MBA NewsLink Staff
HUD To Cut Notice For Apartment Inspections
HUD said it will "dramatically" reduce the advance notice it provides to private owners of subsidized apartment properties before their housing is inspected.
HUD's new standard will provide public housing authorities and private owners of HUD-assisted housing 14 calendar days' notice before an inspection compared to the current notice, which can extend up to four months.
In addition, HUD plans a series of listening sessions around the country to gather input from the public and HUD stakeholders about a planned pilot program to test new approaches to inspecting HUD-assisted properties. Initial sessions are planned for Philadelphia, Fort Worth, Atlanta, Detroit and Seattle.
Nova Capital Launches With $640M in Pipeline
Nova Capital, Los Angeles, launched with more than $640 million of financing mandates in the pipeline representing capital and product types ranging from a $25 million construction loan for a 110-unit development in Warner Center to the $100 million recapitalization of a Class A office building in downtown Los Angeles.
Lucent Capital Founding Partner Steven Yazdani launched the new firm. Yazdani also previously opened and co-headed the Los Angeles office for the Carlton Group. In the last quarter of 2018, Yazdani closed more than $100 million of financing including the construction financing of a 146-unit mixed-use complex in Northridge, Calif., acquisition financing for a 144,000-square-foot regional shopping center in Lake Elsinore, Calif. and land/predevelopment financing for a 205-unit development in downtown Los Angeles' Financial District.
Nova Capital arranges financing throughout the entire capital stack from debt placement and structured finance to equity placement and investment advisory services.