VOTER IDENTIFICATION
Beginning with the June 3, 2014 primary election, Act 2011-673 requires an Alabama
voter to have a specific type of photo identification at the polls in order to vote.
What photo ID will be valid at the polls?
►Valid Alabama driver’s license
►Valid Alabama nondriver ID
►Valid Alabama photo voter ID card
►Valid state issued ID (Alabama or any other state)
►Valid federal issued ID
►Valid US passport
►Valid employee ID from Federal Government, State of Alabama, County,
municipality, Board or other entity of this state
►Valid student or employee ID from a public or private college or university in
the State of Alabama (including post graduate technical or professional schools)
►Valid student or employee ID issued by a state institution of higher learning in
any other state
►Valid military ID
►Valid tribal ID
What if I do not have any of these forms of ID?
If a voter does not have one of the valid forms of photo ID listed above, then that
voter may obtain a free Alabama photo voter ID card OR a free nondriver ID for
voting purposes only.
Where can I get my free Alabama photo voter ID card?
►Board of Registrars (A-410 of the Birmingham Courthouse)
Where can I get my free nondriver ID?
►Department of Public Safety (908 Bankhead Hwy W, Birmingham)
(A voter must comply with all rules set forth by the Department of Public Safety
and adhere to those requirements in order to receive the free nondriver ID.
What is needed to obtain my free Alabama photo voter ID card?
►A photo ID document or a non-photo identity document can be used if it
contains your full legal name and date of birth;
►and you must be a registered voter.

Jacob Passy – MarketWatch – Saturday, September 26, 2020

There’s perhaps never been a better time to take out a mortgage — at least from an interest rate perspective. But finding a bank willing to lend to you may prove tricky these days.

The 30-year fixed-rate mortgage averaged 2.90% for the week ending Sept. 24, up three basis points from the week prior, Freddie Mac (FMCC)reported Thursday. Two weeks ago, the average rate for the 30-year loan fell to an all-time low of 2.86%.
The 15-year fixed-rate mortgage rose five basis points to an average of 2.4%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage dropped six basis points to 2.9% on average.

A dovish outlook from the Federal Reserve — indicating that the central bank is likely to keep rates low for many years to come — has kept long-term bond yields low, including the 10-year Treasury note (BX:TMUBMUSD10Y) Mortgage rates historically roughly track the direction of the 10-year Treasury note, but since the coronavirus pandemic began, the spread between the two had widened. In recent weeks, though, the two have moved more in sync, with mortgage rates falling to meet the 10-year note.
Low mortgage rates have stoked the housing market, as they have compelled would-be buyers to speed up their timelines in order to lock in the cheap financing.

Read more:‘This is just slowing the clock on evictions’: Why the CDC’s moratorium on evictions won’t solve America’s looming $100 billion rental crisis
But finding a mortgage lender who is willing to lend to you is a more difficult than it’s been in many years. A recent report from the Mortgage Bankers Association, an industry trade group, found that mortgage credit availability has dropped to the lowest level since March 2014.

“Credit continues to tighten because of uncertainty still looming around the health of the job market, even as other data on loan applications and home sales show a sharp rebound,” Joel Kan, the Mortgage Bankers Association’s associate vice president of economic and industry forecasting, said in the report.
In particular, banks have pulled back from offering loans that allow for lower credit scores, smaller down payments and reduced documentation. Jumbo mortgages have also become harder to come by — and the rates on those loans, which are not included in Freddie Mac’s analysis, have remained much higher than the rest of the market.

Making matters worse for those still looking to refinance: Mortgage rates could soon rise for those loans. The Federal Housing Finance Agency recently announced plans to introduce a new fee for refinancing, which is now set to go in effect beginning in December. But economists suggest that there’s evidence that banks are raising rates to offset the cost of the new fee already.
The good news for those seeking to get a home loan is that economists don’t expect rates to move much in the near future. “Absent any fundamental changes to the FHFA policy, or significant virus-related developments such as a treatment or a vaccine, mortgage rate movements figure to be modest in the coming weeks,” said Matthew Speakman, an economist.

Kenneth Squire – CNBC – Saturday, September 26, 2020

Business: Apartment Investment and Management Co. is a REIT that focuses on the ownership, management, redevelopment, and development of apartment communities in some of the largest US markets. It has two primary businesses: (i) AIR, which is a stabilized apartment investment vehicle with quality assets and a national footprint and comprises approximately 90% of AIV’s total business, and (ii) Aimco, which includes complicated development deals and some less attractive portfolio assets, comprising approximately 10% of AIV. Stock Market Value: $5.3 billion ($33.39 per share)

Activist Commentary: Land & Buildings is a real estate focused long-short hedge fund that will try to engage with management on a friendly basis when they see deep value. They invest in real estate in the public markets and select corporate engagements. Their positions are often under the threshold, and they are prepared to nominate directors and have received board seats at Brookdale Senior Living, Felcor Lodging Trust, Life Storage, Macerich, Mack-Cali and Taubman Centers.

