Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 4 of 4
Full-Text Articles in Law
Community Development Banking Strategy For Revitalizing Our Communities, Rochelle E. Lento
Community Development Banking Strategy For Revitalizing Our Communities, Rochelle E. Lento
University of Michigan Journal of Law Reform
CDCUs and CDLFs may outnumber CDBs, but their scope of lending activity pales in comparison. Despite CDBs' relatively small number, their impact on their respective communities warrants an in-depth discussion of their structures and formulas for success. This Article will provide an overview of the CDBs in the United States. Part I first sets forth the legal structure and purpose of CDBs, and then reviews the history and current status of mature CDBs and emerging CDBs. Part II considers community development credit unions, after which Part III gives community development loan funds similar treatment. Finally, Part IV analyzes the potential …
Alternative Mortgage Instruments: Authorizing And Implementing Price Level Adjusted Mortgages, Joel J. Goldberg
Alternative Mortgage Instruments: Authorizing And Implementing Price Level Adjusted Mortgages, Joel J. Goldberg
University of Michigan Journal of Law Reform
Of the institutions authorized to make mortgage funds available, only federally-chartered and a small minority of state-chartered savings and loan associations are presently authorized to make PLAM loans. This is due, in part, to a variety of legal and underwriting problems that may outweigh the theoretical advantages of PLAM financing. This Note evaluates these legal and underwriting problems and proposes legal measures to accommodate PLAM financing. Part I discusses the development and advantages of the PLAM. Part II analyzes the legal and practical underwriting objections to PLAM financing, including interest regulations, tax ramifications, and commercial desirability. Part II also suggests …
Selected Problems In Wrap-Around Financing: Suggested Approaches To Due-On-Sale Clauses And Purchaser's Depreciable Basis, Sanford M. Guerin
Selected Problems In Wrap-Around Financing: Suggested Approaches To Due-On-Sale Clauses And Purchaser's Depreciable Basis, Sanford M. Guerin
University of Michigan Journal of Law Reform
This article will address two unresolved issues surrounding the WA transaction which result from the inherent flexibility available for negotiating financing terms in the absence of an institutional lender. Part I discusses the circumstances warranting exclusion of the WA loan from the purchaser's depreciable basis. Part II addresses whether, and when, a due-on-sale clause in the senior mortgage should negate the possibility of utilizing WA financing.
Pennsylvania Housing Finance Agency Act Of 1972, John A. Stevens
Pennsylvania Housing Finance Agency Act Of 1972, John A. Stevens
University of Michigan Journal of Law Reform
The 1959 Pennsylvania legislation, while commendable for its goals and its innovative financing concepts, proved inadequate over the years in meeting the changing housing needs in the state. In an attempt to correct the deficiencies of this legislation, Pennsylvania radically revised its housing law by enacting the Housing Finance Agency Act of 1972. This note undertakes a historical analysis of both the 1959 Act and the 1972 Act. Then, the new act is contrasted with similar statutes in other states. Finally, the effectiveness of the Pennsylvania legislation as a stimulate to the development of new low- and moderate-income housing is …