Cannabis referendum to cost more than $2.2m

first_imgRadio NZ News 1 March 2019Family First Comment: We’ll be spending far more on the increasing demand for mental health services and drug testing if we legalise.A referendum on legalising the personal use of cannabis will cost taxpayers more than $2.2 million.A Cabinet paper shows the health and justice ministries will receive the bulk of the funding, $1.9m, to provide dedicated, expert resources.The remaining $296,000 is billed for the Electoral Commission, to carry out the binding referendum in 2020.Justice Minister Andrew Little said the referendum should not detract from the general election, which it is being held in conjuction with, and no preliminary vote count will be done.Instead, the referendum votes will be counted after election day and released along with the official 2020 election results.Mr Little also noted the need to inform people to avoid confusion between the cannabis legalisation referendum and ongoing work on medicinal cannabis.https://www.radionz.co.nz/news/political/383740/cannabis-referendum-to-cost-more-than-2-point-2mlast_img read more

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Authors schedule visits in Franklin County

first_imgBrookville, In. — The Franklin County Public Library has two authors coming to greet readers.On Monday, September 18 Tim Callahan author of the “Kentucky Summers” series will be at the Brookville Library at 4 p.m. and the Laurel location at 6:30 p.m. The series is loosely based on his childhood in Kentucky in the 50’s and 60’s.On Thursday, September 21 author of “The Real Scoop on Fake News”, K.T. Lowe will be at the Brookville Library at 6:30 p.m. She will provide some insight on how to separate “real” and “fake” news.last_img

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Davies out for the season

first_img Press Association Tottenham and Wales left-back Ben Davies is out for the rest of the season after undergoing surgery on the shoulder he dislocated at Southampton last weekend. The 22-year-old has made 14 Premier League appearances for Spurs since joining from Swansea last summer. “Ben Davies has undergone surgery after dislocating his shoulder in Saturday’s draw at Southampton,” a statement on Spurs’ official website said. center_img “The Wales international will miss the remainder of the campaign.” Spurs have four games left to play, beginning with Manchester City at home on Sunday. last_img read more

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UNO seeks revenge on Nicholls St.

first_imgSAVVY SENIORS: Nicholls State has relied heavily on its seniors this year. Warith Alatishe, Dexter McClanahan, Andre Jones and Elvis Harvey Jr. have combined to account for 62 percent of the team’s scoring this year and 66 percent of all Colonels points over the last five games.KEY CONTRIBUTOR: Troy Green has been directly responsible for 44 percent of all New Orleans field goals over the last three games. Green has 25 field goals and 12 assists in those games.WINLESS WHEN: New Orleans is 0-18 when scoring fewer than 75 points and 8-1 when scoring at least 75.UNBEATEN WHEN: The Colonels are 13-0 when they score at least 75 points and 6-10 when they fall shy of that total. The Privateers are 5-0 when at least five of their players score in double-figures and 3-19 on the year otherwise.STINGY STATE: Nicholls State has forced opponents into committing turnovers on 25.9 percent of all possessions this year, the fifth-highest rate among all Division I teams. Associated Press UNO seeks revenge on Nicholls St. February 27, 2020center_img Share This StoryFacebookTwitteremailPrintLinkedinRedditNew Orleans (8-19, 4-13) vs. Nicholls State (19-10, 13-5)David R. Stopher Gym, Thibodaux, Louisiana; Saturday, 4 p.m. ESTBOTTOM LINE: Nicholls State goes for the season sweep over New Orleans after winning the previous matchup in New Orleans. The teams last played each other on Jan. 25, when the Colonels shot 58.2 percent from the field while limiting New Orleans’s shooters to just 47.4 percent en route to a 77-72 victory. ___For more AP college basketball coverage: https://apnews.com/Collegebasketball and http://twitter.com/AP_Top25___This was generated by Automated Insights, http://www.automatedinsights.com/ap, using data from STATS LLC, https://www.stats.comlast_img read more

