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Young professionals have returned to cities, pushing apartment rents up and taking the stock prices of apartment companies with it. The FTSE Nareit Equity Apartments index, which tracks publicly traded apartment companies, increased 42% since January 2021. Wed, 08/04/2021 - 10:00. That’s 25% more than the S&P 500.
As a result, the report anticipates that 2014 may be the year that many investors who have traditionally focused mainly on large established markets such as Boston, Chicago, Los Angeles, NewYorkCity, San Francisco and Washington, will be expanding their focus to other cities in order to protect capital.
They also will be eligible to give property tax abatements for new development, allowing cities like Camden to spur development and compete with Philadelphia for private-sector jobs and residential growth. Aggregate tax credits available to qualified residential projects under ERG are limited to $600 million.
Borrowers must have at least a 10% equity interest in the project or business. Eligible applicants include NewYork State manufacturers that employ fewer than 500 workers. 10% Borrower Equity. Residential, casino and gambling institutions. The maximum award is a $50,000 grant. 40% JDA Loan. Not Eligible.
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