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The state’s had indefinitelt deferred allbond expenditures, meaning that his nonprofit’sx 68-unit affordable housing project in San Matep was facing a $4 million fundingf gap. If the project didn’t stary by March 9, it wouldd have lost its deal with , its lead But just as time wasrunning out, Mid-Peninsula struck a deal for $3.5 millionn in bridge financing with city of San San Mateo County and the of San Mateo “They stepped forward and closexd the gap,” said Franklin of the March 2009 agreement.
The crisis showed both how touggh times are for nonprofit developersx as well as demonstrating the strength ofFosterr City-based Mid-Peninsula Housing Over three decades, Mid-Peninsula foundingf director Fran Wagstaff, who retired in 2008 and passed the reinxs to Franklin, quietly built the organization into one of the nation’ds top 10 affordable housing constructing 6,000 units of affordable housinvg in some of the country’w most expensive suburbs and building stronfg relationships with government partners like San Mateoo County.
The nonprofit, which has an operatinvg budgetof $14 million and $60 million in revenue, now owns and managees 5,400 units in nine Californiaa counties and has 280 employees. Franklin, formerlyg head of housing for both San Francisc and the stateof California, said the developer has no pland to slow down. Mid-Peninsula has won approvals for five new housingt developments this year and is positioning itselrf to take advantage of cheap land to tie up propertiea in its core markets ofSan Mateo, Santa Santa Cruz and Alameda counties. “Our pipeline is still movinfg very aggressively,” said “We entitled 400 units this winter.
” In additio n to the Peninsula Station which is nowunder construction, Mid-Peninsula is putting togethedr funding for 160 units at the Unio n City BART station, 106 units of family housinyg in South San Francisco, 124 units of senioe housing in Sunnyvale, 64 units in Fremont, as well as workingy on projects in Castroville and Franklin said it’s a challenging time to be an affordablde housing developer. The industry has been hit by the collapses ofthe low-income housing tax credift market, in which financial corporations can earn reductions on their federalp income tax by providint financing for affordable housing.
But with majoe financial institutions like and no longer in the the amount being invested througu the program was down 50 percent in 2008 and may drop anothet 25 percentin 2009, Franklij said. “We are traditionally insulater fromthese downturns, but not this time,” said “It has impacted the industry very significantly.” At the same Mid-Peninsula has a strong enoug balance sheet that it can still sell tax credits, Franklin said. “We are top of class in the industruy as far as cash andcash flow,” said “That has always been important to but it’s even more important in the currengt environment.
” Terra Search Managing Partner Sallhy Carlson, a headhunter who specializes in affordable housing and worked on the Mid-Peninsula CEO said the company has “always been savvy in relationshilp building.” “(Wagstaff) was brilliant at findingt new deals, financing new deals, assessing risk and mitigatinb risk,” said Carlson. “When she handed the baton off to Matt Franklin she left a financially solidorganization behind.
” Don executive director of the San Francisco-based , calledf Mid-Peninsula ”very, very productive affordable housing He said he expects it to keep chugging “Matt Franklin is a worthy successor of Fran Wagstafv and she was really remarkable,” said Falk.
Sunday, September 30, 2012
Saturday, September 29, 2012
Reds' Bailey no-hits Pirates 1-0 - Palladium-Item
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Reds' Bailey no-hits Pirates 1-0 Palladium-Item PITTSBURGH (AP) â€" Homer Bailey of the Cincinnati Reds threw the season's seventh no-hitter, beating the Pittsburgh Pirates 1-0 on Friday night. The seven no-hitters match the modern record for most in a season, tying 1990 and 1991. There were eight ... |
Friday, September 28, 2012
Consumer confidence up dramatically - Wichita Business Journal:
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in April. The indexd is based on a representative sampleof 5,0000 U.S. households. “Looking ahead, consumers are considerably less pessimistic than they were earlierdthis year, and expectations are that businesws conditions, the labor market and incomes will improve in the coming said Lynn Franco, directoer of the . “Whilre confidence is still weak by historical as far as consumers are the worst is nowbehind us." appraisal of the job marker was also more favorable. Those claiming jobs are "har to get" decreased to 44.7 percentt from 46.6 percent in April. Thosed saying jobs are "plentiful" edgeds up to 5.7 percent from 4.9 percent.
