Renovation Loans – PSP Book http://pspbook.com/ Mon, 31 May 2021 00:24:46 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://pspbook.com/wp-content/uploads/2021/05/default1-150x150.png Renovation Loans – PSP Book http://pspbook.com/ 32 32 American Republican Richard E. Neal: In the face of uncertainty after the June 1 tornado, locals showed power stronger than nature (Guest point of view) https://pspbook.com/american-republican-richard-e-neal-in-the-face-of-uncertainty-after-the-june-1-tornado-locals-showed-power-stronger-than-nature-guest-point-of-view/ https://pspbook.com/american-republican-richard-e-neal-in-the-face-of-uncertainty-after-the-june-1-tornado-locals-showed-power-stronger-than-nature-guest-point-of-view/#respond Sun, 30 May 2021 19:49:14 +0000 https://pspbook.com/american-republican-richard-e-neal-in-the-face-of-uncertainty-after-the-june-1-tornado-locals-showed-power-stronger-than-nature-guest-point-of-view/ On June 3, 2011, I got off a plane at Bradley International Airport after a flight from Washington, DC. In any given week, this would not have been noticeable. But this time, things were anything but normal. This Friday morning, I left Washington early to be in my hometown of Springfield, where I once served […]]]>


On June 3, 2011, I got off a plane at Bradley International Airport after a flight from Washington, DC. In any given week, this would not have been noticeable. But this time, things were anything but normal. This Friday morning, I left Washington early to be in my hometown of Springfield, where I once served as mayor, where I raised my children and where I still reside today to study the damage of an unthinkable tornado EF-3 which landed two days earlier.

Driving up Interstate 91 north from Windsor Locks, I began to see damage from the most powerful tornado to hit Massachusetts in 50 years. Trees cut in half, debris piled up at street corners and downed power lines forcing roads to be closed. I couldn’t believe my eyes.

I immediately went to the East Forest Park area which was hit the hardest. The roofs were gone, the windows were blown out, and I had trouble finding my way around the neighborhood. I saw Cathedral High School where I was a history teacher and where I sent my four completely decimated children. The room where I had once taught was unrecognizable. It was devastating.

This pocket of the city was and still is the home of proud single-family owners and tight-knit communities. I then vowed to do whatever I could to help them rebuild.

In the days that followed, I visited the Pioneer Valley chapter of the American Red Cross on Cottage Street and the shelter that was set up in the MassMutual Center. I have heard friends, business owners, families and strangers say they need help. I immediately requested that officials from FEMA and the US Department of Housing and Urban Development join me in Springfield to visit the damage and plan for their recovery. They were there within days and together we walked through the severe damage in southern Springfield. Agencies set up nine disaster relief centers in affected areas, and victims could apply for cash grants, small business loans and unemployment benefits.

For the next two and a half years, I spent my time in Washington advocating for recovery funds that our community and its residents desperately needed. In the end, Springfield received $ 90 million in federal aid, and the total that the district as a whole received exceeded $ 118 million.

This funding helped rebuild parks, streets and intersections. There is now a new South End Community Center, the Clifford Phaneuf Environmental Center in Forest Park and the Paul J. Fenton Public Safety Annex, among others.

I am proud of the work that has been done to secure funding with the Roman Catholic Diocese of Springfield to rebuild the Parish High School on Surrey Road. The hybrid of Cathedral and Holyoke Catholic became the preparatory school for Pope Francis and opened in fall 2018 after a $ 54.5 million renovation, of which the federal government provided $ 39 million.

I said from the start that rebuilding this school would serve as an anchor for the community, a magnet for students across the region and an economic engine. It really proved that the saying “if you build it, they will come” is correct.

I especially want to thank Mayor Domenic J. Sarno for his unwavering leadership and the great community of Springfield for their resilience. In the face of so much uncertainty, the citizens of this great city have shown that we are all stronger than the forces of nature that fall upon us. Neighborhoods have been rebuilt, businesses have come back to life and morale is back to good shape. Through it all, our pride in our city has never wavered.

As we look back on the decade we have endured since that violent weather event, I am very grateful to the citizens of Springfield for continuing to trust me and my leadership at the federal level. I am proud and very honored to represent you every day in Washington.

Richard E. Neal, D-Springfield, is the Congressman for the 1st Congressional District of Massachusetts and chairs the House Ways and Means Committee. You can find out more about the congressman and his work online at neal.house.gov. Its district office in Springfield is located at 300 State St., Suite 200, 413-785-0325.



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Nigeria’s real estate market is booming despite the economic downturn https://pspbook.com/nigerias-real-estate-market-is-booming-despite-the-economic-downturn/ https://pspbook.com/nigerias-real-estate-market-is-booming-despite-the-economic-downturn/#respond Sun, 30 May 2021 01:42:29 +0000 https://pspbook.com/nigerias-real-estate-market-is-booming-despite-the-economic-downturn/ While other sectors of the Nigerian economy are reeling from the impact of the economic downturn caused by the coronavirus pandemic, mismanagement of the economy among other factors, the real estate market, strangely, has continued to thrive thanks to the foreign remittances, to government funding. and workers’ cooperative societies, survey of SUNDAY LEADERSHIP showed. According […]]]>


While other sectors of the Nigerian economy are reeling from the impact of the economic downturn caused by the coronavirus pandemic, mismanagement of the economy among other factors, the real estate market, strangely, has continued to thrive thanks to the foreign remittances, to government funding. and workers’ cooperative societies, survey of SUNDAY LEADERSHIP showed.

According to Bamtale & Co. CEO Isaac Bamtale, “people living abroad really take advantage of the economic situation and send money home, to invest in real estate; either to buy houses or to build properties.

