Safeguard Properties

Atlanta Mayor Andre Dickens Introduces Five New Affordable Housing Proposals

Posted on by Safeguard

Industry Update
August 17, 2022

Source:  The Atlanta Voice

Atlanta Mayor Andre Dickens’ Affordable Housing Strike Force unveiled four major initiatives to fast-track affordable housing development, moving further toward the Mayor’s goal to build or preserve 20,000 units of affordable housing. The Mayor convened the Strike Force earlier this year with a mission to prioritize development projects on publicly owned land based on shared goals, jointly identify the needs and obstacles to development, and coordinate planning, funding and infrastructure investments across agencies.

“Reaching our Administration’s goal of 20,000 affordable units will require expediting the development of public land,” said Mayor Dickens. “Significant collaboration across public agencies and City departments is necessary for projects of this scale, and I am grateful for the Metro Atlanta Land Bank Authority, MARTA, Invest Atlanta, members of our Housing Strike Force and everyone else for making today’s legislation possible.”

Five items related to the projects were introduced to the Atlanta City Council.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Fire Management Assistance Declaration – Idaho Four Corners Fire

Posted on by Safeguard

FEMA Alert
August 19, 2022

FEMA has issued a Fire Management Assistance Declaration for the state of Idaho to supplement state, tribal and local recovery efforts in the areas affected by the Four Corners Fire on August 18, 2022.  The following counties have been approved for assistance:

Public Assistance:

  • Adams
  • Gem
  • Valley

 

Idaho Four Corners Fire (FM-5449-ID)

Zip Codes of Affected Areas

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

Ginnie Mae, FHFA Releases Updated Seller/Servicer Requirements

Posted on by Safeguard

Industry Update
August 18, 2022

Source: Mortgage Professional America

Ginnie Mae and the Federal Housing Finance Agency (FHFA) have issued new capital eligibility requirements for seller/servicers and issuers.

Effective September 30, the updated requirements will allow Fannie Mae and Freddie Mac to institute requirements beyond the minimum for certain sellers/servicers who show evidence of heightened risk embedded in the business model or financial condition.

To be eligible for Ginnie Mae and GSE loans, issuers/servicers need a net worth base minimum of $2.5 million plus add-ons of 25 basis points for GSE servicing, 35bps for Ginnie product, and 25bps for private-label and other servicing loans. Tangible net worth or total assets must be greater than or equal to 6%.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Mortgage Delinquency Rate Falls to 43-Year Low

Posted on by Safeguard

Industry Update
August 12, 2022

Source: Mortgage Professional America

The delinquency rate for residential mortgage loans has fallen to its lowest level since 1979, even beating out the previous pre-pandemic survey low in 2019.

The Q2 delinquency rate nosedived to a seasonally adjusted rate of 3.64%, down 47 basis points from the previous quarter and 183 basis points below compared to the same period a year ago, according to the Mortgage Bankers Association.

By loan type, the total delinquency rate for conventional loans fell by 39 basis points to 2.64% quarter over quarter – the lowest level in the survey’s history since 2004. The FHA delinquency rate decreased 73 basis points to 8.85%, and the VA delinquency rate decreased by 64 basis points to 4.22% over the quarter.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Zombie Property Count Inches Up Again in Third Quarter of 2022 Across U.S. Amid Continued Rise in Foreclosure Activity

Posted on by Safeguard

Industry Update
August 18, 2022

Source: Cision PR Newswire

ATTOM, a leading curator of real estate data nationwide for land and property data, today released its third-quarter 2022 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,277,162) residential properties in the United States sit vacant. That figure represents 1.3 percent, or one in 78 homes, across the nation.

The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below). Vacancy data is available for U.S. residential properties at https://www.attomdata.com/solutions/marketing-lists/.

The report also reveals that 270,470 residential properties in the U.S. are in the process of foreclosure in the third quarter of this year, up 4.4 percent from the second quarter of 2022 and up 25.5 percent from the third quarter of 2021. The latest increase marks the fourth straight quarter that the count of pre-foreclosure properties has increased since a nationwide moratorium on lenders pursuing delinquent homeowners, imposed after the Coronavirus pandemic hit in 2020, was lifted at the end of July 2021.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Fire Management Assistance Declaration – Nevada Joy Lake Fire

Posted on by Safeguard

FEMA Alert
August 14, 2022

FEMA has issued a Fire Management Assistance Declaration for the state of Nevada to supplement state, tribal and local recovery efforts in the areas affected by the Joy Lake Fire on August 14, 2022.  The following counties have been approved for assistance:

Public Assistance:

  • Washoe

 

Nevada Joy Lake Fire (FM-5448-NV)

Zip Codes of Affected Areas

 

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

New Leader of Blight Authority of Memphis Excited for Revitalization

Posted on by Safeguard

Industry Update
August 10, 2022

Source:  localmemphis.com

There’s a new leader with a new vision for tackling Memphis’ decades old blight fight.

Michael Harris is now executive director of the Blight Authority of Memphis. The organization acquires abandoned properties and eyesore lots for redevelopment.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Louisville Metro Government Says It’s Making Progress on City’s Vacant, Abandoned Properties

Posted on by Safeguard

Industry Update
August 11, 2022

Source:  wdrb.com

Louisville Metro Government said it’s making progress on vacant and abandoned properties across the city.

Thursday, city leaders and developers announced results from a the first phase of a recent property condition survey conducted mostly in west and south Louisville neighborhoods.

The survey also looked at properties in downtown Louisville and its edge neighborhoods and Old Louisville with structures on them. It found about 1,500 homes were considered unlivable or vacant. Roughly 2,500 more had “slight damage” with another 1,300 with “moderate to significant damage,” according to a news release from Mayor Greg Fischer’s Office.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

New Program to Fix Dilapidated Properties Proposed

Posted on by Safeguard

Industry Update
August 10, 2022

Source:  Erie News Now

A new program to purchase dilapidated properties, fix them up, and then sell them to first-time homeowners is in the works in Jamestown.

Brainchild of Assistant Corporation Counsel Ben Haskins, the idea was first introduced to the city’s Housing Committee last month, with local leaders continuing a push to crackdown on zombie properties to better neighborhoods.

To kick things off, officials are seeking $750,000 dollars of American Rescue Plan Act funds.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Spokane Housing Crisis: Land Bank Forms to Open Up More Properties for Low-Income Housing

Posted on by Safeguard

Industry Update
August 12, 2022

Source:  The Spokesman Review

Spokane’s first land bank has launched with promises to free up more land for affordable housing across the city.

A land bank is an organization that works with financial institutions or governments to acquire, hold or redevelop abandoned properties and vacant homes so they can return to the market.

There are just over 6,000 units of housing between all of Spokane’s low-income housing providers, according to the latest annual survey by the Spokane Low Income Housing Consortium. And because of low vacancy rates, the average time a person spends on a provider’s waitlist is around three years, said Ben Stuckart, executive director of the Spokane Low Income Housing Coalition.

 

For full report, please click the source link above.