Residential
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October 02, 2024
Convicted Judge Owes Feds Retirement Funds, 7th Circ. Says
A former Illinois judge convicted of running a $1.4 million mortgage fraud scheme must cough up assets from her retirement accounts to cover her restitution obligations, the Seventh Circuit ruled Wednesday, agreeing with a Chicago district court that the government can access her retirement savings to satisfy that debt.
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October 02, 2024
Riemer & Braunstein Rehires Corporate Atty For Boston Office
Riemer & Braunstein LLP has brought back corporate attorney Adam W. Jacobs, and this time he'll be working as a partner and group leader in the firm's business law/real estate department in Boston.
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October 02, 2024
Husch Blackwell Atty Says Bill Would Boost Rural Housing
A bill in the U.S. House of Representatives would provide much-needed support for projects to convert vacant commercial spaces to residential ones, and rural areas in particular would stand to benefit from the program, a Husch Blackwell attorney who's closely watching the legislation recently told Law360 in an interview.
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October 02, 2024
2nd Circ. Prods NY Appeals Court To Weigh Foreclosure Law
The Second Circuit has urged a state appeals court to provide input on a ruling retroactively canceling U.S. Bank's attempt to foreclose on a Queens condo in 2016 by applying a six-year statute of limitations in the state's 2022 Foreclosure Abuse Prevention Act.
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October 02, 2024
Chicago Must Face Housing Accessibility Claims
Chicago can't escape a nonprofit's disability discrimination suit accusing the city of failing to make sure that disabled people could access several of the city's affordable housing properties, an Illinois federal judge ruled.
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October 02, 2024
Mass. Tax Board OKs Exemption For Senior Home
A senior home on Martha's Vineyard is exempt from property taxes, a Massachusetts tax panel said in a decision released Wednesday, ruling that the owner, a charitable nonprofit, had a sufficient presence at the property for the exemption.
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October 02, 2024
As Hottest Summer Ever Ends, Cooling Mandates Take Off
The hottest summer on record just ended, fanning a renewed advocacy for addressing extreme heat through housing policies like cooling mandates and stricter tenant rights.
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October 02, 2024
NAR Leadership Shakeup Continues With Legal Chief's Exit
The National Association of Realtors' chief legal officer, Katie Johnson, plans to step down from her post effective Thursday, the latest change in a major shakeup that has roiled the organization's senior leadership in recent months, a NAR spokesperson confirmed Wednesday.
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October 02, 2024
NYC Council, Tenants Want Housing Voucher Suit Revived
The New York City Council and a proposed class of low-income tenants both urged a New York state appeals court to revive their suit seeking to force Mayor Eric Adams to implement a set of laws that would expand access for a housing voucher program.
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October 02, 2024
Conn. Receiver Gains Access To Apt. Co-Op's BofA Accounts
Bank of America agreed to provide a court-appointed receiver with access to a distressed housing cooperative's bank accounts Wednesday amid efforts by the municipalities of Bridgeport and Stratford, Connecticut, to obtain a court order.
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October 02, 2024
Climate Risk Is Turning The Tide In Buyer, Investor Behavior
Climate risk isn't yet the kind of consideration that would make or break the average property deal. But as it becomes less of an abstract concept and more of a concrete part of due diligence, it's on the verge of causing major ripples throughout the real estate industry.
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October 02, 2024
US Seeks To Drop $1M Tax Suit Against Sleep Clinic Founder
The U.S. government seeks to drop its case against a sleep clinic founder and his wife, whom it had accused of hiding assets, after the couple agreed to pay their tax liabilities in full, according to a filing in California federal court Wednesday.
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October 01, 2024
Data Brokers Decry 'Ill-Tailored' NJ Judicial Privacy Law
Data brokers such as Equifax, Thomson Reuters and Zillow urged a New Jersey federal judge Tuesday to toss a suit accusing them of violating Daniel's Law, arguing the state's judicial privacy measure is unconstitutionally broad and unevenly applied.