No matter what happens in the country, the real estate industry is booming on three levels; people who are out of the country because our currency is lower, bring their funds to build houses. The majority of them exploit the advantages of the real estate industry by building properties for personal and business use. “

“In the real estate industry, a lot of people working overseas come back to invest in properties, others send money home to invest in real estate, which has caused a boom in the industry.

He noted that “Besides food and clothing, housing is needed for everyone. Even when the going is tough in the country, people still prioritize buying and renting properties. Almost everyone prefers to have their own house because it is secure instead of spending a lot of money on rent. Some people would go so far as to take out a mortgage through their office to buy land just to have a roof over their heads and reduce the cost of rent as well as to have their own assets.

In a report published by PricewaterhouseCoopers (PwC), titled “Strength from Abroad: The Economic Power of Nigeria’s Diaspora,” the firm said: “Official records indicate that there are 1.24 million migrants from Nigeria in the diaspora. (United Nations, 2017). This figure is likely to be higher in 2018 and 2019 with the recent trend in migration from the country.

“Almost half of Nigerian adults have indicated their willingness to leave the country within the next five years, according to a 2018 survey by the Pew Research Center. As a result, Nigeria accounts for over a third of migrant remittances to sub-Saharan Africa. PwC estimated that these flows amounted to USD 23.63 billion (2017: USD 22 billion) in 2018 and represented 6.1% of Nigeria’s GDP. Migrant remittances in 2018 represented 83% of the federal government budget in 2018 and 11 times FDI inflows during the same period. “

PwC noted that “Nigeria’s remittances were also 7.4 times the net official development assistance (foreign aid) received in 2017 of $ 3.4 billion. PwC estimates that migrant remittances to Nigeria could reach $ 25.5 billion, $ 29.8 billion and $ 34.8 billion in 2019, 2021 and 2023 respectively. Over a 15-year period, PwC expects the total volume of remittances to Nigeria to almost double, from US $ 18.37 billion in 2009 to US $ 34.89 billion in 2023. The growth of remittances is subject to global economic forces, which could stimulate or hinder the growth of remittance flows. Other factors that will stimulate remittance flows include the growth in the rate of emigration, the economic conditions of the resident countries and the economic fundamentals of the Nigerian economy. The World Bank predicts that global growth will slow to 2.6% in 2019. ”

Commenting on the role of the federal government in boosting the country’s housing stock, the Head of Public Affairs of the Federal Mortgage Bank of Nigeria, Mr. Ahmed Mohammed Kaoje, explained that the loans from FMBN are affordable contrary to the views of certain segments of the public. He argued that the bank has introduced several innovations that have attracted subscribers.

“The fund is very accessible if you apply. Anyone who does not apply will of course say that it is not accessible but very accessible. We have different windows depending on which one you like. We have about five to six products; we have the normal NHF loan to buy a house that’s already built; we have construction loans that we give to people who have land with good title deeds; we also have a home improvement loan which is a micro-credit program that we give to people to renovate their existing homes.

“We have hire-purchase, you walk into a house funded by a federal mortgage bank and you pay in installments, over a period of time the house becomes yours. We also have a cooperative development loan that we provide to formal and informal cooperative societies to build houses for their members. So many people have taken advantage of these products, we have our records and I can say the fund is accessible.

He noted, however, that: “The only thing is that some people are complaining that it takes time, and that is because there are about four parties involved and each has to play a role before the deal can be done. concluded. ”

He further explained, “We have the applicant, which is the contributor who is interested in the property, we have the primary mortgage bank, we have the developer who builds the houses, and we have the Federal Mortgage. Bank, so each of these parties must play their role accordingly, and when one party has not played their role, it affects the whole transaction. This is why you find that some people are complaining that our loan is hard to access, but the bottom line is you will get it. “

He added that the bank had introduced some innovations and made more repayments in the past four years than in the past 20 years.

“Things have improved tremendously in banking, we’ve introduced a lot of innovation and repayment is one of the areas where whether you like federal mortgage banking or not, you have to get us a high score on refund. I would have given you the figures, but I don’t have them here.

“In the past four years, what we’ve paid in reimbursement is more than what we’ve paid in the last 20 years of the plan.”

He said that the Federal Mortgage Bank grants loans at an interest rate of 6 percent, with the exception of the rent-earning plan which is 7 percent.

“Our loans are made at an interest rate of 6 percent, except for the capital lease system that we provide at 7 percent. The home improvement loan is 5 percent, the NHF loan and the individual construction loan are at an interest rate of 6 percent.

The rent to own is 7 percent because the 1 percent is insurance. He added that the bank gives developers 10% for the NHF loan, but 9.9% for the cooperative housing loan. “

Victorson Agbenson, chairman of the Federal Radio Corporation of Nigeria (FRCN) Multipurpose Cooperatives Limited, told LEADERSHIP SUNDAY that co-operatives have tackled the funding gap created by the economic downturn as co-op officials now rely on To build houses.

“The good thing about government funded co-ops is that contributions are deducted at source. Deductions are sent to co-ops who have a free hand to lend this money to members who need funds to build their homes. The head office of FRCN Multipurpose Cooperatives Limited is over 400 million naira wealthy, with 1,000 members across the country. We receive around 20 million naira per month and we have housing projects for members. “

He added that several government and parastatal agencies have their thriving co-ops and most members prioritize housing. He also said that the government headed by President Muhammadu Buhari has introduced some transparency in the management of cooperatives across the country.

The President of the Association of Real Estate Developers of Nigeria (REDAN), Dr Aliyu Wamakko, acknowledged the role played by the government in filling the housing shortage, but regretted that “government owned properties have become homes for reptiles ”and called for more government funding to private developers.

“In any serious economy, once it comes to real estate development, it’s driven by the private sector. The government does not have any house building companies and we find it difficult in Nigeria because the government engages in building areas that are affordable for Nigerians which are not affordable. Those built by this government were left for reptiles. The cost of construction is more than what people can afford.