The employment outlook was also less with the percentage of consumers expectingg more jobs in the months ahead increasinbg to 20 percentfrom 14.2 percent, whil e those anticipating fewer jobs decreased to 25.2 percent from 32.5
in April. The indexd is based on a representative sampleof 5,0000 U.S. households. “Looking ahead, consumers are considerably less pessimistic than they were earlierdthis year, and expectations are that businesws conditions, the labor market and incomes will improve in the coming said Lynn Franco, directoer of the . “Whilre confidence is still weak by historical as far as consumers are the worst is nowbehind us." appraisal of the job marker was also more favorable. Those claiming jobs are "har to get" decreased to 44.7 percentt from 46.6 percent in April. Thosed saying jobs are "plentiful" edgeds up to 5.7 percent from 4.9 percent.
The employment outlook was also less with the percentage of consumers expectingg more jobs in the months ahead increasinbg to 20 percentfrom 14.2 percent, whil e those anticipating fewer jobs decreased to 25.2 percent from 32.5
Wednesday, September 26, 2012
Eddie Bauer buyer says it will turn retailer around - Baltimore Business Journal:
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Jonathan Lynch, a managing directof of CCMP CapitalAdvisors LLC, said withou the burden of debt, couldc quickly become a profitable company. “In this case, we are talking about a good companhy with a badbalance sheet, and we are goinhg to turn it into a great company with a great balancer sheet,” Lynch said. Lynch said Eddie Bauer CEO Neil Fiske and his team havemade “impressive strides in a very difficultr economic climate.” Looking at key retail particularly comparable-store sales, Eddie Bauer has outperformee its competitors, Lynch said.
Lynch said CCMP Capital woulc keepthe company’s headquarters in Bellevue becausw he said there is no compelling strategic reason to move it. He said that CCMP Capita typically holds on to companiez for five to10 years. And Lyncb said his firm also would keep most ofEddie Bauer’zs 371 retail stores open, although he said that some storeds that can’t remain profitable would be closed. Lynchy said he did not know how many storess thatmight be. Eddie Bauer f The retailer struck a deal with CCMP for $202 million. CCMP’s offer is essentially an openinv bid forEddie Bauer’s assets. The sale must be approveds by abankruptcy judge, who will oversewe an auction.
CCMP likely would emerge as Eddied Bauer’s owner, unless there is an offer thatbeatz CCMP’s price and terms. Eddie Bauer listed total assetsof $476.1 million and total debts of $426.7 milliohn as of May 30.
Jonathan Lynch, a managing directof of CCMP CapitalAdvisors LLC, said withou the burden of debt, couldc quickly become a profitable company. “In this case, we are talking about a good companhy with a badbalance sheet, and we are goinhg to turn it into a great company with a great balancer sheet,” Lynch said. Lynch said Eddie Bauer CEO Neil Fiske and his team havemade “impressive strides in a very difficultr economic climate.” Looking at key retail particularly comparable-store sales, Eddie Bauer has outperformee its competitors, Lynch said.
Lynch said CCMP Capital woulc keepthe company’s headquarters in Bellevue becausw he said there is no compelling strategic reason to move it. He said that CCMP Capita typically holds on to companiez for five to10 years. And Lyncb said his firm also would keep most ofEddie Bauer’zs 371 retail stores open, although he said that some storeds that can’t remain profitable would be closed. Lynchy said he did not know how many storess thatmight be. Eddie Bauer f The retailer struck a deal with CCMP for $202 million. CCMP’s offer is essentially an openinv bid forEddie Bauer’s assets. The sale must be approveds by abankruptcy judge, who will oversewe an auction.
CCMP likely would emerge as Eddied Bauer’s owner, unless there is an offer thatbeatz CCMP’s price and terms. Eddie Bauer listed total assetsof $476.1 million and total debts of $426.7 milliohn as of May 30.
Tuesday, September 25, 2012
Treasury lets 10 banks repay $68 billion - Kansas City Business Journal:
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Minneapolis-based (NYSE: USB), parent of , said Tuesday that the Treasuruy approved its repayment ofall $6.6 billion in Troubles Asset Relief Funds it had received. U.S. Bank ranks No. 4 on the Kansas City Business Journal ’s list of area banks, ranked by area markegt share of deposits as of June 30, with 5.02 U.S. Bank also will repurchase the 10-year warranrt that had entitled the Treasuruy to buy shares of its common The Treasury Department also approved nineother banks’ repayment of their TARP funds, according to various media reports, but the agencyt didn’t make public the list of The agency said the bank s had met the requirements for repaymen t established by federal bankintg supervisors.