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Alabama among big winners — and losers — from college football media days

first_imgWhat did we learn from media day season? Here are the winners and losers … so far:MORE: Clemson’s ‘urgency’ bleeding over into rest of ACCCollege football media day winnersClemsonTrevor Lawrence wasn’t at the ACC Kickoff, so guard John Simpson did his best impersonation with a blond wig. That’s a sign the defending national champions haven’t lost their fun-loving personality, but the back and forth with Alabama players and Lawrence’s now-deleted dig at Paul Finebaum on Twitter suggests the Tigers have a mental edge.Is it QB Trevor Lawrence or OL John Simpson from Clemson? The Hybrid ‘carnated’ at #ACCKickoff @1010XL pic.twitter.com/sce982s7ie— Joe Cowart (@1010xljoec) July 17, 2019Clemson coach Dabo Swinney also insisted repeatedly that the Tigers are starting over.”Every team is a completely new challenge,” Swinney said. “It’s like having a new kid. I got three sons, they’re all different, all different challenges. You guys that are parents can understand that.We also understand the Tigers have first-team Sporting News preseason All-Americans in Lawrence, running back Travis Etienne and linebacker Isaiah Simmons.Mack BrownBrown is back, and the last five years in the booth made him even better on the podium. Brown, 67, is preparing for his second stint with the Tar Heels. For those who think it can’t be done, keep in mind Brown went 45-15 in his last five seasons the first time around with the Tar Heels.North Carolina has a challenging schedule in 2019, but Brown was as loose as ever in the spotlight.”I’m going to enjoy the players, I’m going to enjoy the game and I’m going to have a lot more fun this time than I did last time,” Brown said.Ryan DayThe first-year Ohio State coach stayed low profile while Michigan coach Jim Harbaugh made headlines at Big Ten Media Days (more on that in a bit). Day kept his answers short, sweet and maintained that, yes, that game against Michigan will be a top priority.”We respect those guys to the utmost and the program they have,” Day said, via MLive.com. “We know this year it’s going to be hard. Last year was a little bit of an anomaly; it got sideways, and we know it’s not going to be that easy this year. We’re going to have our hands full up there.”Given how Day has recruiting through the summer, that phase of the program hasn’t missed a beat. Now it’s time to do it on the field.NebraskaThe Huskers were picked to win the Big Ten West in Scott Frost’s second season. Nebraska will play with high expectations around Heisman Trophy dark horse Adrian Martinez, and it gets Wisconsin, Iowa and Northwestern at home. The Sept. 28 home matchup against Ohio State has ESPN College GameDay written all over it.Iowa StateThe Cyclones are picked third in the Big 12, right behind heavyweights Oklahoma and Texas — a nod to the continued progress under Matt Campbell. Iowa State plays at Oklahoma before a home game with Texas on Nov. 16.Ke’Shawn VaughnThe Vanderbilt running back rocked a custom-made suit for Media Days and had the shoes to go with it. The Commodores running back is a name worth knowing heading into 2019. The conference’s top returning rusher enters his senior season after totaling 1,244 yards and 12 touchdowns on 7.9 yards per carry in 2018.Ke’Shawn Vaughn shows off custom suit, discusses his “Nashville personality” and playing in his hometown. #SECMD19 pic.twitter.com/W6B2mzeRbp— FoxNashville (@FOXNashville) July 18, 2019Beards and mulletsWho wore it better?Illinois coach Lovie Smith’s beard …Here for the Lovie Smith beard progression pic.twitter.com/3QEa7ScSJe— Jasmine (@JasmineLWatkins) July 18, 2019… Or Oklahoma State coach Mike Gundy’s mullet?Mike Gundy mullet update: pic.twitter.com/lglbGktLT7— Yahoo Sports College Football (@YahooSportsCFB) July 15, 2019MORE: SN 2019 predictions, rankings, All-Americans and moreCollege football media day losersLes MilesThe Kansas coach is usually a media day star, but his first address to media fell awkwardly flat when he talked about the one-game suspension of running back Pooka Williams, who ­faced a misdemeanor domestic battery charge this offseason. No violence against a woman is OK,” Miles said. “I did not make this decision, but I stand by it and see it as a right one.” The one-game suspension comes after William was charged with misdemeanor battery after a woman alleged that “she was punched in the stomach, as well as grabbed by the throat.” “Violence will not be acceptable with women, period,” Miles said. “Action was taken immediately. We felt like a strong point was made, not only with Pooka but with the team. Pooka was going through a process for seven months. Pooka went through a legal investigation with the legal community and he also went through the proceeding with the conduct board with