Big Investment Enterprise Community Investment is investing $9.5 million in New Markets Tax Credits to help Columbus Housing Partnership finance the construction or rehabilitation of up to 700 affordable homes in Columbus, Ohio, over the next seven years. CHP, its Homeport division, and the Central Ohio Housing Development Organization will develop the homes. - Les Shaver
Axis Addition Salt Lake City-based service provider AxisPointe recently acquired Asset Evolution, another Utah company. AxisPointe provides post-construction services such as warranty management, call-back processing, and subcontractor insurance certification for single-family and multifamily developers. Asset Evolution helps organizations such as the government deploy and maintain asset management strategies. - L.S.
Newark State of Mind Downtown Newark, N.J., will receive its first high-rise apartment building in some 45 years. Two Center Street, a joint venture between Philadelphia-based Dranoff Properties and the New Jersey Performing Arts Center will feature 250 residential units and between 15,000 square feet and 30,000 square feet of retail in a 28-story tower projected to price out at $200 million. The partners have signed a letter of intent to develop the 1.2-acre site adjacent to the current Arts Center, which has not expanded since opening in 1997. “Dranoff Properties is a recognized trendsetter in the revitalization of urban neighborhoods,” said NJPAC president and CEO Lawrence Goldman in a statement. “They understood the Arts Center's abiding mission to build on its own success and create a vibrant round-the-clock living in downtown Newark.” - Chris Wood
Southern Discomfort A Florida man who posed as a bogus landlord in a scheme to defraud the Tampa Bay Housing Authority pleaded guilty in January to stealing federal rental subsidy payments totaling $42,480. Brian Montgomery is one of 13 individuals originally charged with stealing government funds in December 2007 following a U.S. Housing and Urban Development investigation and sting operation that revealed three Tampa Bay Housing Authority employees were funneling rent subsidies to friends and family who posed as landlords in the Housing Choice Voucher / Section 8 program from June 2004 to January 2005. Montgomery faces 10years' imprisonment, a $250,000 fine, and three years of supervised release, according to the prosecuting U.S. attorney, Robert O'Neil. —C.W.
Good Bedfellows New Carrolton, Tex.-based Real-Page is getting ready for next semester with its February acquisition of Atlanta-based WebRoomz, an online student housing system that introduces coeds to student properties and matches them up with compatible roommates. RealPage CEO Steve Winn said in a statement that WebRoomz is a “fantastic product that has proven itself in the marketplace” and will add powerful functionality to RealPage's suite of on-demand student living systems. Terms of the acquisition were not released. —C.W.