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News Clips

The Washington Post , Wednesday, October 07, 2015
(RECAP: While all homeowners benefit from federal and state tax deductions associated with their house, first-time buyers in Virginia may be eligible for a program that boosts the tax benefits of purchasing property. The Virginia Housing Development Authority (VHDA) has introduced a Mortgage Credit Certificate program that allows eligible borrowers to claim a tax credit for part of the mortgage interest they pay. Unlike an income tax deduction, an MCC is a dollar-for-dollar credit against the federal income tax they pay. The credit is equal to 20 percent of the mortgage interest paid. In addition, the other 80 percent of mortgage interest paid is still eligible for a tax deduction. The MCC is effective for the life of the mortgage as long as the buyers live in the home.), Wednesday, October 07, 2015
(RECAP: The majority of property managers are planning on showing little mercy to their tenants this year. Some 88% of property managers raised their rent in the last 12 months and 68% predict that rental rates will continue to rise in the next year by an average of 8%, according to a survey of more than 500 of’s property management customers, which the site says represents thousands of rental properties and hundreds of thousands of rental units. That’s nearly three times the wage increase that most employees can expect this year. What’s more, 55% of property managers said that they are less likely to offer concessions or lower rents in order to fill vacancies.)
The Washington Post , Wednesday, October 07, 2015
(RECAP: Northern Virginia has had a so-so housing market thus far in 2015, and David Howell, executive vice president and chief information officer of McEnearney Associates in McLean, says he thinks it will finish out that way, too. “All of the numbers in 2015 year-to-date have been better than 2014 in Northern Virginia, but frankly, 2014 wasn’t that great,” says Howell. “While sales contracts have been up 8 percent so far in 2015, this year so far is only ranked at the fourth best out of the past seven years.” Howell says Northern Virginia is still shaking off the impact of sequestration, which slowed the market in 2014.)
C-ville, Wednesday, October 07, 2015
(RECAP: The public announcement September 21 that Piedmont Housing Alliance would option its right of first refusal to purchase the land and housing complex of Friendship Court has the potential to forever change the landscape and fabric of downtown Charlottesville. The fully occupied 150-unit complex, designated as lower-income housing, sits sandwiched between the increasingly popular Ix Art Park and the Downtown Mall. Although the proposed acquisition won’t happen until the end of 2018, plans are already underway to redesign the 11.75-acre property. Frank Grosch, CEO of PHA says, “We are absolutely committed to keeping the Section 8 housing, and to preserve the community and families that live there.” Although none of those families were invited to attend that announcement, Grosch explains that PHA is still keeping everything internal.)
HousingWire , Wednesday, October 07, 2015
(RECAP: Aiming to provide lenders with “more clarity and transparency” and encourage increased access to credit to worth borrowers, Fannie Mae and Freddie Mac announced a set of new policies pertaining to mortgage buybacks. The new rules, which take effect on Jan. 1, 2016, establish a list of potential alternatives to repurchase that either of the government-sponsored enterprises could offer to lenders in the event of underwriting defects. Additionally, Fannie Mae and Freddie Mac are providing specific guidance on what kinds of loan defects could lead to a repurchase request or an alternative remedy.)
Bloomberg, Tuesday, October 06, 2015
(RECAP: Goldman Sachs Group Inc. says there’s a chance the Federal Reserve will delay its planned interest-rate increase well into 2016, or even later. Treasuries pared a selloff from Monday, when 10-year yields rose the most in two weeks. While a December liftoff is still Goldman Sachs’s central forecast, a slowdown in output and employment may justify the Fed keeping the near-zero rate policy for “much longer, well into 2016 or potentially even beyond,” Jan Hatzius, the bank’s New York-based chief economist, wrote in a note to clients. The probability the central bank will increase rates this year has dropped to 36 percent, from 60 percent odds at the end of August, according to futures data compiled by Bloomberg.)
CPDC, Tuesday, October 06, 2015
(RECAP: Community Preservation and Development Corporation (CPDC) recently announced it will begin revitalization and historic preservation of a century-old school building in a prime area of Richmond’s Highland Park community. The building — which has stood on the corner of Brookland Park Boulevard and Second Avenue for generations — will soon reopen as Highland Park Senior Apartments, offering 77 new and affordable apartments for seniors currently housed at the Richmond Redevelopment & Housing Authority’s Fredrick A. Fay Towers.)
HousingWire , Tuesday, October 06, 2015
(RECAP: Seven years after Fannie Mae and Freddie Mac were placed into conservatorship, there is still a lack of consensus on how to reform the GSEs. Two panels hosted by the Bipartisan Policy Center on Tuesday explored GSE reform, including the primary issue of conservatorship and bringing in private capital, with a focus on risk-sharing — specifically “front-end” versus “back end” — and looked more broadly at how to make housing finance more sustainable. The second, keynote panel featured two of the upper chamber of Congress’ leading housing policy leaders, Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va. Corker and Warner were authors of Corker-Warner, a housing reform bill that failed in the Senate. Warner said bridging the gap between the left and the right on housing policy was a hard chasm to bridge.)
The Virginian-Pilot, Monday, October 05, 2015
(RECAP: How many apartments can fit in a school auditorium? The answer is eight at the old Kempsville High. Kempes Village LLC is investing $30 million in the property at the southwest corner of Kempsville and Princess Anne roads. The 525@Historic Kempsville project involves converting the school into 24 apartments and building two complexes on land behind it. The one-, two- and three-bedroom units will rent for $900 to $1,600 a month.)
Richmond BizSense, Monday, October 05, 2015
(RECAP: Hundreds of residential units are being planned as part of the Church Hill North Revitalization project, a massive undertaking in the East End to upgrade low-income neighborhoods. Now, according to developers, 45 of those residences are being designed specifically for senior citizens. The project is led by the Boston-based nonprofit The Community Builders and the Richmond Redevelopment and Housing Authority. Its overall plan involves using the vacant 22-acre Armstrong High School to build a minimum of 50 single-family homes, 140 stacked townhome units and 110 apartments. The Armstrong project is part of the larger undertaking to redevelop the entire Creighton Court neighborhood, revamping the public housing complex there to make room for so-called mixed-income housing. The entire project is likely to cost upwards of $100 million.)
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