“Most of the houses built by this administration have been blown away” because no one is there, no one can afford to pay. How can someone pay around 12 million naira for a two bedroom apartment? If you add up all the costs involved, there is no way for a poor man to approach this house, even if the location is good. The government did not stand up and ask us who are in the industry. We will be able to better advise the government on a better way to do it, ”he said.

Besides the federal government, some state governments have various housing programs for their citizens and in some cases partner with private developers to provide what they call affordable housing, to workers and individuals.



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New US Financing Mortgage Review: Great for First-Time Home Buyers https://pspbook.com/new-us-financing-mortgage-review-great-for-first-time-home-buyers/ https://pspbook.com/new-us-financing-mortgage-review-great-for-first-time-home-buyers/#respond Fri, 28 May 2021 10:30:00 +0000 https://pspbook.com/new-us-financing-mortgage-review-great-for-first-time-home-buyers/ Editorial independence We want to help you make more informed decisions. Certain links on this page – clearly marked – may take you to a partner website and may lead to us earning a referral commission. For more information, see How we make money. New American Funding was established as a family business in 2003 […]]]>


We want to help you make more informed decisions. Certain links on this page – clearly marked – may take you to a partner website and may lead to us earning a referral commission. For more information, see How we make money.

New American Funding was established as a family business in 2003 and has grown to become one of the largest private direct mortgage lenders in the U.S. Borrowers can apply for a mortgage online, by phone, or at nearly 200 offices. in 32 states.

This lender offers all the major mortgage programs as well as a single product where you can choose your own loan term. But the lender does not offer New York home loans, and Hawaii will not be able to apply to this lender. Here’s what to know before applying with New American Funding.

Pros and Cons of New US Funding

Benefits

  • Offers all major mortgage programs and a single product where you can choose the length of your loan

  • Borrowers can get a quote, apply, upload documents and track the progress of their loan online

The inconvenients

  • Borrowers can’t get a quote without applying for credit

  • Mortgages are not available in New York and Hawaii

  • Fees are not disclosed until you request pre-loan approval or submit a mortgage application

New US financing: types of loans and products

New American Mortgage offers all major mortgage programs and gives borrowers the choice of fixed rate and adjustable rate (ARM) mortgages. ARMs are available in 5/1, 7/1 and 10/1 terms. From start to finish, borrowers typically close a mortgage within 30 to 45 days.

Here is what is currently on the lender’s lineup:

New American Funding does not currently offer construction loans or home equity loans. But it does offer a unique loan product called the I CAN mortgage, which lets you choose a repayment term of between eight and 30 years on a primary residence. This provides more flexibility in selecting the ideal mortgage (and payment) for your situation. The I CAN mortgage has a minimum down payment of 5% and a credit score requirement of 620, depending on the type of loan.

New American also offers homeownership programs and can connect borrowers with national and local down payment assistance programs. It also aims to help underserved communities access home loans. In 2019, 19% of New American loan volume went to Hispanic borrowers, compared to a national average of around 8%, and clients can speak with bilingual English / Spanish loan officers as needed. The lender also launched an initiative in 2016 to increase homeownership in black communities.

New American funding: transparency

Although the New American Funding website states that applicants can request a quote without registering or submitting any documents, the process is not that straightforward.

To receive a quote, you will need to fill out a form with details about your financial situation and contact information, open an account, and authorize the lender to review your credit profile. We spoke with a representative of the company to clarify the details of the loan process. Prospective borrowers can’t get a quote without a strong credit application, which is an extra step most other lenders don’t need. This multi-step process can be confusing and deceptive, and the strong credit pull could temporarily hurt your credit.

New American financing: rates and fees

New American Funding announces daily refinance and purchase rates for 15-year conventional loans, 30-year conventional loans, 30-year VA loans and 30-year FHA loans. These rates can change daily and are based on a few assumptions, such as a credit score of 740 and a 40% down payment when purchasing a primary residence.

Pro tip

You can make sure you get the best deal on your home loan by submitting at least three mortgage applications to different lenders and request a loan estimate. Take the best offer and send it to another lender, asking them to beat the interest rate or the closing costs (or both). Getting a lower interest rate can save you hundreds or thousands of dollars over the life of the loan.

Advertised rates may include discount points, which are optional fees that you pay at closing in exchange for a lower interest rate. This can lower your costs in the long run as long as you stay home long enough to recoup the costs. If you want to avoid this expense, you will likely get a higher mortgage rate than advertised.

The minimum credit score required by New American Funding is 580, although it may be higher for certain types of loans, such as conventional mortgages.

We spoke with a New American Funding loan officer to get a feel for the lender’s fees and closing costs. There is no prepayment penalty on any of its loans, and you can lock in an interest rate for free for up to 60 days. Charges may apply if you need to extend the rate lockout.

According to the representative, New American’s closing costs may include a set-up fee of $ 1,629 plus third-party fees such as property fees and appraisal fees. For a full breakdown of closing costs, including lender fees and discount points, you will need to apply for pre-approval or submit a loan application.

Refinancing with new US funding

When you refinance a home loan with New American Funding, you have several options. A loan officer can help you determine what type of refinance is best for your situation:

  • Rate and term refinancing, which allows you to get a new interest rate, a new loan term, or both.
  • Cash-out refinancing, in which you take out a mortgage for more than what you currently owe and use the extra cash for all kinds of expenses.
  • Refinance simplified by the FHA, which allows you to refinance an existing FHA mortgage.
  • VA Interest Rate Reduction Refinance Loan (IRRRL), which is designed for VA loan borrowers who wish to lower their interest rate or switch from an adjustable rate to a fixed rate.

To receive a breakdown of the fees you might pay for a loan refinance, you will need to contact the lender. You can avoid the upfront expenses by incorporating closing costs into your new home loan, if you have enough equity.

