NRF: Holiday Sales Jumped 8.3 Percent over Previous Year

WASHINGTON, D.C. — Retail sales during the 2020 holiday season — the period from Nov. 1 to Dec. 31 — grew 8.3 percent year-over-year and beat expectations, according to the National Retail Federation (NRF). The association had predicted holiday shopping sales to grow between 3.6 and 5.2 percent year-over-year.“Despite unprecedented challenges, consumers and retailers demonstrated incredible resilience this holiday season,” says NRF president and CEO Matthew Shay. “Faced with …

January 15, 2021District of Columbia, Retail, Southeast

Initial Weekly Unemployment Assistance Claims Jump to 965,000 as Coronavirus Cases Climb

WASHINGTON, D.C. — An additional 965,000 Americans filed for first-time unemployment assistance for the week ending Jan. 9, the U.S. Department of Labor reported Thursday. Economists surveyed by Dow Jones expected the total to reach 800,000, similar to the previous week’s revised total of 784,000. A main reason for the increase in claims is further government restrictions due to the spike in COVID-19 cases and deaths. According to Johns Hopkins University (JHU), there have been 384,794 …

January 14, 2021District of Columbia, Southeast

NMHC: 76.6 Percent of Renters Paid January Rents in First Week

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) Rent Payment Tracker has found that 76.6 percent of residents made full or partial January rent payments as of Jan. 6. Washington, D.C.-based NMHC surveyed its network of 11.3 million professionally managed apartment units across the country. The most recent figure is a 120-basis point increase over Dec. 6, 2020, when 75.4 percent of households made partial or full payments. January 2021, however, showed a 170-basis point …

January 11, 2021District of Columbia, Multifamily, Southeast

U.S. Economy Loses 140,000 Jobs in December, First Decline in Seven Months

WASHINGTON, D.C. — The U.S. economy lost 140,000 jobs in December, marking the first overall decrease since May 2020, the Department of Labor Statistics (BLS) reported Friday. Economists surveyed by Dow Jones had expected the report to show a gain of 50,000 jobs, still a muted expectation compared to November’s gains. The unemployment rate remained unchanged from November at 6.7 percent.The BLS highlighted increased COVID-19 cases and the effort to contain the pandemic as a major reason …

January 8, 2021District of Columbia, Southeast

Additional 787,000 Americans File for First-Time Unemployment Assistance

WASHINGTON, D.C. — An additional 787,000 Americans have filed for first-time unemployment assistance for the week ending Jan. 2. Economists surveyed by Dow Jones expected the total number of claims to reach 815,000. The most recent figure was a slight decrease from the previous week’s revised number of 790,000, but still about four times higher than the week ending Jan. 4, 2020, when claims totaled approximately 200,000. The four-week moving average decreased by 18,750 claims to 818,750. …

January 7, 2021District of Columbia, Southeast

DCHFA Provides $25.4M Construction Financing for Affordable Housing Community in D.C.

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $17.7 million in tax-exempt bond financing and $7.7 million in 4 percent Low-Income Housing Tax Credits (LIHTC) for the preservation of Ritch Homes Apartments in Washington, D.C. Residents at the property exercised their right under the Tenant Opportunity to Purchase Act (TOPA) to obtain the property.Affordable housing developers Standard Communities and Housing on Merit will renovate the property’s …

January 7, 2021Affordable Housing, Development, District of Columbia, Loans, Multifamily, Southeast

Eastdil Secured, Bank OZK Provide $174M Construction Loan for Mixed-Use Development of Former Fannie Mae Headquarters in D.C.

WASHINGTON, D.C. — Eastdil Secured and Bank OZK have provided $174 million in construction financing for Upton Place on Wisconsin, a planned mixed-use development in Washington, D.C., that will feature 689 multifamily units and 100,000 square feet of retail space.The borrowers and developers, Apartment Investment Management Co. (Aimco) and The Donohoe Cos. Inc., expect to break ground in early 2021 and deliver the project in 2024. Donohoe originally developed the site, situated at 4000 …

January 4, 2021Development, District of Columbia, Mixed-Use, Southeast

Total Number of Weekly Unemployment Claims Dips to 787,000 in Last Week of December

WASHINGTON, D.C. — A total of 787,000 Americans filed for first-time unemployment insurance assistance for the week ending Dec. 26, the U.S. Department of Labor reported Thursday, Dec. 31. The most recent figure marks a decrease of 19,000 claims from the previous week, though claims remain historically high compared to pre-pandemic numbers when claims hovered around 200,000 per week. Economists surveyed by Dow Jones expected the tally to rise to 828,000. The four-week moving average increased …

January 4, 2021District of Columbia, Southeast

Freddie Mac, Fannie Mae to Extend Forbearance Programs to March 31, 2021

MCLEAN, VA. AND WASHINGTON, D.C. — McLean-based Freddie Mac and Washington, D.C.-based Fannie Mae have extended their forbearance programs for multifamily borrowers that have been impacted by the COVID-19 pandemic. Under the programs, multifamily landlords whose properties are financed with a Freddie Mac or Fannie Mae loan can defer their loan payments by showing hardship as a consequence of COVID-19, and by gaining lender approval. The extension now runs through March 31, 2021. The programs …

December 23, 2020District of Columbia, Multifamily, Southeast, Virginia

First-Time Unemployment Claims Dip to 803,000, But Remain at Elevated Level

WASHINGTON, D.C. — Another 803,000 Americans have filed for initial unemployment insurance assistance for the week ending Dec. 19, the U.S. Department of Labor reported Wednesday. The total is a decrease of 89,000 claims from the prior week’s revised level. Economists surveyed by Dow Jones expected the number to reach 888,000. The four-week moving average increased by 4,000 claims to 818,250. Continuing claims, for which data lags a week, dipped by 200,000 to 5.3 million for the week ending …

December 23, 2020District of Columbia, Southeast