Second Place

Hotel loans have surpassed multifamily loans for the dubious distinction of highest CMBS delinquency rate, according to Fitch Ratings. The overall CMBS delinquency rate hit 3.58 percent in September, up 54 basis points (bps) since August and up 243 bps since the beginning of the year. “We expect overall delinquencies to exceed 5 percent by the end of the year,” says Mary MacNeill, managing director for Fitch Ratings. “It will continue to steadily rise, then start to level off near the end of 2012.” The multifamily delinquency rate rose 28 bps to hit 5.72 percent in September. But a surge in hotel defaults in September, on 26 loans totaling $1.1 billion, helped to push that sector into the lead position, at 5.83 percent. —Jerry Ascierto

Big Commitment

Enterprise Community Partners committed $4 billion to accelerate green affordable housing through the launch of the next generation of its Green Communities Initiative. Enterprise’s funding will help create, preserve, or retrofit 75,000 green homes and community and commercial buildings within the next five years. The Green Communities Initiative, launched in 2004, is a five-year, $555 million commitment by Enterprise to build more than 8,500 healthy, efficient homes for low-income people. All homes are built according to Enterprise’s Green Communities Criteria, the first national framework for healthy, efficient, environmentally-smart affordable homes. The goal? To make sustainable development the mainstream in the affordable housing industry. To ensure a lasting future for the program, Enterprise is developing new tools for greening affordable housing, including a national retrofit protocol for building performance audits and an industry-wide data management platform to track building performance and offer green asset management and policy guidance. —Rachel Z. Azoff

Survey Says

A recent survey of 4,000 parents with kids in college by Houston-based J Turner Research found that word-of-mouth, viral marketing from friends, other students, and, yes, even their parents, is how students hear about their eventual communities. Only 9.6 percent of prospective residents are directed to properties by an on-campus student housing office, compared with 21.6 percent who hear about communities from friends and 53.1 percent who hone in on comments from other students. What’s more, the survey found that although students seem to want to cozy up with friends in units, a shared bedroom is a little too close for comfort. —Chris Wood

Growin Divide

Last May, California Apartment Association (CAA) members voted to cut ties with the National Apartment Association (NAA). It appears both associations have hardened their stance. While the CAA still has no official comment on the reason for the split, members say there had been a growing disparity between the larger, regional firms in CAA and the average NAA member who was perceived as smaller in size and regional focus. After the split, the NAA board voted to keep California firms in good standing until the expiration of their current memberships or the end of 2009, whichever came later. NAA has also made overtures to Southern California regional apartment associations in an effort to have them directly affiliate and announced in late September that charters had been approved for the Apartment Association of Greater Los Angeles, the Apartment Association of Orange County, and the Apartment Association, California Southern Cities. —Chris Wood