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News Clips

Alexandria Gazette Packet , Thursday, July 30, 2015
(RECAP: While the city prepares to gain a little over 100 affordable housing units at Potomac Yard and The Filmore, one of the city’s bastions of affordable housing is in the process of pricing out residents, formerly protected by a rent freeze, who can’t keep up with rapidly rising rent costs.)
Martinsville Bulletin , Thursday, July 30, 2015
(RECAP: The redeveloped former Henry Hotel is comparable to an iceberg in terms of what people can see, according to Martinsville City Manager Leon Towarnicki. The visible part of an iceberg is just a small part of it, Towarnicki said during Wednesday’s grand opening of the building, now known as The Henry. Most of the iceberg is below the water line and cannot be seen. "It’s the same as this project," he said. "What you see today is the finished product, the part that’s visible above the water line. What you don’t see … is all of what had to happen to get to this point." Waukeshaw Development Inc. has spent about $3.2 million to turn the four-story building in uptown Martinsville into 25 apartments and four commercial units.)
MarketWatch , Wednesday, July 29, 2015
(RECAP: Mortgage servicers reject 72% of struggling borrowers from a federal program aimed at creating more affordable monthly mortgage payments so owners can keep their homes, a federal watchdog reported Wednesday. Moreover, the U.S. Treasury Department’s requirements for servicers to explain why borrowers were rejected “do not give a clear picture of why homeowners were denied,” the report said.)
RealEstateRama, Wednesday, July 29, 2015
(RECAP: The Government Accountability Office (GAO) released a report on July 23 recommending that HUD and the IRS jointly oversee the Low-Income Housing Tax Credit program. The recommendation came as GAO criticized the IRS’ lack of oversight. This includes the fact that the IRS has only conducted seven audits of the 56 state housing finances agencies that administer the program. Importantly, the GAO found no problems with the LIHTC. The GAO’s recommendation is unlikely to gain traction on Capitol Hill. That’s because lawmakers are more focused on other associated priorities right now like extension of the minimum 9 percent LIHTC.)
The Washington Post , Wednesday, July 29, 2015
(RECAP: The city of Alexandria found another $1.255 million for its affordable-housing fund by refinancing taxable bonds at a lower interest rate. The refinancing dropped the rate on the $10 million in taxable bonds to 2.511 percent, providing the windfall, which will be spread over the next 13 years. The city currently budgets $9.7 million annually from federal, state and local funds for affordable housing.)
Arlington Patch , Wednesday, July 29, 2015
(RECAP: Since it was built in the 1960s, Seven Corners has been defined by a shopping center at the heart of a spaghetti-like intersection of roads. Today, the area is better known for its big-box retailers and auto-oriented stores, lack of sidewalks and severe traffic congestion. However, the Fairfax County Board of Supervisors approved a plan on Tuesday to transform the area. The new vision calls for remaking it into a walkable, mixed use urban town center. The plan allows for up to 5,000 new dwellings. Notably, it calls for a one-to-one replacement of 589 affordable units at 60 percent or less of the area median income at the Seven Corners Apartments and the East Falls Church Apartments, as well as the creation of new affordable housing with other redevelopment.)
Inside NOVA, Tuesday, July 28, 2015
(RECAP: The Arlington Partnership for Affordable Housing (APAH) was honored at the 21st annual Charles L. Edson Tax Credit Excellence Awards, held in Washington. The housing developer’s Arlington Mill Residences was named an award recipient in the Metropolitan/Urban Housing category of the competition, sponsored by the Affordable Housing Tax Credit Coalition. The 122-unit property is located adjacent to Arlington Mill Community Center, and was developed in partnership with the Arlington County government.)
The Wall Street Journal , Tuesday, July 28, 2015
(RECAP: The National Association of Realtors‘ monthly home sales report made a big splash last week with news that median home prices in June had broken the record set in 2006 at the peak of the housing bubble, reaching a nominal high of $236,400. Does this mean we have another problem on our hands? Not really. Median home prices—that is, the midpoint of sales, where half of homes sell above and half sell below the given price—can be a very clumsy gauge for comparing prices over time.)
The Washington Post , Tuesday, July 28, 2015
(RECAP: Fairfax County’s Board of Supervisors is expected to vote Tuesday on whether to move forward with an ambitious redevelopment plan for the traffic-choked Seven Corners area. The plan to create three villages in the area would add several thousand new homes to the neighborhood, along with restaurants and shops and a new grid of streets that could draw local traffic away from the confusing Seven Corners intersection that is often backed up with cars and trucks. Residents from the neighborhoods of single-family homes that surround Seven Corners have opposed some aspects of the plan, arguing that it would bring in too much density and worsen traffic in the area.)
HousingWire , Tuesday, July 28, 2015
(RECAP: The homeownership rate in the United States in the second quarter declined to 63.4%, the lowest it has been since 1967, according to data from the Department of Commerce’s Census Bureau. Further, the steady decline since 2009 continues.)
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