new software program: OneSite Leasing & Rents Tax Credits. The Web-based solution offers applicant screening, facilities maintenance, accounting, and reporting. Plus, the program ensures that LIHTC rules are enforced when qualifying prospects, recertifing residents, and monitoring program-applicable fractions. —R.Z.A.
Stepping Down Though Bruce Duncan’s time at running Equity Residential was fairly short (three years), it will be regarded as fairly successful, says analyst Louis W. Taylor with Deutsche Bank. “His goal was to take the portfolio, make it run more efficiently, and position it to perform over the long term,” Taylor says. “He had a lot on his plate and he accomplished a lot.” Duncan will be replaced by David J. Neithercut in January 2006. —L.S.
Fair Play Sen. Ellie Kinnaird of the North Carolina state legislature is sponsoring a bill to ban landlords in the state from refusing to rent to people who use federal housing vouchers. The bill would amend the state’s Fair Housing act, making it illegal to discriminate against someone because of their “lawful source of income.” That covers income from Social Security, supplemental security income, housing assistance, child support and alimony. —R.Z.A.
Watch and Wait for “A” Markets This may not be the time to find A-level multifamily markets, but that could change soon, says Ron Witten, president of Witten Advisors in Dallas. Speaking at NAHB’s 2005 spring construction forecast conference, Witten said there were only six “Grade A” markets out there. But by the third quarter of 2007, he thinks that number could jump to about 27. —L.S.
Green Support States are serious about promoting sustainability and smart development through the low-income housing tax credit program, according to a new report from The Enterprise Foundation. “A Greener Plan for Affordable Housing” shows that many states encourage developers to meet some standard of energy and/or water efficiency, use sustainable materials, and ensure proximity to services and amenities. The most progressive states? Kudos go to California, Illinois, and Massachusetts for promoting alternative energy sources such as solar panels and geothermal heating. —R.Z.A.
Name Game Ten thousand Atlantans voted in a contest to name Southeast Capital Partners’ latest high-rise condominium. The winning name: The Manhattan. For every vote cast, the developer donated $1 to Children’s Healthcare of Atlanta. Plus, one lucky voter won a year’s stay in a $300,000 condo. —R.Z.A.
Rich Rents While multifamily owners struggle with flat rents and empty units, there’s one group of landlords whose apartment costs are always covered, regardless of whether anyone’s actually living in the unit: top executives. According to a May 6 report in the Wall Street Journal, CEOs such as Richard D. Parsons of Time Warner and Michael Eisner of The Walt Disney Co. were reimbursed by their companies for thousands of dollars monthly in 2004 for “renting” their own apartments back to themselves. Companies maintain such arrangements are more cost-effective than having the executives stay in a hotel. —A.R.