the university.” Miles dropped Pooka three times in that graph. Perhaps at least a three-game suspension or more would have made that point a lot stronger. ­­ Transfer waiversMichigan coach Jim Harbaugh made waves for his comments on Urban Meyer — we detailed why those were a wash here — but it was his comments on transfer waivers that got lost in translation.Harbaugh said players should be able to get a one-time transfer and not have to sit out. He’s 100 percent right about that, and it’s a policy the NCAA should adopt sooner rather than later.That message was distorted, however, considering he brought depression and mental health into the debate — and former Michigan player-turned-Cincinnati transfer James HudsonHarbaugh clarified his remarks, but the point stands: Let the players transfer once for free. Make them sit out a year the second time and make those waivers more difficult to get at that point.It really is that simple.”Horns Down” debate The Big 12 made clarifications on the “Horns Down” gesture, which, of course, is the inverse of Texas’ “Hook ‘Em” celebration. Opposing players can do the “Horns Down” celebration, but they cannot direct it at other players.And you thought traffic school was boring. The most ridiculous part was the explanation  former West Virginia coach Dana Holgorsen was given when David Sills V was penalized for the gesture last season. “I went to the refs and I said, ‘Who did he intimidate?” Holgorsen said, via ESPN.com. “They go, ‘He intimidated the crowd.’ He intimidated the crowd, is what they said.” There are a couple Twitter acronyms that go well here.South Carolina’s SEC title chancesThe Gamecocks received one vote to win the SEC East from media who cover the conference. Considering the difficulty of their schedule, that seems … unlikely.The Gamecocks’ conference schedule features crossover games with No. 1 Alabama (Sept. 14) and Texas A&M (Nov. 16), plus a visit to No. 3 Georgia on Oct. 12. That doesn’t even include a challenging SEC slate against Missouri, Kentucky, Florida and Tennessee — or the bookend games against nonconference opponents North Carolina (Aug. 31) or Clemson (Nov. 30).Will Muschamp’s biggest sound clip came after being asked if South Carolina was Clemson’s little brother. “We’re not the little brother.” ­Time to go out and prove it.Kelly Bryant’s Clemson breakupThe former Clemson quarterback Kelly Bryant is starting over at Missouri and will be the starter for a different Tigers’ team this year.Bryant, however, was a midseason transfer last season who brought up that he did not receive a national championship ring from Clemson. If the players are going to get more freedom to come and go, they cannot expect anything from the schools when they leave — let alone a national championship ring.Bryant still might get one down the line, of course, and he was complimentary of his former teammates beating Alabama. Other than that, it’s best to move on. Speaking of which. …MORE: Five reasons to expect Bama-Clemson V in 2019Win some, lose someAlabamaNick Saban talked quite a bit about Clemson at SEC Media Days, and he brought up former coaches with a pointed comment:”When we won the LSU game, it just seemed like people’s own agendas started to become more important,” Saban said.Alabama lost 44-16 to Clemson in the College Football Playoff championship game last season, and linebacker Dylan Moses saying Georgia was a tougher opponent than the Tigers seems ridiculous.Clemson handled the Media Day circus better than Alabama, but that doesn’t mean the Crimson Tide should be worried. Alabama boasted 12 selections to the 2019 preseason All-SEC first team, and 21 among the first, second and third teams. The SEC is still the Crimson Tide’s to lose, and they have all season to get their mind right if they want to take on Clemson again at season’s end. College football media days continue this week, but four of the five Power 5 conferences have already finished their peak talking seasons.Clemson and Alabama players engaged in an entertaining back-and-forth, Michigan’s Jim Harbaugh made headlines for his opinions on Urban Meyer and transfer waivers, and UNC’s Mack Brown shed some light on his return to the coaching ranks. Chances are we’re going to see this play out on the field at the Mercedes-Benz Superdome on Jan. 13.Pac-12Pac-12 Media Day is July 24 in Hollywood, and the conference will have the college football spotlight to itself this week. Too bad it also runs with the start of several NFL training camps, which will command a lot of attention from media.Our advice for the Pac-12 to stand out? Sell a storyline that doesn’t involve USC coach Clay Helton being on the hot seat. Oregon and Washington are legit Playoff contenders in Pac-12 North, and this is a big year for a conference that has been fighting the perception battle through the CFP era.last_img read more