New US financing compared to other mortgage lenders

New American funding Fairway Independent Mortgage Corp. Guild Mortgage
Minimum credit score 580 620 for conventional loans; 660 for jumbo loans; 600 for FHA loans; 600 for VA loans 620 for conventional loans; 600 for FHA, VA, and USDA loans; 680 for jumbo loans
Minimum deposit 0% to 5%, depending on the mortgage program 0% to 5%, depending on the mortgage program 0% to 3.5% on most loans; 15% on jumbo loans
Where does the lender operate? Washington, DC and all states except New York and Hawaii All 50 states and Washington, DC All 50 states and Washington, DC
Main types of loans Conventional, Jumbo, VA, FHA, USDA, Home Improvement Loans, Adjustable Rate, Fixed Rate, Refinance, Cash Refinance, Reverse Mortgages, Home Equity Lines of Credit Conventional, Jumbo, VA, FHA, USDA, Various Home Improvement Loans, Adjustable Rate, Fixed Rate, Refinance, Cash Refinance, Reverse Mortgages, Home Equity Loans, Home Equity Lines of Credit Conventional, Jumbo, VA, FHA, USDA, Various Home Improvement Loans, Adjustable Rate, Fixed Rate, Refinance, Cash Refinance, Energy Efficient Mortgages, Manufactured Home Loans, Bridge Loans, Reverse Mortgages

How to Shop for the Best Mortgage Rate

Finding the best deal is very important as it can save you hundreds or thousands of dollars over the life of the loan.

Let’s take an example: let’s say you’re looking to buy a home worth $ 200,000 with a 10% down payment and a 30-year term. You get quotes from two different lenders – and although they both offer the same closing costs, the interest rates are slightly different:

  • With an interest rate of 3.5%, your monthly principal and interest payment is made to $ 808.
  • A rate of 3.25% generates a monthly P&I payment of $ 783.

The lower rate saves you $ 25 per month – and while that may not seem like a lot, it’s $ 9,000 in savings over 30 years.

When shopping for a mortgage, submit applications to at least three lenders and ask for a mortgage estimate. This standardized form can help you compare interest rates and closing costs. An online mortgage calculator can help you calculate your monthly savings.

At the end of the line

New American Funding is a strong candidate for most borrowers – but with Spanish-speaking loan officers and homebuyer assistance programs, this lender excels at serving first-time homebuyers and the Latinx community. It has a full menu of mortgage options and a quick digital app, but borrowers can get help in minutes if needed. But as with any financial product, it’s always a good idea to shop around when looking to take out a mortgage.



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Private companies help government rejuvenate old residential areas https://pspbook.com/private-companies-help-government-rejuvenate-old-residential-areas/ https://pspbook.com/private-companies-help-government-rejuvenate-old-residential-areas/#respond Thu, 27 May 2021 15:14:04 +0000 https://pspbook.com/private-companies-help-government-rejuvenate-old-residential-areas/ China has stepped up the pace of renovating old residential houses. The country’s 14th five-year plan commits to renovating all old residential houses built before 2000 and needing repairs. And social finance is urgently needed in this process. The community of Jinsong has set up a fine example of private companies joining the renovation efforts. […]]]>


China has stepped up the pace of renovating old residential houses. The country’s 14th five-year plan commits to renovating all old residential houses built before 2000 and needing repairs. And social finance is urgently needed in this process. The community of Jinsong has set up a fine example of private companies joining the renovation efforts.

Electric wires used to hang overhead, but now they’re all underground. Bicycles and cars were randomly parked on the street, but this is no longer a common scene as the cars are now parked in order. Dilapidated and idle spaces have been converted into a hairdressing salon, a sewing shop and a place of social life for the inhabitants.

The Jinsong community was built in the late 1970s. This renovation, covering 36 buildings, began in 2018 and was completed in August 2019. It benefits approximately 4,000 residents, 40% of whom are elderly.

“Previously, the barber shop was in a corner. It was old and in poor condition. Now it is near the door of this building and the environment is very nice,” said Gao Xiaohui, 68.

Many older buildings in Beijing have six floors without an elevator, so many older residents are in dire need of them. But since they have to pay a management fee every month, this causes some opposition from some residents. While other residents ask for more elevators.

Zhu Zhen, 72, who lives in a building with no elevator, said that when he was young, he didn’t think climbing stairs was a big deal. However, he now thinks that it is necessary to have one.

China Visionary, a company dedicated to the regeneration of the city, has invested 30 million yuan ($ 4.7 million) in the renovation of the community of Jinsong. In addition to this facelift, the company also took charge of the real estate management of the district.

Although the project is a public good, the company has always found a way to make long-term profits and aims to replicate it in other areas of Beijing and other parts of the country.

Qu Guang, regional manager of Chaoyang district for China Visionary, said the company is investing in the renovation and in return getting the rights to use some inactive spaces. Meanwhile, rental, property management and user fees for certain facilities constitute their income. Their gross profit is 8% and the net profit is 3%. While the return on the whole investment may take up to 10 years, they have prepared for the long-term return. Duplicating the format in other districts can also reduce costs and boost revenue, he added.

According to Qu, the country is encouraging private companies to help with renovation projects. The company now benefits from loans at low interest rates. As a pioneer in this field, it has also invested in similar projects in five districts of Beijing and its activity has already spread to 42 other cities in China.

China Visionary is the first private company to carry out a comprehensive renovation project of a residential community in China, from upgrading facilities to taking over property management. The company said the country has entered an “existing housing” market, which is a blue ocean market for developers and real estate operators.

Beijing has started renovating 261 residential neighborhoods in 2020 and 300 in 2021. Zhang Baochao, the municipal government official responsible for the initiative, echoed that the pace has definitely picked up as the number was only 10 in 2017. Now the government is mainly responsible for basic renovation, according to Zhang, the rest depends on the help of private companies.

