FAIRFIELD CONNECTICUT BUILDING EXPERT
DIRECTORY AND CAPABILITIES

Recession Graduates’ Six-Year Gap in Homeownership

October 15, 2014 — Beverley BevenFlorez-CDJ STAFF
According to Zillow Real Estate Research, “Five years after completing their degree, young adults who graduate into a recession still have a lower homeownership rate than peers graduating into normal economic times. But at six years this gap disappears.” Zillow’s research demonstrated “that graduating into a recession has a lasting adverse effect on young adults’ employment and earning, a phenomenon known as labor market ‘scarring.’” Furthermore, “Homeownership is closely tied to the labor market, particularly among young adults, and some preliminary evidence suggests that a similar ‘scarring’ effect occurs with respect to the homeownership rate among young adults who graduate into a weak economy.” Read the court decision
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Winter COVID-19 Relief Bill: Overview of Key Provisions

January 04, 2021 — White and Williams LLP
In a much needed holiday gift for businesses and individuals who continue to be affected by COVID-19, Congress finally approved a $900 billion aid package follow-up to the CARES Act (the Winter Covid-19 Relief Bill), the several trillion dollar stimulus that was enacted early in the pandemic. The bill, part of the larger annual spending bill, will hopefully be signed into law by President Trump in the coming days although the President has indicated his disappointment about the small amount of direct relief to individuals included in the bill. The bill was passed by both houses of Congress by a veto proof majority and is expected to become law whether or not the President chooses to exercise his veto power. White and Williams has and will continue to provide more detailed updates on important components of the legislation, some of which address matters beyond COVID-19-related relief and support, including a new Paycheck Protection Program and tax deductibility of expenses paid for with PPP funds, extension and expansion of the employee retention tax credit, direct payments to individuals, additional unemployment assistance, restrictions on surprise medical billing, rental assistance and extension of the eviction moratorium, education funding, vaccine distribution, testing and tracing, and other healthcare funding. In the meantime, here is a brief overview of several pieces of the legislation: Paycheck Protection Program The Winter COVID-19 Relief Bill provides for $284 billion of funding for a new round of the popular Paycheck Protection Program (PPP), which was established by the CARES Act and allowed borrowers to receive forgivable loans to be used to retain employees and cover certain other basic operating expenses. New and existing businesses may participate in the program. However, eligibility for PPP Part II is more restrictive and targeted then the original PPP. Read the court decision
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Reprinted courtesy of White and Williams LLP

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SEC Approves New Securitization Risk Retention Rule with Broad Exception for Qualified Residential Mortgages

November 26, 2014 — Neil P. Casey & Lori S. Smith – White and Williams LLP
The Securities and Exchange Commission (SEC) and five other federal agencies recently approved a joint rule (the “Risk Retention Rule”) mandating that sponsors of certain types of securitizations retain a minimum level of credit risk exposure in those transactions and prohibiting such sponsors from transferring or hedging against that retained credit risk.[i]The final Risk Retention Rule will be effective one year after its publication in the Federal Register for securitizations of residential mortgages, and two years after publication for securitizations of all other asset types. The SEC vote was 3-2, with sharp dissents from Commissioners Gallagher and Piwowar concluding that the adopting agencies had missed a prime opportunity to rein in risky mortgage lending practices that had precipitated the 2008 financial crisis. Background Following the meltdown of the securitization markets in 2007 (particularly subprime residential mortgage-backed securities), and the resulting global financial crisis, the Dodd-Frank Act mandated that the U.S. federal banking, securities and housing agencies adopt and implement rules to require sponsors of most new securitizations to retain not less than five percent of the credit risk of any assets that the securitizer, through the issuance of an asset-backed security, transfers, sells or conveys to a third party. It was thought that requiring securitization sponsors to keep “skin in the game” would align the interests of the sponsors with the interests of investors and thereby incentivize the sponsors to ensure the quality of the assets underlying the securitization through appropriate due diligence and underwriting procedures when selecting assets for securitization. Although the Dodd-Frank Act explicitly exempted securitizations of certain types of mortgage loans called “qualified residential mortgages” (or “QRMs”) from this risk retention requirement, it invited the rulemaking agencies to define that key term, provided that their definition could be no broader than the definition of “qualified mortgage”adopted by the Consumer Financial Protection Bureau (CFPB) pursuant to the Truth in Lending Act.[ii] In considering how to define QRM, the rulemaking agencies were directed by the Dodd-Frank Act to take into consideration “underwriting and product features that historical loan performance data indicate result in a lower risk of default.”[iii] Reprinted courtesy of Neil P. Casey, White and Williams LLP and Lori S. Smith, White and Williams LLP Mr. Casey may be contacted at caseyn@whiteandwilliams.com; Ms. Smith may be contacted at smithl@whiteandwilliams.com Read the court decision
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Protect Your Right To Payment By Following Nedd

August 03, 2022 — Denise Motta - Gordon & Rees Construction Law Blog
In order to preserve your right to payment, you must satisfy the contractual requirements supporting a change order for the increased costs or time due to the delay. The key to the successful presentation of change order claims is educating your team on the following: 1. NOTICE

• Review the change order and notice provisions of your contracts. Make your contract searchable and insert the term “Noti” and look for the items listed below.
• Who: Check the designated representative for notice.
• It may not be the project manager.
• Confirm who can authorize the change order.
• Is owner approval required?
• Ensure that the party approving the change order has authority to do so.