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October 01, 2024
Calif. Judge Won't Let Insurers Slip Mold Coverage Suit
A California federal judge mostly refused to allow a group of insurers to escape a suit filed by the owner and operator of a 231-unit California apartment complex seeking coverage for mold under a $69 million builders risk policy.
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October 01, 2024
Investment Firm Raises $4.7B For Bonds, Real Estate Loans
Monarch Alternative Capital LP announced Monday that it raised $4.7 billion for the completion of its sixth closed-end fund, surpassing the opportunistic credit and real estate firm's goal and the amount raised for the previous fund.
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October 01, 2024
DC Council Passes Temporary ERAP Reforms
Washington, D.C., officials approved an emergency bill on Tuesday to reform the city's Emergency Rental Assistance Program, a move that council members said can address a financial crisis among landlords of affordable housing that arose from some tenants' misuse of the program.
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October 01, 2024
Insurers Say $40M Hurricane Claims Must Be Arbitrated
A group of insurers led by certain underwriters at Lloyd's, London urged a Louisiana federal court to reject a group of property owners' "last-ditch effort" to avoid arbitrating their hurricane damage claims totaling over $40 million, arguing the owners "don't dispute" that the arbitration provision in their policy is enforceable.
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October 01, 2024
NC Judge Trims Most Of $200M Apartment Complex Sale Suit
A North Carolina federal judge tossed out the breach of contract and deceptive trade practices claims in a real estate firm's suit over a soured $200 million deal to acquire a portfolio of apartment complexes, but the court said the buyer's claims could come back later.
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October 01, 2024
McElroy Deutsch Must Face 'Malicious' Claim From Fired Exec
A former business development director from McElroy Deutsch Mulvaney & Carpenter LLP has been given the go-ahead from a New Jersey state judge to bring a malicious-prosecution claim against the firm in litigation over her and her husband's alleged multimillion-dollar embezzlement from the firm.
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October 01, 2024
Foreclosure Class Wants To Stop Mich. Atty's Victim Outreach
Lawyers behind a proposed tax foreclosure class action in Michigan federal court have said an attorney who recently secured a settlement in a similar case sent a misleading solicitation letter to a client in a bid to undermine the proceedings.
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September 30, 2024
New Calif. Law Limits Warehouse Builds, Experts Say
With Gov. Gavin Newsom's signature Sunday, California has enacted broad restrictions on warehouse development that could pack new projects into commercial areas away from homes, schools and parks, frustrating both business and environmental groups.
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September 30, 2024
Faced With $100M In Unpaid Rent, DC Plans ERAP Reforms
Washington, D.C., officials plan to reform the city's Emergency Rental Assistance Program, saying changes made to it during the COVID-19 pandemic have led to an unsustainable situation where affordable-housing landlords across the district are owed about $100 million in unpaid rent.
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September 30, 2024
Akerman Guides Developer's $165M Fla. Land Purchase
Akerman LLP advised developer GT USA on the company's $165 million purchase of over 2,300 acres of Lake County, Florida, land, the law firm announced on Monday.
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September 30, 2024
NYC Public Housing Tenants Defend Rental Assistance Suit
New York tenants have urged a federal court not to toss their claims that the New York City Housing Authority failed to recalculate rents for residents whose income levels fell during the pandemic, saying their claims aren't time-barred because named tenants' applications are still pending.
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September 30, 2024
NY Man Must Face Brownstone Deed Theft Charges
A New York state court on Monday denied a Long Island man's bid to escape charges accusing him of using forgery and shell companies to steal two brownstone buildings in Harlem that are worth millions of dollars, disagreeing with the man's argument that the case was too stale to prosecute.
Expert Analysis
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Children's Book Writing Makes Me A Better Lawyer
Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.
