In The News

JANUARY 25, 2012

NSP2 50% Expenditure Deadline Procedures

HUD has released guidance to their field offices on the NSP2 deadline procedures. NSP2 grantees with reported exenditures less than 50% of the grant allocation will be receiving letters from HUD. Drawdowns are a proxy for reported expenditures, but are not the ultimate measure of success. Each grantee must use the QPR module to report expenditures as of Close of Business Feb 11.

SOURCE: The U.S. Department of Housing & Urban Development

URL: http://hudnsphelp.info/index.cfm

DECEMBER 16, 2011

Guidance on Potential Issues With Foreclosed Residential Properties

In the current economic environment, national banks and federal savings associations are facing challenges resulting from unprecedented numbers of troubled residential mortgage loans. Foreclosures on residential properties also are occurring in unprecedented numbers and are projected to continue this trend in the near term. Among the many consequences of high levels of foreclosures are growing inventories of foreclosed residential and commercial properties.

SOURCE: Office of the Comptroller of the Currency

URL: http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-49.html

NOVEMBER 10, 2011

Apply NOW for Free Technical Assistance from PPS & Livability

Has your community set goals for achieving improved livability, smart growth, or sustainability? Are you running into barriers in achieving these goals?

Applications for free technical assistance from the Project for Public Spaces to address this challenge are now available on the Livability Solutions website. PPS will be offering this technical assistance with its partners at Livability Solutions thanks to a grant from the EPA Office of Sustainable Communities Building Blocks for Sustainable Communities Program.

SOURCE: Project for Public Spaces

URL: http://livabilitysolutions.org/

NOVEMBER 10, 2011

Demolition a Vast Improvement for Empty, Tattered Newark, NJ, Homes

NSP funding is being used to improve Newark neighborhoods by removing vacant homes deemed unsafe and unstable. The city’s code enforcer said neighbors have been enthusiastic in their support of the city's efforts. The city has used different sources of grant money to demolish about eight dilapidated homes that were beyond repair; the recent demolitions were the result of Neighborhood Stabilization Program funds. The average cost is about $5,000, but asbestos abatement adds another $1,500, according to the city’s code enforcer.

SOURCE: Newark (NJ) Advocate, 10/23/11

URL: http://www.newarkadvocate.com/article/201110230655/NEWS01/110230301

OCTOBER 20, 2011

Las Vegas Clearinghouse Joins NSP

A leading reseller of real estate in Las Vegas, called Lenders Clearing House LV, LLC, has joined the Neighborhood Stabilization Program (NSP) to help banks reduce their REO inventories in Las Vegas, Nevada. Over the past few years, Lenders Clearing Housing LV has been creating certified “move in ready” homes by acquiring foreclosed or abandoned homes, restoring them and offering them at or above the current market price.

SOURCE: Market Watch

URL: http://www.marketwatch.com/story/lenders-clearing-house-lv-participates-in-neighborhood-stabilization-program-2011-10-17

OCTOBER 20, 2011

Walkable Communities: Don’t Forget Schools!

The EPA has recently made a public statement about the impact of sprawling schools on the environment and is encouraging more “green” and walkable school development plans. Because schools are the center of the community for students, families and others in the community who take advantage of adult programming, community meetings and athletic events, it’s important to consider the site and location of schools during the development phase.

SOURCE: New Urban Network

URL: http://newurbannetwork.com/news-opinion/links/15496/epa-guides-communities-towards-smart-school-locations

OCTOBER 12, 2011

Enterprise Community Partners Testifies at House Subcommittee

Andrew Jakabovics, senior director of policy development and research at Enterprise Community Partners (Enterprise), testified before the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity on Oct. 7. Enterprise is a national nonprofit organization that creates opportunities for low- and moderate-income people through fit, affordable housing and diverse, thriving communities. He discussed mechanisms and policy options to facilitate bringing the private sector back into the housing market in a supportive and sustainable way.

SOURCE: InsuranceNewsNet.com, 10/7/11

URL: http://insurancenewsnet.com/article.aspx

OCTOBER 12, 2011

September 2011 Housing Scorecard Released

The September edition of the Obama Administration’s Housing Scorecard — a comprehensive report on the nation’s housing market — offered continued mixed signals as home prices improved for the fourth consecutive month, but showed continued strain from foreclosures and distressed sales. Also, mortgage defaults and foreclosure completions continued a downward trend as more homeowners were able to secure mortgage relief. The full report is available online at www.hud.gov/scorecard.

SOURCE: LoanSafe.org

URL: http://www.loansafe.org/september-housing-scorecard-released-today-by-obama-administration

OCTOBER 6, 2011

Town Center in the Works for Long Island Town

The site of a closed movie theatre could bring new life to the hamlet of Coram, New York, on Long Island. The building has been vandalized, burned, and used by the homeless. Community Development Corporation of Long Island now plans to redevelop the site into a town center in $59 million project in partnership with Conifer Realty of Rochester, NY. As envisioned, 90 “work force” apartments would be built in second stories over retail shops, while three-story residential buildings would house another 70 town-house-style units.

SOURCE: The New York Times

URL: http://www.nytimes.com/2011/10/02/realestate/a-town-center-in-the-works-for-coram-in-the-region-long-island.html

SEPTEMBER 29, 2011

Realtors’ Recommendations To Reduce High REO Inventories

The National Association of Realtors (NAR) has made suggestions to HUD, the Federal Housing Finance Agency, and Treasury that it believes will reduce the number of REO properties held by government agencies. The suggestions included

creating an advisory board that will develop new options for selling REO properties
increasing consumer and investor lending
taking more aggressive steps to modify loans or to quickly approve short sales
avoiding bulk sales of REOs whenever possible
being careful about large-scale lease-to-own programs

SOURCE: Marketwire.com, 9/15/11

URL: http://www.marketwatch.com/story/increased-lending-short-sales-necessary-to-reduce-high-reo-inventories-say-realtorsr-2011-09-15

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