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News Clips, Wednesday, November 25, 2015
(RECAP: More young adults are now living with their parents than during the recession, according to U.S. Census data. The share of 18-to-34-year-olds living with their parents was 31.5% as of March 2015, up from 31.4% last year, according to a report from the Commerce Department on Monday. In 2005, just 27% of young adults lived with their parents, a number that has climbed pretty steadily since then. But the trend of young people continuing to live at home is unlikely to significantly reverse course any time soon, even as the economy improves. The rise in children living with their parents is largely related to the fact that people are marrying and having children later, not to the weak economy and housing market. Single people without children are more likely to continue living at home much later.)
NCSHA, Tuesday, November 24, 2015
(RECAP: Last week, Moody's Investors Service released a report predicting a stable financial outlook in 2016 for state HFAs. The report concludes that the continued growth of state HFAs median margins (net revenue/total revenue) and strong loan production indicates a stable outlook for fiscal year (FY) 2016. Moody's says HFAs must begin to rebuild their balance sheets by adding more mortgage loan assets to their portfolios to achieve a positive outlook. The report also stresses the importance of HFAs' strong loan production in 2014 and 2015 as a contributing factor to the sector's stable outlook. State HFAs' loan production is expected to grow to $11.5 billion by the end of calendar year (CY) 2015, up from $9.7 billion in CY 2014.)
Richmond Times-Dispatch , Tuesday, November 24, 2015
(RECAP: In a stone courtyard flanked by well-kept apartment units adjacent to an intersection that was once an open-air drug market, Richmond Councilwoman Ellen F. Robertson beamed. The complex that hosted a throng of city officials, including Mayor Dwight C. Jones, on Tuesday was restored with the help of $112,000 from Richmond’s Affordable Housing Trust Fund, which had sat dormant since its establishment in 2008. That investment, Robertson said, will support the development or rehabilitation of nearly 200 affordable housing units in a city with a 26 percent poverty rate and too few options for cost-burdened families. Officials said that awards from the fund are designed to encourage the development of these units, which otherwise might not be built.)
RealEstateRama, Tuesday, November 24, 2015
(RECAP: HUD announced the availability of new funding to help local communities across the country to redevelop severely distressed public and HUD-assisted housing and transform surrounding neighborhoods. The funding announcement introduces an additional, innovative component to the Choice Neighborhoods Planning Grant, called Planning and Action Grants. Grants of up to $2 million will enable communities to create a locally driven plan to transform struggling neighborhoods, as well as implement early improvements, such as reclaiming vacant property and attracting new businesses. Choice Neighborhoods Planning Grant funds are available for public housing authorities, local governments, nonprofit organizations, and tribal entities. Applicants must submit a completed electronic application through by February 9, 2016.), Monday, November 23, 2015
(RECAP: With little fanfare or formality, over the last two months Freddie Mac has rolled out two programs that provide financing for workforce housing renovation or rehabs. One program, ingloriously called Moderate Rehab Loan Program supports major renovations of a property. It is a hybrid offering befitting this specific scenario. The other product is called Bridge to Resyndication. As the name suggests, it is a bridge loan for Low Income Housing Tax Credit developers that need capital to reposition existing LIHTC properties for recapitalization under the program. Both products are fairly complicated and highlight Freddie’s growing ability to tap the capital markets to support such offerings.)
CNN Money , Monday, November 23, 2015
(RECAP: The tech giant launched Google Compare for mortgages on Monday that will allow potential home buyers to find and compare home loans. With Google Compare, users will be able to enter personal information, including property value, down payment size and approximate credit score to get tailored results. The results will also show lenders' ratings and reviews. The product is currently only available in California, but the company plans to expand into other states. Google is registered as a licensed mortgage broker. Though the company won't be financing mortgages, it will aggregate quotes from local and national lenders it has partnered with, including Zillow and Lending Tree, to help users find the best mortgage.)
Richmond Times-Dispatch , Monday, November 23, 2015
(RECAP: Revitalization in Richmond’s Manchester District south of the James River is about to ramp up again. A local developer last week bought a 12.8-acre parcel — where empty warehouse buildings sit, off Semmes Avenue near Cowardin Avenue — for $3.7 million. Allen said Harper Associates envisions a mixed-use development involving retail. But the process is just beginning to unfold. “We closed on Thursday, and now the work begins.” The property was purchased by Manchester Town Center, a limited liability company managed by Harper Associates, from Alleghany Waterhouse Co. Inc.)
The Free Lance-Star , Friday, November 20, 2015
(RECAP: A local developer is suing the Fredericksburg City Council for what he claims is an illegal action concerning his plan to build townhouses behind the National Bank Building downtown. NBB LLC, a division of Mike Adams’ JON Properties, filed suit this week seeking to void the council’s Nov. 10 vote that suspended Architectural Review Board approval of the project. Adams plans to renovate the National Bank Building on Princess Anne Street and build seven four-story brownstones on the 300 block of George Street behind the bank. A public hearing was held Sept. 14. On Oct. 26, the ARB approved NBB’s application for mass and scale, its site plan and the removal of the bank’s drive-through lanes and issued a certificate of appropriateness. The ARB approved the remaining architectural features Nov. 9.)
The Virginian-Pilot, Friday, November 20, 2015
(RECAP: A new development is in the works for Town Center, and it’s designed to expand on the area’s entertainment and residential successes. Groundbreaking for a new building on Block 9 — currently a surface parking lot east of the Westin — could begin as early as the first quarter of next year, pending City Council approval. Armada Hoffler would develop the site with the city paying for infrastructure. The project would include a residential tower with studio and one-bedroom apartments, a live performance theater, a restaurant and retail shops.)
NCSHA, Friday, November 20, 2015
(RECAP: Today, HUD published on its website the 2016 Difficult Development Areas (DDAs) and Qualified Census Tracts (QCTs), which are eligible for the 30 percent basis boost under the Housing Credit program. As HUD has long planned, the methodology for determining 2016 metropolitan DDAs relies on new Small Area Fair Market Rents, and thus result in 311 zip code level small area metropolitan DDAs across 45 states, the District of Columbia, and Puerto Rico. This compares to 35 full metropolitan statistical areas in 11 states plus Puerto Rico that HUD designated as DDAs in 2015. The HUD notice also extends the period during which the 2016 DDAs will be effective from 365 days to 730 days.)
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