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Listen To Your Children’s Concerns Over Recent Murder of Mother of…

first_imgIn the aftermath of the Asbury Park shooting Tuesday, when Neptune police Sgt. Philip Seidle was accused of shooting to death the mother of his nine children – his ex-wife – Tamara Seidle, in front of their youngest daughter, experts say parents’ and schools’ primary concern should be to help children talk about and cope with the traumatic news.Liz Rudder from CPC Behavioral Healthcare recommends that parents provide a comfortable environment for their children when they are discussing a traumatic event.“The goal is to be honest and open with dialogue,” Rudder said. “Communicating facts without the full detail is recommended.”It is essential to know what happened, but not necessarily the grim, gruesome details of it all.“Reassuring children that they are safe is extremely important,” Rudder said. “It isimpossible to protect kids from everything, especially since news is easily accessible through different outlets.”Shock ripped throughout Monmouth County, as news of the shooting became the lead story of local news outlets and quickly rose to national news prompting schools to take steps to help children cope with the event.Dr. Michael Lake, the Superintendent of Neptune Township School District, has taken a number of measures to ease student trauma. He arranged for a grief counseling team to come into the high school Wednesday morning and a crisis response team will be in school for the remainder of the week. Lake said the team will meet with the administration and provide guidance to students and teachers who are suffering from the crisis.The Monmouth County Prosecutor’s Office arraigned and formally charged Philip Seidle Wednesday with first-degree murder, second-degree possession of a weapon for an unlawful purpose and second-degree endangering the welfare of a child Wednesday.A judge denied the motion by Philip Seidle’s lawyer to reduce his bail, which is currently set at $2 million with no 10 percent option.He is currently being held in the Monmouth County Correctional Institution without parole and faces a maximum sentence of life imprisonment, or a minimum of 30 years, subject to the “No Early Release Act” requiring him to serve 85 percent of the sentence imposed before becoming eligible for release on parole.As Tamara Seidle was fleeing from her ex-husband, who was driving a 2005 Honda Pilot, her 2012 Volkswagen Jetta crashed into a parked car on Sewall Avenue, according to LeMieux.Philip Seidle got out of his vehicle, pulled out his .40-caliber Glock service handgun, approached the driver’s side of the Jetta and shot his ex-wife multiple times, LeMieux said.“He does this while his own daughter is located in his passenger seat – in his vehicle,” LeMieux told the judge.As Asbury Park police, who responded at 11:26 a.m. to an unrelated motor vehicle accident, arrived at the scene, they watched Seidle shoot multiple times into the car and did not pull their weapons. Seidle then put the gun to his head. At that point, police talked him into letting officers retrieve his 7-year old daughter from the passenger side of his Silver Honda Pilot and bring her to safety.Seidle then moved to the front of the Jetta, firing several more shots through the windshield at Tamara Seidle, and then pointed the gun at his head provoking a 20-to 25-minute standoff with police.He surrendered to police at 11:52 a.m., according to the release. Investigators from multiple departments were at the scene including Asbury Park, Neptune Township, the Monmouth County Prosecutor’s Office, Monmouth County Sheriff’s Office and the U.S. Marshal’s Service.The case is assigned to Monmouth County First Assistant Prosecutor Marc LeMieux. Monmouth County Detective John Leibfried and Asbury Park Detective Dan Kowsaluk are investigating.The couple, divorced May 27, had nine children together between the ages of 7 and 24.A meeting was held with Township Administrator Vito Gadaleta in hopes of putting together a task force of individuals who will provide financial help and stability for the Seidle children. A township wide fundraising appeal will take place and Neptune police have pledged to help.Lake said the Seidle children were school leaders as they were involved in extracurricular activities including sports, and Mrs. Seidle was a well-known mother at the Neptune Township schools.Not only was Mrs. Seidle involved with the schools, but she was also a “pillar of faith” within the Mother of Mercy Parish community, said the Bishop of the Diocese of Trenton David M. O’Connell, C.M.Tamara Seidle was the coordinator of religious education at the parish in Asbury Park.“Our minds cannot fathom the horror that transpired when Tamara Seidle was shot and killed in front of her own seven-year old daughter on Tuesday morning in Asbury Park,” O’Connell said in a press release.“Tamara had been such a pillar of faith within the community of Mother of Mercy Paris. The broken hearts of all those who knew her and worked with her, both in the parish and across the Diocese, are struggling with unimaginable and inconsolable grief at her loss.”The accused murderer is a 22-year veteran of the Neptune Township Police Department and was first hired as a patrolman in July 1993. He was promoted to sergeant in the Patrol Division in January 2009. He was also a veteran of the United States Navy, serving from March 1986 until his honorable discharge in November 1990.“(Philip Seidle) was an exemplary model of what a police officer should be,” Sofia Guerra, owner and editor at Always Catholic blog, said. “His kind personality, yet commanding presence quelled many disputes at a local hot spot.” Guerra said she is absolutely shocked that this happened, as she has known Seidle as a long time Neptune resident.Connor White, Joey Dominguez and Samantha Caramela contributed to this storylast_img read more

