Industry Watch


March 28, 2004|By From staff and Los Angeles Times reports

$1.25 million loan aimed at preserving affordable housing

Annapolis-based Homes for America was awarded a $1.75 million loan recently by the John D. and Catherine T. MacArthur Foundation. The loan will be used to preserve affordable housing in Maryland and several other Mid-Atlantic states.

Homes for America has 13 affordable rental communities in Anne Arundel, Baltimore, Montgomery, Carroll, Calvert and Harford counties, and in Baltimore. The group also has rental communities in Pennsylvania, Virginia and Delaware.

Under the conditions of the loan, Homes for America must acquire and preserve 2,000 units during the next four years.

The group, founded in 1994, has assets of more than $4 million and owns 44 properties with almost 4,000 units throughout the Mid-Atlantic region. Homes for America is one of the largest nonprofit groups in Maryland in terms of its ownership of affordable housing.

The John D. and Catherine T. MacArthur Foundation is a private, grant-making group. It has granted $50 million during the past 10 years to help preserve and create affordable housing.

Resource center to hold maintenance workshops

The Garwyn Oaks Housing Resource Center is sponsoring two home maintenance workshops.

A kitchen layout and design workshop, geared toward helping with renovation projects, will be held at 6 p.m. Tuesday at 2806 Roslyn Ave.

Gardening and lawn care workshops are scheduled for 6 p.m. April 8 and 13 at 2612 Elsinore Ave.

The workshops are free. Registration: 410-542-9050.

Presley Palm Springs house is sold for $1.25 million

LOS ANGELES - A Palm Springs, Calif., home owned in the 1970s by Elvis and Priscilla Presley has been sold for $1.25 million.

The house, with five bedrooms and 4 1/2 bathrooms in slightly more than 5,000 square feet, is in the Old Tuscany area of Palm Springs, in the foothills of the San Jacinto Mountains.

Considered a historic site by the city, the house, built in 1946, is protected against demolition; any changes to the exterior are subject to planning department review.

The Presleys bought the house in 1970 for $85,000. They were divorced in 1973. He owned it until he died in 1977.

Preserving the exterior might mean maintaining a spa that Presley had built into an outside corner of his property. The spa is covered by a gazebo, which shielded the performer from helicopters.

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