What’s Happening:
On September 22, Land & Buildings sent a letter to the company’s board expressing its concerns with the company’s September 14 announcement that it plans to separate its business into two, separate and distinct, publicly traded companies, Apartment Income REIT (“AIR”) and Aimco, through a reverse spin-off. Land & Buildings believes that the proposed transaction will not close the company’s substantial discount to net asset value and is an attempt by management and the board to rid themselves of a decades-long poor track record rather than address the fundamental issues challenging the company. They noted that management and the board appear to be rushing completion of the spin-off before shareholders would have the opportunity to express their views on this issue or elect board members to better represent shareholder interests. Land & Buildings called on the company to put the spin-off to a shareholder vote and if they refuse to do so, Land & Buildings stated that it will not hesitate to call a special meeting of shareholders to conduct an advisory vote on the transaction. Further, Land & Buildings noted that it is prepared to file preliminary proxy materials with the SEC on Sept. 28 seeking requests to call a special meeting if the board does not agree to put the proposed spin-off to a vote by that time. 

Behind the Scenes
Land & Buildings’ initial overture was made in response to the company’s announcement to separate these two business lines into two separate publicly traded companies. At about $33 per share, the company trades well below its NAV of approximately $58 per share and the board believes this spin-off is a way to close that gap. However, Land & Buildings disagrees. Clearly its debt level has something to do with it as does the complexity of its assets and businesses. But after such a prolonged period of underperformance, one has to look at management as a potential problem.
Terry Considine has been the company’s chairman and CEO since its IPO in 1994 and since that time the company has underperformed its Proxy Apartment Peer Average by a negative 914%. Additionally, the company has traded at a substantial discount to its own NAV estimate as well as sell-side estimates of NAV over a trailing five year period, and the company has returned negative 35.21%, negative 25.99% and negative 8.79% over the past 1, 3 and 5 year periods, while the S&P 500 has returned 10.41%, 32.03% and 70.05%, respectively. Splitting into two companies will do little to nothing to solve these problems as Considine is expected to be chairman of both companies, which are expected to continue to do business with each other. Moreover, the transaction will result in a material tax event for the company likely to exceed 10% of its total market cap.
Land & Buildings believes many shareholders agree with them and is calling for the board to put the spin-off to a shareholder vote, which the company has no obligation to do and likely will not do. In that case, Land & Buildings’ recourse is to get the support of a total of 25% of shares to call a special meeting of shareholders to put the transaction to a vote. However, the stark reality of the situation is that if the AIV Board is willing to eschew good corporate governance and delay a special meeting, it can accomplish the spin-off before any shareholder vote is consummated. However, they should look to Darden Restaurants (DRI) as a cautionary tale. The Darden board ignored the clear will of stockholders when divesting the Red Lobster business resulting in the imminent replacement of the entire board and CEO.
If the AIV board executes the spin-off without a shareholder vote or in the face of a negative shareholder vote, and the NAV gap is not closed from the transaction, Land & Buildings will have even more ammunition for its activist campaign and more evidence that its theories are correct and will likely press forward with an activist campaign at the newly formed AIR company. If Land & Buildings is able to get the company to pause and listen to them or if they ultimately launch an activist campaign at AIR, they would likely be pushing to reconstitute the board, change management, de-lever and reduce operational complexity. If that does not close the valuation gap, they would push for a sale of the company, and it is interesting to note that Blackstone is currently a shareholder and could be a potential acquirer if it comes to that. 

Aly Yale – Millionacres – Thursday, September 24, 2020

For those in the market (or at least hoping to be soon), signing a long-term lease just doesn’t make sense. People need the flexibility to move quickly should a suitable house hit the market, and your traditional 12-month agreement doesn’t allow for that.

There’s no doubt it’s a seller’s market in most parts of the country. Housing inventory is low, and thanks to low mortgage rates, buyer demand is surging. That’s made finding a house — especially an affordable one — harder than ever for some buyers.

A month-to-month arrangement can be perfect for these hopeful homeowners. Here’s what to think about before offering one yourself..

Pros and cons of month-to-month rentals as a landlord

One of the biggest advantages of a month-to-month arrangement is that you can charge more. Because the tenant comes with more risk (you might have a vacancy with very little notice), you can ask for a higher rent to offset that risk.

Month-to-month leases also give you flexibility in terminating them. You’re not stuck with a vacancy 12 months down the line (at a potentially bad time to find renters). Instead, you can choose your end date at will, such as terminating the lease in the late spring or early summer, when you know more people may be in the market.

Another huge perk? You also have the opportunity to get rid of a bad tenant fairly quickly. If a renter just isn’t working out, you only have to deal with them for a month or two before you can send them on their way.

Flexible end dates.

Potentially commanding a higher rent.

Getting rid of bad tenants faster.

So what about the downsides? A major one is that you could find yourself with a vacant unit with very little notice. That could make it hard to find a new tenant, and you could end up with financial losses if the vacancy drags on too long.

You’ll also have more turnover with monthly renters, and that means more cleaning and repair fees long term. It may also result in more wear and tear to your property.

In summary, the cons of going month to month include:

No stability.

Could leave you with an unexpected vacancy at a bad time.

More turnover.

More potential for wear and tear.

The bottom line

Demand for month-to-month rentals is up. While offering these arrangements might make it easier to find tenants fast, it does come with risks.

If you do end up with a month-to-month tenant, make sure to charge a higher rent in order to mitigate the risk. This will give you a financial cushion in the event you’re hit with a sudden, unexpected vacancy.