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GAA NEWS: GLENSWILLY HOST ST EUNANS IN LEAGUE

first_imgFoxhall is the setting this Sunday evening for what promises to be a tight league clash between Glenswilly and St Eunans in the league.A great crowd is expected with both the reserves and senior teams lining out for what are always tight games of football.The reserve game throws in at 6pm while the senior games starts at 7.30pm.GAA NEWS: GLENSWILLY HOST ST EUNANS IN LEAGUE was last modified: July 10th, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

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Logan Couture, Martin Jones lead Sharks past Calgary Flames

first_imgCLICK HERE if you are having a problem viewing the photos on a mobile deviceSAN JOSE — Timo Meier and Tomas Hertl scored their first goals of the season Sunday night, and they both had Logan Couture to thank for the assists.Couture set up Meier for his goal at the 3:04 mark of the first period then found Hertl for a shorthanded marker late in the second period as the Sharks won for the first time at home this season, beating the Calgary Flames 3-1 at SAP Center.Kevin Labanc added another …last_img

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When Data Doesn’t Fit the Consensus

first_imgLike evolutionists, climate scientists have ways of oversimplifying or neglecting inputs that could challenge their paradigm.Models for climate change must deal with numerous factors, some independent, some overlapping with other factors in complex feedback loops. It’s impossible to get everything in line for a political sound bite, as the examples below illustrate. Major input estimates can be way off. Whether the factors listed here help or hurt the consensus view on anthropogenic climate change is less important than the question: what other factors are being overlooked or wrongly estimated? What are the unknown unknowns? (See also 9/19/16, “Climate is not clear for change”).Estimates on glacial erosion rates were biased. Science Magazine reports that systematic biases are calling into question estimates of erosion rates in glaciated environments:Deciphering erosion rates over geologic time is fundamental for understanding the interplay between climate, tectonic, and erosional processes. Existing techniques integrate erosion over different time scales, and direct comparison of such rates is routinely done in earth science. On the basis of a global compilation, we show that erosion rate estimates in glaciated landscapes may be affected by a systematic averaging bias that produces higher estimated erosion rates toward the present, which do not reflect straightforward changes in erosion rates through time.Don’t forget the aerosols. Small particles affect cloud condensation, which in turn affect climate by “substantially” influencing the reflectivity of the earth. Scientists reporting in PNAS that researchers may have wrongly estimated the contribution of multiphase dimethyl sulfide (DMS) on cloud formation.Climate models indicate the importance of dimethyl sulfide (DMS) oxidation in new aerosol particle formation and the activation of cloud condensation nuclei over oceans. These effects contribute to strong natural negative radiative forcing and substantially influence the Earth’s climate. However, the DMS oxidation pathway is not well-represented, because earlier model studies only parameterized gas-phase DMS oxidation and neglected multiphase chemistry. Here, we performed the most comprehensive current mechanistic studies on multiphase DMS oxidation. The studies imply that neglecting multiphase chemistry leads to significant overestimation of SO2 production and subsequent new particle formation. These findings show that an advanced treatment of multiphase DMS chemistry is necessary to improve marine atmospheric chemistry and climate model predictions. How much carbon can the soil hold? Another input is being revised. Estimates of soil carbon sequestration are in need of revision, a paper in Science Magazine says:Soil is the largest terrestrial carbon reservoir and may influence the sign and magnitude of carbon cycle–climate feedbacks. Many Earth system models (ESMs) estimate a significant soil carbon sink by 2100, yet the underlying carbon dynamics determining this response have not been systematically tested against observations. We used 14C data from 157 globally distributed soil profiles sampled to 1-meter depth to show that ESMs underestimated the mean age of soil carbon by a factor of more than six (430 ± 50 years versus 3100 ± 1800 years). Consequently, ESMs overestimated the carbon sequestration potential of soils by a factor of nearly two (40 ± 27%). These inconsistencies suggest that ESMs must better represent carbon stabilization processes and the turnover time of slow and passive reservoirs when simulating future atmospheric carbon dioxide dynamics.An editorial in Nature takes a peek into the sociology of climate science. Are political conclusions rushing ahead of good observational science? The editors advise, “The maximum climate ambition needs a firm research backing,” implying that firm research backing is lacking. The editors discuss how the fix on the 2-degree target overlooks a different, lower target that may or may not be practical. “We need to know what the 1.5 °C warming target will involve — even if we don’t reach it,” they say. Deadlines, meetings, and conferences put pressure on these arbitrary targets, showing that scientists do not necessarily calmly assess data in a dispassionate manner. They have to meet the IPCC deadlines. Could this reduce the reliability of their published results? You can’t always rush a conclusion requiring lots of data, measurement, and analysis.Unless the politics swirling around energy and climate policy change dramatically, the targets are clearly out of reach, but that does not mean that the IPCC’s latest research exercise is a waste of time. Regardless of any particular political target, the work can shed light on what deep decarbonization might mean for both human societies and the natural environment. That is information that policy­makers — particularly those pushing for aggressive action — can use. Each solution comes with its own challenges: technical, ethical, social and political. So much for disinterested science. This is a hotbed of social and political forces that apparently want data that supports their own talking points.Geoff Cumming explains one reason so many scientific studies may be wrong: misuse of statistics. Writing for The Conversation, he discusses p-hacking and other errors that have put science into a “reproducibility crisis” invading even the top research journals. While not specifically addressing climate science, he gives this humorous caution that applies to all research: “Statisticians have a saying: if you torture the data enough, they will confess.”Science cannot be understood outside of its social, historical and worldview context. Some areas of science, being apolitical, are less vulnerable to those forces than others: who cares how many electrons are found to exist in a particular element’s inner shell? You can repeat some experiments over and over. But climate science is very political, very complex, and non-repeatable. So is evolutionary theory. That makes both of them hotbeds of social, political and worldview influences on the way the members of the guild behave. The more a science becomes political, the more citizens should be wary of its advocates’ strong pronouncements.You can tell when a consensus is weak. They call their opponents crazy. Science Daily reports on psychologists who think they have figured out “The psychology behind climate change denial.” We retort with, “The theology behind calling others crazy.” It’s also known as the fallenness of human nature.(Visited 76 times, 1 visits today)FacebookTwitterPinterestSave分享0last_img read more

