Multifamily

The Department of Justice is now looking into whether banks "colluded" with developers to accept lower prices for LIHTCs for some properties than might have been available from other investors.

In the second quarter, first-time buyers needed almost 23 percent of their income to afford a typical entry-level home, up from 21 percent a year earlier.

The company is hoping to avoid millions in losses when the law, designed to police short-term home rentals, takes effect this winter.

Lenders keep fighting to make loans partly because on a national basis, apartment rents continue to rise.

The action against the Pittsburgh-based lender by the U.S. Attorney’s Office in Miami is similar to an inquiry into Wells Fargo & Co. over its purchase of the credits.

The latest project for the Silicon Valley home-rental behemoth is a branded apartment complex in Nashville, Tennessee.

Developers are planning to open a record number of new apartments in the city by the end of 2018.

The city paved the way for taller buildings on the site just last year as part of a broader plan to ease an affordable housing crisis.