Wisconsin recognizes the value of multi-family housing communities in their state: The Wisconsin Housing and Economic Development Authority announced Monday establishment of a $915,000 revolving loan fund for the preservation and revitalization of low-income, multifamily rental housing throughout rural Wisconsin.
The loan fund, provided by the U.S. Department of Agriculture (USDA), allows WHEDA to allocate loans to rural multifamily developments that integrate low-income rental housing for families and individuals, including the elderly and persons with disabilities.
WHEDA recently used the loan fund to close on its first deal, Palmyra Park Apartments, and anticipates that two more will close by the end of the year.
This is the first time that WHEDA has received financing from USDA for a rural loan fund.
WHEDA expects to close on an additional $2.1 million from USDA in January 2009.
Monday, November 17, 2008
Apartments Aren't Our Only Business...
At Rednour Properties, we're in the business of creating family friendly communities. This means more than just rental properties... we also have a growing real estate practice that sells homes and commercial properties. Check us out on the web at: www.rednourandassociates.com/agents.htm
Thursday, November 13, 2008
Proposed Lexington Tax Will Impact Rednour Properties
Something to think about: For most people, the new Lexington storm-water fee being proposed Thursday by Mayor Jim Newberry is simple: One house equals $4.16 a month.
For stores, churches, schools, factories and apartment buildings, it gets more complicated — and more expensive.
[...]
The fee is based on a unit of measurement the city is calling an Equivalent Residential Unit. One unit represents 2,500 square feet of impervious surface, which is the amount of non-absorbent area — rooftops, driveways, sidewalks — on the average residential lot.
[...]
[Commercial property owners' tax burden] is based on the number of Equivalent Residential Units of impervious surface on the parcel.
For example, the Herald-Leader building at the corner of Midland Avenue and East Main Street has 237,500 square feet of rooftop, sidewalks and parking lots. That works out to 95 residential units, for a monthly fee of $395.20, or an annual cost of $4,742.40.
Potential Savings: Commercial property owners can reduce their storm-water tax by as much as 20 percent through a number of possible projects that reduce the amount of water going into the storm sewers. Projects include creating a rain garden, adding a retention or detention basin that goes beyond current requirements or switching some impervious land to pervious. A standard parking lot, for example, could be replaced by one that allows rainwater to pass through.
The Rednour Team will be looking at this tax in two ways: One, can it be avoided? That's a question for LFCUG and we'll make our voice heard there. Two, what can we do to mitigate our tax burden should the tax pass? More in the future, so stay tuned...
For stores, churches, schools, factories and apartment buildings, it gets more complicated — and more expensive.
[...]
The fee is based on a unit of measurement the city is calling an Equivalent Residential Unit. One unit represents 2,500 square feet of impervious surface, which is the amount of non-absorbent area — rooftops, driveways, sidewalks — on the average residential lot.
[...]
[Commercial property owners' tax burden] is based on the number of Equivalent Residential Units of impervious surface on the parcel.
For example, the Herald-Leader building at the corner of Midland Avenue and East Main Street has 237,500 square feet of rooftop, sidewalks and parking lots. That works out to 95 residential units, for a monthly fee of $395.20, or an annual cost of $4,742.40.
Potential Savings: Commercial property owners can reduce their storm-water tax by as much as 20 percent through a number of possible projects that reduce the amount of water going into the storm sewers. Projects include creating a rain garden, adding a retention or detention basin that goes beyond current requirements or switching some impervious land to pervious. A standard parking lot, for example, could be replaced by one that allows rainwater to pass through.
The Rednour Team will be looking at this tax in two ways: One, can it be avoided? That's a question for LFCUG and we'll make our voice heard there. Two, what can we do to mitigate our tax burden should the tax pass? More in the future, so stay tuned...
Wednesday, November 12, 2008
Ritchie Rednour Finalist for Prestigious Entrepreneur Award
Ritchie was recently a finalist for the 2008 Entrepreneur of the Year Award, an annual award made by Eastern Kentucky University’s College of Business and the Center for Rural Development. Other finalists included Shannon and Kendall Wright of Wright Construction and the eventual winner of the award, Terry Forcht, a prominent banker and businessman from Corbin. Although Ritchie, as always, hoped for a win at the annual awards ceremony MC’d by Congressman Hal Rogers, he was pleased to be included in company that included Terry Forcht, a businessman who Ritchie has long admired. Here’s a Lane Report profile on Forcht, a Billion Dollar Businessman.
Why Blog
This is something of a test project, the goals of which are:
1. To educate the public about Rednour Properties, a central and eastern KY company that's shown tremendous growth over the past few years.
2. To create a communications loop for employees and friends and family of Rednour Properties.
3. To create a site that can be rapidly updated in a way that traditional web pages can't, so that employees and residents of Rednour Properties, as well as the public at large, can find relevant information quickly.
We welcome suggestions as to how we can improve this site and ways we can better serve the Rednour Team and the Rednour Properties Community.
1. To educate the public about Rednour Properties, a central and eastern KY company that's shown tremendous growth over the past few years.
2. To create a communications loop for employees and friends and family of Rednour Properties.
3. To create a site that can be rapidly updated in a way that traditional web pages can't, so that employees and residents of Rednour Properties, as well as the public at large, can find relevant information quickly.
We welcome suggestions as to how we can improve this site and ways we can better serve the Rednour Team and the Rednour Properties Community.
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