“The government will invest money in basic renovations, such as repairs related to electricity, water and gas pipes and roads,” Zhang told CGTN. “But when it comes to modernizing public spaces and installing facilities to improve the standard of living of residents, such as the construction of convenient stores, the installation of elevators and the introduction of property management, we need the participation of private and public companies.

Beijing Capital Development Holdings, a state-owned company, and China Visionary, a private company, are pioneers in the rejuvenation of residential areas.

The Chinese government has developed policies to encourage private and public enterprises to participate in the national renovation effort, including lower taxes and fees and low-interest loans. But it takes time for all of these policies to actually be put into practice. And Zhang believes that more private companies will join this effort in the near future.



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Governor Hogan announces $ 17 million in Neighbors Revitalization Prizes https://pspbook.com/governor-hogan-announces-17-million-in-neighbors-revitalization-prizes/ https://pspbook.com/governor-hogan-announces-17-million-in-neighbors-revitalization-prizes/#respond Wed, 26 May 2021 21:03:00 +0000 https://pspbook.com/governor-hogan-announces-17-million-in-neighbors-revitalization-prizes/ ANNAPOLIS, Maryland – On Monday, Governor Larry Hogan announced awards of nearly $ 17 million for four state revitalization programs and a federal community development program administered by the Maryland Department of Housing and Community Development (DHCD) . “These important programs allow Maryland to partner with local governments, nonprofits and other stakeholders to support revitalization […]]]>


ANNAPOLIS, Maryland – On Monday, Governor Larry Hogan announced awards of nearly $ 17 million for four state revitalization programs and a federal community development program administered by the Maryland Department of Housing and Community Development (DHCD) .

“These important programs allow Maryland to partner with local governments, nonprofits and other stakeholders to support revitalization efforts that improve the quality of communities and the quality of life for our citizens,” Governor Hogan said. “These partnerships and projects provide essential facilities and services while creating jobs and contributing to positive economic growth.”

The Strategic Demolition Fund, the CORE (Creating Opportunities for Renewal and Enterprise) Project, the National Capital Strategic Economic Development Fund and the Anchor Institution Fund for Community Seed Development will provide $ 10 million. dollars to 30 projects in five counties and the city of Baltimore that support community development and economic growth statewide. DHCD will also administer nearly $ 7 million under the federal community development block grants program in 10 counties.

A full list of winners is available here.

Strategic demolition fund. The Strategic Demolition Fund is a statewide program designed to catalyze activities that accelerate economic development and job generation in existing communities in Maryland. The fund has awarded $ 1.5 million to four projects, including pre-development work at Cambridge Waterfront in Dorchester County.

Project CORE Project CORE, an initiative to eliminate blight in the city of Baltimore and make way for green spaces, affordable and mixed-use housing and new business opportunities, has awarded $ 1.5 million dollars to four projects, including pre-development activities to redevelop vacant lots and vacant homes for homeownership opportunities in the community of Druid Heights, the West North Avenue corridor and the community of Johnston Square.

National Capital Strategic Economic Development Fund. The National Capital Strategic Economic Development Fund, designed to support the redevelopment of communities in and around the Capital Ring Road, awarded $ 4 million to 16 projects. Projects include rehabilitating the historic facade of the Flower Theater in Montgomery County and supporting the renovation of a dilapidated 1960s cafeteria and entrepreneurship training in Prince George County.

Anchor Institution Fund for Community Seed Development. The Anchor Institutions Fund for Community Seed Development provides grants and loans to higher education institutions and hospitals for community development projects in devastated areas of the state. The start-up fund provided $ 3 million for six projects, including the revitalization of the Allegany College of Maryland Theater and support for the acquisition of a warehouse for the Baltimore Natural Dye Maryland Institute College of Art partnership project. .

Block grants program for community development. The Block Grants for Community Development program, funded by the United States Department of Housing and Urban Development, is a vital resource to Maryland’s efforts to maintain public infrastructure and provide essential services to its residents. Funding of approximately $ 6.7 million will support 11 community development and infrastructure projects and leverage an additional $ 10 million in public, private and not-for-profit investments statewide.

In Baltimore City, Four Community Groups Will Benefit From CORE Project

They include:

  • Druid Heights Community Development Corporation, receiving $ 300,000
  • GOVANS Economic Development Corporation, receiving $ 300,000
  • Baltimore Neighborhood Housing Services, Inc., receiving $ 400,000
  • ReBUILD Metro, receiving $ 500,000

The groups listed, according to the state, will use the money for pre-development activities to redevelop vacant land and vacant homes to provide housing, homeownership opportunities and / or services to those in need.



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LAPD Arrests, Charges 12 in Southern California $ 15 Million Mortgage & Green – CBS Los Angeles https://pspbook.com/lapd-arrests-charges-12-in-southern-california-15-million-mortgage-green-cbs-los-angeles/ https://pspbook.com/lapd-arrests-charges-12-in-southern-california-15-million-mortgage-green-cbs-los-angeles/#respond Thu, 06 May 2021 02:14:00 +0000 https://pspbook.com/lapd-arrests-charges-12-in-southern-california-15-million-mortgage-green-cbs-los-angeles/ LOS ANGELES (CBSLA) – After a multi-year investigation, officials from the Los Angeles Police Department announced Wednesday that 12 people had been arrested and charged with mortgage fraud and a green loan program that resulted in a loss of $ 15 million. The defendants collectively set up a system using the stolen identities of state […]]]>




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George Oliver’s new Downtown Chandler project responds to rental push https://pspbook.com/george-olivers-new-downtown-chandler-project-responds-to-rental-push/ https://pspbook.com/george-olivers-new-downtown-chandler-project-responds-to-rental-push/#respond Wed, 05 May 2021 22:40:31 +0000 https://pspbook.com/george-olivers-new-downtown-chandler-project-responds-to-rental-push/ Phoenix-based developer George oliver completed its latest experiential office transformation, The Alexander in downtown Chandler, as businesses reintroduce employees to the workplace. Located at 25 S. Arizona Pl., The 112,000 square foot office building debuted this month with an increase in rental activity, thanks to a carefully curated equipment package following George’s mission. Oliver to […]]]>


Phoenix-based developer George oliver completed its latest experiential office transformation, The Alexander in downtown Chandler, as businesses reintroduce employees to the workplace. Located at 25 S. Arizona Pl., The 112,000 square foot office building debuted this month with an increase in rental activity, thanks to a carefully curated equipment package following George’s mission. Oliver to provide the next generation office environment.

