News Ticker

COVID-19 News Round-up for May 19

Credit: AZCentral

Policy & Stimulus News 

Cities, Counties Pushing for More Funds 

Arizona cities and counties are pressing for more funding at both the state and federal levels as they deal with coronavirus outbreak. Local officials from across the state are pushing Gov. Doug Ducey to send them a portion of more than $1.9B in federal coronavirus relief funds. Mayors from cities around the state are also lobbying representatives in Washington to support additional funding sent directly to local governments. (Source: Arizona Daily Sun) 

State Gets $21M in Federal Housing Funds 

Arizona received close to $21M from the federal government this month to address housing needs during the new coronavirus pandemic. The U.S. Department of Housing and Urban Development distributed about $18M to the Arizona Department of Housing and $3M to local public housing authorities, the agency announced. (Source: AZCentral) 

Economic News 

USGBC to Update LEED for Building Health 

The US Green Building Council has unveiled a new initiative that uses its LEED rating system to help businesses and governments reopen the US economy. It is putting in place emergency guidance and upgrades to the LEED green building program that emphasize standards for a healthy building and workplace, among other actions. (Source: GlobeSt.com) 

REIT Sees Lowest Turnover Ever 

Camden Property Trust, a national real estate investment trust with 56,000 apartment units, said about 2.5 percent of tenants deferred rent and 3.2 percent were delinquent in April as it had the lowest turnover in its history. The firm took steps to boost its liquidity, slowed construction projects and removed its 2020 guidance on earnings. Camden Property has delayed expected completion dates for all projects, including Camden North End II in Phoenix. (Source: CoStar via Orion Investment Real Estate) 

Some COVID Changes for the Better 

The impacts of COVID-19 are prompting some revolutionary changes to the home building and real estate industries. “I think this will forever change our industry – in a good way,” Taylor Morrison Homes Chair, President and CEO Sheryl Palmer said in a recent forum. She said the coronavirus is forcing homebuilders to up their technology offerings to consumer. (Source: Rose Law Group Reporter) 

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