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US fund’s R1.3bn housing boost

first_img9 May 2008USA-based International Housing Solutions (IHS) has raised some US$175-million (about R1.3-billion) in capital from institutional investors for its newly launched South Africa Workforce Housing Fund.In a statement this week, Municipal Mortgage & Equity – commonly known in America as MuniMae – said that its affiliate, the IHS, would use the fund to invest in rental and for-sale housing for low and moderate-income families in the country.IHS provides innovative financial solutions, including debt and equity, to owners and developers of affordable housing projects, opening its Africa head office in Rosebank, Johannesburg, in 2007.MuniMae is widely recognized as a leader in US affordable housing finance, with over $12-billion of affordable housing investments under management for institutional investors.The company also expects several additional investors to commit further capital to the SA Fund, increasing its size to $240-million (about R1.8-billion), enough to fund the construction of an estimated 30 000 homes, and help meet the large and growing demand for housing in South Africa.“We began IHS in order to bring our expertise in financing affordable housing projects to countries around the world,” said MuniMae CEO Michael Falcone. “We now have top-notch teams of investment professionals in South Africa and the UK bringing MuniMae expertise to housing in those markets.”Spurring developmentSouth African property developers had found it difficult to raise capital for large-scale affordable housing developments, IHS SA country director Elize Stroebel told Property24 this week, adding that IHS helped developers finance affordable housing projects in the form of equity.“The equity allows developers to obtain larger loans from the banks at a reduced borrowing cost, which in turn allows them to build bigger developments without having to phase them in or conduct large pre-sales,” she told the website.“As the developers achieve more scale in their projects, they are able to pass the lower costs on to middle income families, in the form of lower rentals and selling prices which in the current South African economic climate is a huge benefit to these families.”The $175-million of capital commitments includes $95-million from a North American pension fund and a US foundation endowment, as well as up to $80-million committed in participating debt from the US Overseas Private Investment Corporation, a US government-sponsored agency that supports American investments in emerging markets.The company believes the fund will help leverage returns for fund investors while spurring economic and housing development in South Africa.“Our international activities have become increasingly important, as the credit market disruption has impacted fund raising ability for US projects,” said Falcone. “We believe our success in raising this fund demonstrates the confidence these capital partners have in MuniMae.”SAinfo reporter Would you like to use this article in your publicationor on your website?See: Using SAinfo materiallast_img read more

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