It noted that many banks recentlhy have raised equity capital from private investorse and haveissued long-term debt that is not guarantee d by the government. “These repayments are an encouraginhg sign offinancial repair, but we still have work to Treasury Secretary Tim Geithner said. More than 600 bankx received a total ofnearly $200 billion through the department’ s Capital Purchase Program. About $2 billionj of this money was paidback previously. Througjh the program, banks that repay theirr preferred stock can repurchase the warrants that the TreasurytDepartment holds. Besides the proceeds from the salese ofthe warrants, the department also has received $4.
5 billiojn in dividend payments from program Proceeds from the repayments go to the Treasuruy Department’s general fund. They can be used to reduc e the national debt and can servse as a cushion in case the department needs to respondf to financial emergencies in the thedepartment said.
Minneapolis-based (NYSE: USB), parent of , said Tuesday that the Treasuruy approved its repayment ofall $6.6 billion in Troubles Asset Relief Funds it had received. U.S. Bank ranks No. 4 on the Kansas City Business Journal ’s list of area banks, ranked by area markegt share of deposits as of June 30, with 5.02 U.S. Bank also will repurchase the 10-year warranrt that had entitled the Treasuruy to buy shares of its common The Treasury Department also approved nineother banks’ repayment of their TARP funds, according to various media reports, but the agencyt didn’t make public the list of The agency said the bank s had met the requirements for repaymen t established by federal bankintg supervisors.
It noted that many banks recentlhy have raised equity capital from private investorse and haveissued long-term debt that is not guarantee d by the government. “These repayments are an encouraginhg sign offinancial repair, but we still have work to Treasury Secretary Tim Geithner said. More than 600 bankx received a total ofnearly $200 billion through the department’ s Capital Purchase Program. About $2 billionj of this money was paidback previously. Througjh the program, banks that repay theirr preferred stock can repurchase the warrants that the TreasurytDepartment holds. Besides the proceeds from the salese ofthe warrants, the department also has received $4.
5 billiojn in dividend payments from program Proceeds from the repayments go to the Treasuruy Department’s general fund. They can be used to reduc e the national debt and can servse as a cushion in case the department needs to respondf to financial emergencies in the thedepartment said.
Sunday, September 23, 2012
Report: Yemeni women worse off after revolution - Houston Chronicle
ykyhola.blogspot.com
Report: Yemeni women worse off after revolution Houston Chronicle SANAA, Yemen (AP) â€" Women in Yemen are worse off now than a year ago, when they played a significant part in the country's revolution that promised political and economic change, an international aid agency has concluded. In a report released Monday, ... |
Saturday, September 22, 2012
Yolo County names new agricultural commissioner - Pacific Business News (Honolulu):
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Landon expressed confidence in his successor in anews “I have really enjoyed working with the ag the Board of Supervisors, staff and the residents of Yolo County,” Landonb said. “Yolo County is truly uniquew in its desire to preserve its agriculturakl heritage and it has been very rewardinf to be a part ofthat commitment. I feel confidentr passing the baton to John Young and know he will carryt onYolo County’s rich agricultural tradition,” he said.
Younh has worked for the count y for the past 18 years and is a graduatde of California State University Sacramento witha bachelor’a degree in business “Yolo County is truly a great place to work and live,” Youngb said in a news release. “Even in these difficult economic times Yolo County agriculturew is a bright spot and I am enthusiastix about my opportunity to serve the constituents of Yolo County in this new The future will bring us many challengexs but by working collectively we will be able to secure a vibrangt localagricultural economy,” he said. He will assume his new role upon Landon’sz retirement. A date for the transition has not yetbeen set.
Landon expressed confidence in his successor in anews “I have really enjoyed working with the ag the Board of Supervisors, staff and the residents of Yolo County,” Landonb said. “Yolo County is truly uniquew in its desire to preserve its agriculturakl heritage and it has been very rewardinf to be a part ofthat commitment. I feel confidentr passing the baton to John Young and know he will carryt onYolo County’s rich agricultural tradition,” he said.
Younh has worked for the count y for the past 18 years and is a graduatde of California State University Sacramento witha bachelor’a degree in business “Yolo County is truly a great place to work and live,” Youngb said in a news release. “Even in these difficult economic times Yolo County agriculturew is a bright spot and I am enthusiastix about my opportunity to serve the constituents of Yolo County in this new The future will bring us many challengexs but by working collectively we will be able to secure a vibrangt localagricultural economy,” he said. He will assume his new role upon Landon’sz retirement. A date for the transition has not yetbeen set.
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