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Richmond BizSense, Thursday, September 22, 2016
(RECAP: As interested developers prepare their proposals, the site of a planned redevelopment along the Boulevard is becoming a cleaner slate. Demolition of 22 city-owned buildings and miscellaneous structures around The Diamond is wrapping up, on parts of the 60-acre site where the City of Richmond is planning a massive mixed-use development. The work is making way for a mixed-use development that would replace The Diamond with as many as 4,000 housing units, 500,000 square feet of retail and entertainment space, 375,000 square feet of office or flex space, and a hotel totaling as many as 250 rooms. Those numbers were listed in a market analysis as the highest and best use for the city-owned site, which includes The Diamond, the adjacent Arthur Ashe center and other city-controlled properties that make up the 60-acre site.)
NCSHA, Thursday, September 22, 2016
(RECAP: On September 22, Senate Finance Committee Ranking Member Wyden (D-OR) released a discussion draft of legislation that would create a new tax credit program to stimulate the development of rental housing for middle-income households earning up to 100 percent of area median income (AMI). The legislation would create a new section of the tax code for the new program, which would be modeled after the Low Income Housing Tax Credit (Housing Credit) and administered by state agencies. The proposal envisions a state middle-income credit cap of $1 per capita with a small state minimum of $1.14 million, adjusted for inflation in future years. Any middle-income credit authority unused after the first year in which it is received by the state would be carried over into the Housing Credit program for use in developing low-income rental housing. The program would provide a 50 percent present value credit for qualified middle-income properties, with a minimum 5 percent credit rate. Federally financed properties, including those financed with multifamily Housing Bonds, would not be eligible to receive middle-income credits.)
WVTF Public Radio , Thursday, September 22, 2016
(RECAP: If you’re spending more than 30-per cent of your income on housing, you are officially ‘cost burdened’ according to the Department of Housing and Urban Development. That means it’s tough to afford other necessities. But people who live in mobile homes can sometimes spend that on utility bills alone. And that means something that seems like an affordable housing option turns out to be a ‘mobile home money pit.’)
RealEstateRama, Wednesday, September 21, 2016
(RECAP: HUD today published a final rule to ensure that all individuals have equal access to many of the Department’s core shelter programs in accordance with their gender identity. HUD’s new rule will require a recipient, sub-recipient, or provider to establish, amend, or maintain program admissions, occupancy, and operating policies and procedures (including policies and procedures to protect individuals’ privacy and security), so that equal access is provided to individuals based on their gender identity. This requirement includes tenant selection and admission preferences.)
Builder, Wednesday, September 21, 2016
(RECAP: The Wall Street Journal's Annamaria Andriotis reports Freddie Mac and two non-bank lenders are loosening income and documentation requirements for mortgage applicants in a new pilot program that was announced on Monday. The changes, which are designed to help boost mortgage originations among first-time buyers and applicants with lower incomes, come nearly a decade after the start of the mortgage meltdown. Under the Freddie program, applicants will be able use the income of people who will live with them but aren’t going to be on the mortgage to qualify. In addition, income from second jobs that borrowers have held for a relatively short period will be factored in. The pilot also doesn’t require bank statements that would show a paper trail of how some borrowers save for their down payments.)
CNBC, Wednesday, September 21, 2016
(RECAP: Hike or no hike on rates from the Federal Reserve, housing has far more important things to think about. Home sales, home construction and the whole housing economy are dealing with all kinds of pressing issues that take precedence over mortgage rates. First, mortgage rates don't exactly follow the federal funds rate. They follow mortgage bond yields, and those yields loosely follow the yield on the U.S. 10-year Treasury. Treasury yields move on several other issues, particularly on monetary policy overseas. So mortgage rates popped higher last week because the European Central Bank freaked out global financial markets. And remember, as for the Fed moves, mortgage lenders like to price in all these expectations before the actual event happens.)
Affordable Housing Finance , Wednesday, September 21, 2016
(RECAP: The Rental Assistance Demonstration (RAD) program is leveraging $9 in capital for every $1 of public housing funds, according to a new assessment of the federal program. Authorized in 2012, RAD allows public housing authorities (PHAs) to convert their public housing units to project-based Sec. 8 contracts, a move that provides the properties with a more stable and long-term funding platform. This is critical because it puts the housing authorities in a better position to leverage additional financing to perform needed capital improvements. RAD comes at a time when approximately 10,000 distressed public housing units are removed from operation each year. A 2010 study prepared for HUD estimated the backlog of capital needs among the nearly 1.2 million public housing units to be approximately $26 billion, with each subsequent year accruing an additional $3.4 billion in capital needs. Federal appropriations have been unable to keep pace with these growing capital needs.)
NCSHA, Wednesday, September 21, 2016
(RECAP: Earlier today, the Senate Appropriations Subcommittee on Transportation, Housing and Urban Development (THUD) held a hearing titled “Housing Vulnerable Families and Individuals: Is There A Better Way?” to explore the efficacy of place-based rental assistance, including public housing and project-based rental assistance (PBRA), and whether Congress should replace these programs with tenant-based Section 8 Housing Choice Vouchers (vouchers). Witnesses included Edgar Olsen, Ph.D., Professor Of Economics and Public Policy, University of Virginia. Dr. Olsen’s testimony suggested that vouchers are more cost-effective than place-based rental strategies, including public housing, PBRA, and even the Low Income Housing Tax Credit (Housing Credit). He advocated that funds should be divested from place-based rental assistance in return for more voucher assistance and that the private market would provide enough housing stock to ensure that voucher holders have access to rental housing.)
Mortgage News Daily, Wednesday, September 21, 2016
(RECAP: "Credit unions are thriving" in the words of Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB). He told members of the National Association of Federal Credit Bureaus on Wednesday that while purchase mortgage lending increased by 4 percent in 2014 and by 13 to 14 percent last year, credit unions originated 39 percent more of those mortgages in the first nine months of 2015 than during the same period in 2014. Credit unions often note that they made consumer protection their first priority long before CFPB was born, Cordray said, and it is clear they did not create the financial crisis and performed well during it. For that reason, the Bureau has regularly looked at how credit unions operate and has worked to accommodate their needs.)
The Arlington Connection , Wednesday, September 21, 2016
(RECAP: Since 2000, Arlington County has lost more market-rate affordable housing than it currently has. These are the apartments and condominiums generally affordable to low-income residents without having a rate set by the county, also called non-income restricted affordable housing. Director of Housing David Cristeal said housing price increases in Arlington have put more and more of a burden on the county and local non-profits to maintain housing for Arlington’s low income populations. According to Cristeal, the county currently has 13,000 non-income restricted affordable units, but has lost more than that over the last 16 years. In this two part series, the Arlington Connection will look at how Arlington County government and local non-profits have worked to maintain affordable housing.)
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