“At The Alexander, we’ve prioritized equipment that will keep employees coming back to the office,” said Curt Kremer, Managing Partner of George Oliver. “The pandemic has radically changed the way employees and employers view the workplace. With The Alexander, we’re putting the traditional office behind us – replacing it with wellness-inspired programming, collaborative workspaces, and a sense of personal growth you won’t find in other Class A office environments. and which will allow our tenants to benefit from it. of these new demand drivers.


READ ALSO: Peoria and Chandler List America’s Most Affordable Downtowns


According to Kremer, today’s employers are increasingly looking for a workplace edge to meet their recruiting and retention needs. Small and medium-sized businesses that don’t have the size to build highly-serviced corporate campuses can achieve this at The Alexander, which functions as a campus with shared facilities and programs. This allows its tenants to be competitive on a larger scale when recruiting employees.

The Alexander amenity package includes a wellness and yoga studio with interactive equipment such as Peloton bikes, iFit treadmills, and NordicTrack rowers. It also includes a Kaleidoscope organic juice and coffee bar with lounge-style seating and chill out areas, a number of outdoor areas designed for private quiet seating and communal meetings, a library for focused tasks, a room pool table for events or employee meetings, a 50- person training center with outdoor seating and a welcome bar, a dog-friendly patio, a mothers room and an on-site concierge to schedule events and manage the daily needs of tenants. The completed transformation can be seen in a recently released version property video.

As part of the transformation and in response to COVID-19, George Oliver improved his renovation plan at The Alexander to include “touchless” accessibility with 10-foot sliding glass entrance doors, gates and motion sensor toilet accessories and touchless drinking fountains. It also upgraded the building’s main HVAC and elevator systems to optimize air quality and functionality.

The Alexander is anchored in a long-term lease to First Credit Union and has secured new long-term commitments from several additional tenants, including 13,417 square feet for neighborhood loans, 7,426 square feet for NOVA Home loans, 4,596 feet square feet for Sandoval Design and Marketing and 2,524 square feet at North & Co. Many other engagements are nearing completion, including strong activity from new technology interests in the market.

“Buildings offering a dynamic work experience like The Alexander attract the lion’s share of tenant attention and are the ones signing the most leases in the market today,” said Ryan Timpani, Managing Director of JLL, who is Alexander’s exclusive rental broker. with Nick Bialkowski, Senior Partner of JLL. “The Alexander adds to this with a distinctive focus on health and wellness that is very unique to George Oliver’s portfolio.”

Adjacent to The Alexander, George Oliver is finalizing renovations to a sister property, The Johnathan, located at 55 N. Arizona Pl. Renovations at the Johnathan, to be completed this summer, include facade improvements, new landscaping and improvements to the hall and toilets. It also includes a set of complementary amenities on the ground floor, including a green room that tenants can use for video and podcast productions, a training room for 35 people, a living room for tenants, a bedroom for mothers and a meditation room. Tenants of The Alexander and The Johnathan will have exclusive access to the amenities of both buildings through a shared access agreement.

Colton Trauter of Lee & Associates is the exclusive leasing broker for The Johnathan.

The Alexander and The Johnathan are part of a growing local portfolio of notable George Oliver projects, including CASA in Phoenix’s Uptown neighborhood, Lofts at The District in North Scottsdale and the transformation of the Hayden Station office in downtown Temple.

To learn more about the redevelopment and rental of The Alexander and The Johnathan, visit www.AlexanderJohnathan.com.



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Home improvement is booming and the cost of materials is higher than ever https://pspbook.com/home-improvement-is-booming-and-the-cost-of-materials-is-higher-than-ever/ https://pspbook.com/home-improvement-is-booming-and-the-cost-of-materials-is-higher-than-ever/#respond Wed, 05 May 2021 17:21:38 +0000 https://pspbook.com/home-improvement-is-booming-and-the-cost-of-materials-is-higher-than-ever/ Contrary to the negative economic effects of the pandemic, more and more people are looking to buy or renovate their homes this year. This would generally be good news for entrepreneurs, but the disruption of the global supply chain makes it more expensive to complete these projects. Many homeowners have had to wait longer – […]]]>


Contrary to the negative economic effects of the pandemic, more and more people are looking to buy or renovate their homes this year. This would generally be good news for entrepreneurs, but the disruption of the global supply chain makes it more expensive to complete these projects. Many homeowners have had to wait longer – and shell out more money – for their renovations.

The cost of materials has skyrocketed… For some, that would take some out of the game. ”—Sam Knolton, Pinnacle Contractors

This problem is different for low-income homeowners, who are in desperate need of repairs to maintain their homes. If these families are excluded from the price due to high construction and material costs, they might not be able to solve big structural problems. There are resources to provide loans for these situations, but they are often not sufficient.


Listen: Why home renovations and purchases are skyrocketing and what it means to you.