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DOJ Comments Reveal Road Ahead For Mortgage Redlining
Comments from two U.S. Department of Justice representatives at a recent fair lending conference show that the DOJ is prioritizing investigations and enforcement against redlining risks, and highlight important compliance steps for lenders, say Lori Sommerfield and Chris Willis at Troutman Pepper.
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DOJ's RealPage Notice Signals Focus On Pricing Algorithms
The U.S. Department of Justice's Antitrust Division recently filed a statement of interest in the Realpage multidistrict litigation to stake out its position that price-fixing algorithms pose a great anti-competitive threat, which suggests that the DOJ and private parties may continue to bring similar actions in the future, say attorneys at Simpson Thacher.
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4 Key Types Of Coming FHLBank Reforms To Watch
Though the Federal Housing Finance Agency's recent report on the Federal Home Loan Bank System has received relatively little attention, the regulatory and legislative changes it proposes in four categories herald the start of a significant effort by the agency to reform the system’s structure and operations and overhaul requirements for member banks, say attorneys at Mayer Brown.
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Property Owner Considerations Around Electric Vehicle Bans
In light of a property management company's recent ban on electric vehicles in Canada, it's worth considering how similar bans might fare in Florida and other U.S. states, and the legal ramifications that could potentially arise, say Gerardo Ortega and Gary Kaleita at Lowndes.
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Trump NY Fraud Trial Shows Civil, Criminal Case Differences
Former President Donald Trump’s civil fraud trial currently unfolding in New York provides a reminder that civil bench trials can be just as damaging, if not more so, than criminal prosecutions, due to several key elements of civil litigation procedure, says retired attorney David Moskowitz.
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Why NYC Building Owners Shouldn't Ignore Emissions Rule
New rules from the New York City Department of Buildings clarify the previously vague good faith efforts that building owners may make to mitigate penalties for not complying with a major carbon emission law that takes effect in January, and should discourage owners from simply paying the fines instead of decarbonizing, says William McCracken at Moritt Hock.
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What NJ's Green Remediation Guidance Means For Cleanups
Recent guidance from the New Jersey Department of Environmental Protection promoting greener approaches to restoring contaminated sites demonstrates the state's commitment to sustainability and environmental justice — but could also entail more complexity, higher costs and longer remediation timelines, say J. Michael Showalter and Bradley Rochlen at ArentFox Schiff.
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A New Path Forward For Surplus Land Owners In Calif.
A new California law signed last month enables some religious institutions and nonprofit colleges to build affordable housing on surplus land, and its requirements — which are more manageable than they may appear — will support long-term benefits including good housing and the survival of worthy institutions, says Stephen Wilson at Withers.
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Inside Bank Regulators' Community Lending Law Overhaul
The federal banking agencies' recently finalized changes to the Community Reinvestment Act not only account for the gradual shift to an environment where lending and deposit-taking are primarily conducted online, but also implement other updates such as diversity initiatives and a new series of lending tests, say attorneys at Norton Rose.
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A Bird's Eye View Of NYC's New Parapet Inspection Law
Building owners in New York City should be ready for the city's new parapet inspection requirements going into effect in January, which will likely necessitate additional construction work for countless buildings not previously subject to formal inspections, says Benjamin Fox Tracy at Braverman Greenspun.
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AI Isn't The Wild West, So Prepare Now For Bias Risks
In addition to President Joe Biden's recent historic executive order on safe, secure and trustworthy artificial intelligence, there are existing federal and state laws prohibiting fraud, defamation and even discrimination, so companies considering using or developing AI should take steps to minimize legal and business risks, says civil rights attorney Farhana Khera.
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AI's Baked-In Bias: What To Watch Out For
The federal AI executive order is a direct acknowledgment of the perils of inherent bias in artificial intelligence systems, and highlights the need for legal professionals to thoroughly vet AI systems, including data and sources, algorithms and AI training methods, and more, say Jonathan Hummel and Jonathan Talcott at Ballard Spahr.