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News Clips

The Washington Post , Wednesday, February 25, 2015
(RECAP: Arlington County Board members unanimously approved two new developments along Columbia Pike late Tuesday and early Wednesday, allowing the sale of a historic African-American enclave and lending a nonprofit developer $19 million for a new 229-unit affordable housing project. The first decision was greeted with joy by residents, who have long wanted to sell the 44 low-rise townhouses. But the second decision came only after four hours of discussion, in which advocates of affordable housing and residents of an adjacent condominium argued over whether the proposed Columbia Hills project was appropriate for the site.)
Mortgage Professional America , Wednesday, February 25, 2015
(RECAP: The recent announcement of the declining profits at Fannie Mae and Freddie Mac is reviving previous efforts made by policymakers pushing Congress to move quickly on advancing housing finance reform. Fannie’s fourth quarter earnings fell by 66% from $6.5 billion in Q4 2013 to $1.3 billion in Q4 2014. Freddie reported a profit of $227 million in the fourth quarter compared to $8.6 billion a year ago and said it would send the government $900 million.)
Star Exponent , Wednesday, February 25, 2015
(RECAP: A nonprofit developer of affordable housing is proposing to build a 38-unit apartment complex off of Sperryville Pike, and is seeking low income housing tax credits from the state - and the town of Culpeper's support - to do so, claiming the area is blighted. Town staff disagrees, however, saying the specific neighborhood is not dilapidated while also expressing concerns about substandard streets in the area not being able to handle an anticipated major increase in traffic from the extra houses.)
PR Newswire , Tuesday, February 24, 2015
(RECAP: Consumer sentiment concerning the Virginia real estate market remains strong, accelerating after a modest dip at the end of 2014, according to the latest poll conducted by the Institute for Policy and Opinion Research at Roanoke College. Respondents are split over the direction of mortgage rates in the coming year, leading to an ambiguous impact on the market. Sellers appear concerned about the coming year in Southwest Virginia, potentially due to an anticipated surplus of homes from residents who are relocating as a result of Norfolk Southern's closure in Roanoke.)
Martinsville Bulletin , Tuesday, February 24, 2015
(RECAP: A project to revitalize a run-down neighborhood on Martinsville’s north side officially is underway, although construction has not yet started. The city is receiving a $943,904 Community Development Block Grant to upgrade Franklin, Dillard and Ruffin streets and Warren Court along with 44 residential structures along them. Of the 44 structures to be renewed, 12 are vacant, 10 are owner-occupied and 22 are rental housing. The city plans to buy five vacant homes in the 100 block of Warren and the 500 block of Dillard. Two will be rehabilitated and sold at market value to give home ownership opportunities to low- to moderate-income families. The three others will be demolished and rebuilt, then sold.)
The News Virginian , Tuesday, February 24, 2015
(RECAP: The housing picture showed robust growth in both single-family and multi-family construction in Augusta County in 2014. Augusta County supervisors learned Monday that single-family housing increased 14.2 percent over 2013 with permits issued for 168 units. And the average value of those units increased more than $15,000 to $191,195 in 2014. Building Official G.W. Wiseman said multi-family housing such as apartments and townhouses increased from 206 in 2013 to 250 in 2014. The per unit value decreased $80,466, more than $48,000 less than in 2013.)
Fairfax Times , Tuesday, February 24, 2015
(RECAP: The Fairfax County Board of Supervisors is poised to approve the redevelopment of a 24-acre area surrounding the iconic Washington Plaza, including the county-owned Crescent Apartments. Crescent is currently a county-run affordable housing complex. As part of its agreement with the county, Lake Anne Development Partners will provide 185 replacement affordable apartments and designate 20 percent of the other units as affordable and workforce housing, restricted to people with a range of income levels.)
The Wall Street Journal , Monday, February 23, 2015
(RECAP: Federal Reserve Chairwoman Janet Yellen goes to Capitol Hill this week to deliver her semiannual testimony on monetary policy and the economy. Every utterance is potentially market-moving, coming at a time when the Fed is considering when to start raising short-term interest rates after holding them near zero since late 2008. Here is a smattering of the types of questions she is likely to get from lawmakers—and the sorts of answers Ms. Yellen can be expected to deliver.)
CNBC , Sunday, February 22, 2015
(RECAP: Some fresh light could soon be shed on the market's biggest mystery. On Tuesday and Wednesday, Federal Reserve chair Janet Yellen is set to testify before the U.S. Senate and House, respectively. Investors will likely be listening with keen ears, hoping for a hint about when the Fed will finally hike interest rates from their crisis-era lows. In the minutes from their January meeting released on Wednesday, Fed policymakers appeared a bit less eager to hike rates than investors had anticipated.)
CNBC , Sunday, February 22, 2015
(RECAP: More than $37 million in monthly housing subsidies for needy people ended up in the wrong hands last year because HUD doesn't know how to verify who's eligible for its program. The housing subsidies are intended for low-income people who meet the "community service and self-sufficiency requirement" or CSSR. HUD's Inspector General found that tenants in living in at least 106,000 of the 550,000 subsidized houses didn't meet the service or job training requirements needed to qualify for the program.)
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