• What: Check for specific information required by the contract.
• Provide ALL information available.
• If certain information is not yet available, state that the information will be provided when available.
• Reserve all rights to amend and submit additional information.
• Request both an increase to the Contract Sum and Contract Time.
• Make the request even if you do not believe the delay or time necessary will cause a significant impact.

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Reprinted courtesy of Denise Motta, Gordon Rees Scully Mansukhani, LLP
Ms. Motta may be contacted at dmotta@grsm.com

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Global Emissions From Buildings, Construction Climb to Record Levels

November 28, 2022 — Gautam Naik - Bloomberg
Carbon-dioxide emissions from building construction and operations hit an all-time high in 2021, according to the most recent data, a sign that the push to decarbonize the industry by 2050 may be slipping out of reach. Energy-related emissions from the operation of buildings reached 10 gigatonnes of CO2 equivalent, 5% higher than 2020 levels and 2% more than the pre-pandemic peak in 2019, according to data compiled by the Global Alliance for Buildings and Construction. Operational energy demand in buildings for heating, cooling, lighting and equipment rose about 4% from 2020 levels, the group said. While investments in building energy efficiency increased 16% last year to $237 billion, the growth in floor space outpaced efficiency efforts. As a result, “the gap between the climate performance of the sector and the 2050 decarbonization pathway is widening,” the report concluded. Read the court decision
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Reprinted courtesy of Gautam Naik, Bloomberg

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A Court-Side Seat: Permit Shields, Hurricane Harvey and the Decriminalization of “Incidental Taking”

May 31, 2021 — Anthony B. Cavender - Gravel2Gavel
This is a brief review of some of the significant environmental (and administrative law decisions) released the past few weeks. THE U.S. SUPREME COURT On April 22, 2021, the Court decided two important administrative law cases: Carr, et al. v. Saul and AMG Capital Management v. Federal Trade Commission. Carr, et al. v. Saul In this case, the constitutionality of Social Security Administrative Law Judges (ALJs) hearing disability claims disputes was at issue. More precisely, were these ALJs selected in conformance with the Appointments Clause of the Constitution? A similar issue was litigated in the case of Lucia v. Securities and Exchange Commission. There, the Court held that many of the agency’s ALJs were not selected in conformance with the Appointment’s Clause. Here, the Court held that this issue could be decided by the courts without compelling the litigants to first exhaust their administrative remedies. Thousands of ALJs are employed by the federal government, and it may take some time to resolve this question for every agency. AMG Capital Management v. Federal Trade Commission In this case, the court held, unanimously, that the Commission does not presently have the authority to employ such equitable remedies as restitution or disgorgement. Read the court decision
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Reprinted courtesy of Anthony B. Cavender, Pillsbury
Mr. Cavender may be contacted at anthony.cavender@pillsburylaw.com

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GIS and BIM Integration Will Transform Infrastructure Design and Construction

October 09, 2018 — Nicolas Mangon - Engineering News-Record
An unfortunate fact of the architecture and engineering professions and the construction industry is that, between every stage of the process—from planning and design to construction and operations—critical data is lost. Read the court decision
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Reprinted courtesy of Nicolas Mangon, ENR
ENR may be contacted at ENR.com@bnpmedia.com

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Designing a Fair Standard of Care in Design Agreements

February 21, 2022 — ConsensusDocs
One of the concerns faced by construction companies is now design liability. Design liability concerns are not limited to just design-build projects. It is a hot-button issue for builders because the line between an architect’s responsibility to create sufficient design documents and a builder’s responsibility to execute the means, methods, and techniques is increasingly blurry. Problems arise when owners, design professionals, and builders point fingers, rather than truly collaborate, and communicate. While construction technologies used to assemble complex systems within buildings are increasingly sophisticated, such sophistication is unfortunately not matched with increased information sharing and effective communication. Another reason for growing design liability is unclear and inadequate specifications. Too often projects rush as well as shortchange design budgets. And some projects use hybrid prescriptive and performance specifications. This hybrid approach often confuses and obfuscates rather than clarifies design requirements. Read the court decision
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Reprinted courtesy of ConsensusDocs

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