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News Clips

The Free Lance-Star , Wednesday, May 25, 2016
(RECAP: Liberty Place’s developers have finally won approval for their $46.3 million mixed-use development in downtown Fredericksburg. City Council voted unanimously at its meeting Tuesday to approve an amendment to Wack General Contractor’s 2014 special use permit, or SUP, for the project. Developers Tom Wack and his sister Cathy Wack increased the amount of retail and office space in Liberty Place, and cut the number of condominiums from 51 to 44. By right, 35 residential units are allowed in that zoning district.)
Loudoun Times-Mirror, Wednesday, May 25, 2016
(RECAP: Leesburg Town Council's May 24 meeting was taken over by discussion of the current rezoning application for Crescent Parke, a proposed mixed-use development along the edge of the Leesburg Bypass. Senior town planner Michael Watkins gave a detailed outline of each concern planning commission members had with the current blueprint. Mayor David Butler requested the council not yet vote on the matter. Crescent Parke is a mixed-use development that will feature retail/office space, office/hotel space, retail with 96 multifamily units located above it and a 2,000-square-foot community room, 196 townhomes and 88 "two over twos," or two-unit townhomes. The development currently has mixed reviews among residents. Council will continue discussion of the plans at its next work session.)
Fauquier Now, Wednesday, May 25, 2016
(RECAP: More than 1,000 students from private and public schools submitted their thoughts on what Warrenton could look like in 25 years. As part of the town’s Comprehensive Plan update, six schools participated in the project, which required students to share their ideas as postcards. Kindergartners through high school seniors drew two pictures each, one illustrating what they value in Warrenton in 2016 and another depicting what they would like to see in 2040.)
Bloomberg, Tuesday, May 24, 2016
(RECAP: Increased mortgage borrowing was behind a 1.1 percent rise in U.S. household debt in the first quarter, with slowdowns in other areas such as credit-card balances and auto loans, according to the Federal Reserve Bank of New York. Total mortgage debt rose 1.5 percent from the final quarter of 2015 to $8.37 trillion, marking the highest level since the third quarter of 2011, according to the New York Fed’s quarterly report on household debt and credit, released Tuesday.)
National Mortgage News , Tuesday, May 24, 2016
(RECAP: Federal Housing Finance Agency Director Mel Watt sounded alarm bells Wednesday about Home Loan Banks' reliance on short-term funding in the form of discount notes. During a speech to the FHLB's director's conference, he noted that at yearend 2015, discount notes made up 54% of outstanding Home Loan Bank debt, compared to 43% in 2014 and 39% in 2013. "Short-term funding requires more frequent debt rollover than longer-term funding and this could become a safety and soundness issue if liquidity dries up unexpectedly," Watt said. "The FHLBs and the Office of Finance are having ongoing discussions about how to address this issue." Watt also reiterated concerns regarding insurance companies and large bank members, saying that some FHLBs have large exposures to a few individual members.)
Realtor.com, Monday, May 23, 2016
(RECAP: Graduates of four-year colleges who took out student loans are estimated to spend more than a decade saving up for a 20% down payment on their very own home, according to a recent report. That’s nearly double the 5.3 years it is expected to take those lucky grads who didn’t have to take out loans to fund their education, according to an Apartment List report. The report factors in the financial assistance buyers will receive from friends and family to pay for a $200,000 home. But it did not take into account the various no- or low-down-payment options available for U.S. military personnel (current and retired) and first-time and other eligible buyers. (First-time buyers often score 3.5% down mortgages through the FHA.)
National Mortgage News , Monday, May 23, 2016
(RECAP: With the elderly population rapidly expanding as baby boomers enter retirement age, a task force from the Bipartisan Policy Center is calling on the federal government to spur renewed investment in affordable housing for seniors. Among the task force's recommendations is to expand the Low-Income Housing Tax Credit program significantly to finance the production and preservation of affordable rental units. The group also suggested a new program be created using LIHTCs and project-based rental assistance to support further construction and attract funding from health care programs for services. And it recommended adequate funding for the Section 202 program, which provides rental assistance to elderly individuals.)
HousingWire , Sunday, May 22, 2016
(RECAP: Our nation is aging and millions of older adults will struggle to find housing that is both affordable and physically suitable. As co-chairs of the Bipartisan Policy Center’s Senior Health and Housing Task Force, we (Henry Cisneros and Mel Martinez) are releasing a report Monday with a set of recommendations that Congress, the administration and states could implement that would enhance the lives of America’s seniors. The acute shortage of affordable homes forces low-income households of all ages to spend excessive amounts of income just to pay the rent. However, it is particularly tragic when an older adult, often living alone, must forego essentials like nutritious food and medications to pay for housing.)
Charlottesville Tomorrow, Sunday, May 22, 2016
(RECAP: Several members of the Crozet community expressed concerns at a recent meeting of the Crozet Community Advisory Council about a proposed downtown apartment complex off Blue Ridge Avenue. The initial site development plan for The Vue calls for the construction of nine two-story buildings with 14 apartments in each building — a total of 126 units. Other aspects of the plan include a one-story clubhouse and a pool with a concrete deck. One member of the Albemarle County Planning Commission said that while Crozet needs more apartments, she feels the proposed development would not fit with the surrounding neighborhood.)
NCSHA, Friday, May 20, 2016
(RECAP: On May 19, Senator Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) introduced S. 2962, the Affordable Housing Credit Improvement Act of 2016, which would enact several of NCSHA’s Housing Credit-related legislative priorities. The bill would address the severe shortage of affordable rental housing by increasing Housing Credit authority by 50 percent over five years beginning in 2017 and providing states additional flexibility in their program administration. The legislation also increases the small state minimum by 50 percent, also over five years. In addition to the cap increase, the legislation would set a minimum 4 percent Housing Credit rate for both acquisition Credits and for Housing Bond-financed Credit properties, allowing states to provide more Credit equity to these developments if necessary to achieve their financial feasibility.)
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