Guests

Kermit baker is a senior researcher at the Joint Center for Housing Studies at Harvard University. He says the setbacks in renovations are fueled by global factors. “The cost of wood has tripled in the last three months… We see many markets being slowed down by fundamental issues in the supply chain.” He says these delays and high costs have different effects for low-income homeowners seeking repairs. “We still have a lot of households that are not doing very well financially… 40% of homeowners say they have lost income… 10% say they are behind on mortgage payments.

Baker says the supply chain isn’t the only factor in the renovation setback. “About 30% of workers in the construction industry are immigrants or were born abroad. Construction comes just after agriculture in terms of immigration dependency. So if immigration is not dealt with quickly, it will be a big problem. “The increased demand for home improvement projects is overwhelming some businesses.“ I think a lot of entrepreneurs who were hoping for a really strong market are hoping for something a little less strong so that they can run their projects in a more manageable way, ”he says.

The cost of wood has tripled in the past three months.

Sam knolton is the owner of Pinnacle Contractors in the Detroit Metro, with 35 years of experience in the construction industry. He says even simple building materials, which were previously inexpensive, have nearly tripled in price. “The cost of materials has skyrocketed … For some, that would take some out of the game.” Because of these high prices, Knolton says customers have to wait longer for their renovations. “I have a few clients right now who are really mad at me even today.”

Knolton says these setbacks have changed the way he does business. “I give myself more grace. For example, I manage customer expectations… I prefer to under-promise and over-deliver to survive this situation. Despite rising material costs, Knolton says he’s trying to keep prices reasonable. “I really want to honor the awards… for me not being able to make a door because a grandmother can’t afford it, that’s a problem for me.

Pat cooney is Assistant Director of Economic Mobility at Poverty Solutions at the University of Michigan. He says renovations are more crucial for low-income families with older homes. “Property taxes and home repairs are the main challenge in maintaining the stability of many of these households.” When renovation costs rise, Cooney says these homeowners are often overlooked. “Low-income homeowners are kind of left out of this market… traditional lending tools are often out of reach due to home appraisals in Detroit neighborhoods.”

Cooney says low-income families need the ability to renovate their homes. “We believe that homeownership can be a real tool to achieve this stability… but the resources have to be provided.” He says the city of Detroit has a loan system in place for these households, but it is often insufficient. “The resources dedicated to this do not match the overall need.”

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Local News: HHR Entrepreneurs Uncover Secrets Hidden In Historic Home (5/5/21) https://pspbook.com/local-news-hhr-entrepreneurs-uncover-secrets-hidden-in-historic-home-5-5-21/ https://pspbook.com/local-news-hhr-entrepreneurs-uncover-secrets-hidden-in-historic-home-5-5-21/#respond Wed, 05 May 2021 14:12:22 +0000 https://pspbook.com/local-news-hhr-entrepreneurs-uncover-secrets-hidden-in-historic-home-5-5-21/ RHS contractors are renovating the Long Farmhouse on Farm Road 1090 outside Monett and discovering historical treasures almost every step of the way. Mike Gervais/mgnews@monett-times.com Renovation leads to interesting discoveries A home renovation in Monett’s countryside has uncovered some interesting historical finds. HHR Contractors is in the process of renovating the historic long farmhouse that […]]]>


RHS contractors are renovating the Long Farmhouse on Farm Road 1090 outside Monett and discovering historical treasures almost every step of the way. Mike Gervais/mgnews@monett-times.com

Renovation leads to interesting discoveries

A home renovation in Monett’s countryside has uncovered some interesting historical finds.

HHR Contractors is in the process of renovating the historic long farmhouse that was established in the 1870s.

Among the finds at the Long Farmhouse were historical journals. One article, a copy of The Evening Star, dates back to January 29, 1891. Mike Gervais/mgnews@monett-times.com

The old house was one of the first Vaudois farms and remained a family farm until 1986.

Thad Hood, owner of HHR, purchased the farm in September 2020.

At that time, the house had been vacant for a number of years, and HHR began a full renovation and remodel earlier this year.

Thad Hood, with HHR Contractors, said he believed this chest was either placed in the rafters of the house during construction or built in the attic of the house because it was too large to have been moved into the house. ‘space. Contributed photo

When you work on such an old house, is it a bit like opening a box of chocolates ?? you never know what you are going to get, ?? Hood said.

The HHR Box of Chocolates opened this year contains artifacts of historical significance that have found their way into the Monett Museum on Broadway.

While ripping out the old interior walls and ceilings, the crew discovered old newspapers dating from the 1890s.

The heavily degraded copy of The Evening Star of St. Louis includes advertisements for men’s suits for $ 18.50 and financial loans of $ 1 to $ 10,000.

Another advertisement invites residents at the Grand Opera House to update Faust. As originally performed at the Gaiety Theater in London. ?? This ad boasts that the production will include ???? all the beautiful music, the magnificent costumes, the splendid sets, the original effects, the original gaiety, the skirt dancers and Miss Kate Castleton as Marguerite. ??

Hood said the crew also found another more comprehensive diary that was donated to the Monett Museum.

?? You see this sometimes because they used newspaper for insulation back then, ?? Hood said. “I have found a few, but probably none that go back that far.

Newspapers weren’t the only historical secrets the house kept.

As Hood’s crew began to dismantle the galley, they discovered a large chest hidden in the rafters.

?? It must have been built in the house or built up there, as there is no way you could have moved it in that space, ?? Hood said.

The trunk and its contents, various pieces of mail and receipts presumably dating from the construction of the house, were also donated to the museum.

Ripping up the old parquet in one of the closets, Hood said the crew discovered old sympathy cards that appeared to have slipped through the floor. One of the sympathy cards was from the ME Gillioz family.

While moving forward with the renovation, Hood said the crew discovered other pieces of history, but nothing quite so unique.

He said the house had been enlarged over time and as the crews removed the interior walls, they could see where the wooden slats went from vertical to horizontal, marking where rooms were added after construction. original.

The team also discovered a handful of square nails. Hood said that when the nails are square it is a clear indication that they were handcrafted before modern mass production.



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Personal loan overview: May 2021 https://pspbook.com/personal-loan-overview-may-2021/ https://pspbook.com/personal-loan-overview-may-2021/#respond Wed, 05 May 2021 14:00:00 +0000 https://pspbook.com/personal-loan-overview-may-2021/ As we move into May, not only are we starting to get closer to year end, but we have also started to see a number of significant rate changes in the personal lending arena, which we will discuss. . more below. Additionally, as mentioned in last month’s personal loans snapshot, this year we have seen […]]]>


As we move into May, not only are we starting to get closer to year end, but we have also started to see a number of significant rate changes in the personal lending arena, which we will discuss. . more below.

Additionally, as mentioned in last month’s personal loans snapshot, this year we have seen a consistent trend for Australians to take out personal loans to help fund the cost of home improvement projects.

According to the latest release of ABS Lending Indicators, the value of new loan commitments for fixed-term personal loans rose 0.2% in January, while the value of new loan commitments for “other purposes” increased by 15.8%. In contrast, the value of new credit commitments for road vehicles fell 3.3%.

Personal loan interest rate changes:

When it comes to personal loan interest rates, here are some of the changes since the registration last month:

Interest rate cuts:

  • OurMoneyMarket recently reduced the starting rate on its fixed car loan by 15 basis points, down to 5.35% per annum (benchmark rate of 7.05% per annum *). It also reduced its low-rate personal loan by 89 basis points, which now stands at 5.40% per annum (benchmark rate of 7.31% per annum *).
  • At the end of April, NAB reduced the interest rates on its personal loan (variable, unsecured) and its personal loan (fixed, unsecured) to 6.99% per annum (comparison rate of 7.91% per annum *).
  • Westpac reduced its Westpac personal loan (fixed, unsecured) by 200 basis points at the end of March, bringing it down to a competitive 3-year fixed rate of 9.99% per annum (benchmark rate of 11, 16% per year *), available until May 18, 2021.

Rising interest rates:

  • Australian Military Bank recently increased rates on a range of its products by 50 basis points, including variable and fixed options on its unsecured personal loan, now 5.85% per annum (comparison rate of 6.70% per year), and the variable starting rate on its Car loan which is now 4.49% per year (comparison rate of 5.40% per year).
  • Hume Bank increased the fixed rates of its secured car loan and unsecured personal loan by 200 basis points to 6.95% per annum (benchmark rate of 7.97% per annum *) and 10.95% per annum. year (comparison rate of 12.00% per annum *), respectively.

Closed offers:

  • The St. George Group’s special offer on its fixed rate unsecured personal loan has officially ended, raising it 150 basis points to 11.49% per annum (benchmark rate of 15.38% per annum * ).

Which lenders stand out?

After all of the recent rate changes, the lenders with the lowest personal loan interest rates in the Mozo database are Alex, Australian Military Bank, Credit Union SA, and Transport Mutual Credit Union.

So it seems the smaller mutual banks and credit unions are still where they are if you’re looking for a more competitive rate.

What about reputable lenders?

This month we have seen a number of interest rate changes among the big banks. However, keep in mind that the interest rates for personal loans from major banks are often higher than those from most competing lenders.

For example, the interest rate on ANZ’s unsecured variable personal loans is currently just under 13%, a huge jump from the lowest interest rate in the Mozo database, which is at 4.15% per year.

Variable rate personal loans:

After holding the title of “ Biggest Banks Lowest Variable Rate Personal Loan ” in the Mozo Database for many months, the Commonwealth Bank was pushed to the bottom of the list. It comes after NAB reduced its NAB personal loan (variable, unsecured) by 5.70% basis points on April 21, 2021 – bringing it down to 6.99% per annum (benchmark rate of 7.91% per year). an *).

At the other end of the scale, despite lowering its rates by 3 basis points at the end of September 2020, the ANZ unsecured variable personal loan continues to have the highest variable rate of large banks in the database. Mozo, with its variable of 12.99% per year. interest rate (comparison rate of 13.86% per annum *).

Fixed rate personal loans:

When it comes to big bank fixed rates, Westpac has lost its place of having the lowest rate in the Mozo database. Instead, the lowest fixed interest rate of the big banks in the Mozo database is now owned by NAB after its personal loan (fixed, unsecured) saw a 5.70% point reduction. base on April 21, 2021, reducing it to a 3-year fixed rate of 6.99% pa (comparison rate of 7.91% pa *).

Thanks to lower NAB rates, the highest fixed interest rate for personal loans from major banks in the Mozo database is the ANZ unsecured (fixed) personal loan which offers a fixed rate of 10.50 % per year over 3 years (comparison rate of 11.38% per year *).

Personal loan rate to note in May:

Looking for more options? Then check out our nifty personal loan comparison tool where you can compare heaps of personal loans right now.

*DISCLAIMER: The Comparison Rate combines the interest rate, fees, and charges of the lender into one rate to show the true cost of a personal loan. The comparison rates displayed are calculated on the basis of a loan of $ 30,000 for a term of 5 years or a loan of $ 10,000 for a term of 3 years as indicated, on the basis of monthly principal repayments. and interest, on a secured basis for secured and unsecured loans. basic unsecured loans. This comparison rate applies only to the example (s) given. Different amounts and conditions will result in different compare rates. Costs such as reprocessing fees or prepayment charges, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^ See information on Mozo Experts Choice personal loan rewards

Mozo provides general product information. We do not consider your personal goals, financial situation or needs, and we do not recommend any specific product. You should make your own decision after reading the PDS or offering documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we do not cover every product on the market. If you decide to apply for a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.



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