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FEMA Declared Disaster Kansas

Posted on February 26, 2019March 24, 2019 by Safeguard

FEMA Alert Update
March 20, 2019

FEMA issued an update to a Presidential Major Disaster Declaration for areas in Kansas affected by severe storms, straight-line winds and flooding that took place October 4-5, 2018. The following counties are eligible for assistance:

Public Assistance

Barber
Ottawa

FEMA Release: Declared Disaster Amendment for Kansas

ZIP Code List for FEMA Declared Disaster for Kansas

MapAlert Disaster Viewer

FEMA Alert
February 25, 2019

FEMA issued a Presidential Major Disaster Declaration for areas in Kansas affected by severe storms, straight-line winds and flooding that took place October 4-5, 2018. The following counties are eligible for assistance:

Public Assistance

Anderson
Barton
Cowley
Doniphan
Greenwood
Harvey
Kingman
Neosho
Pratt
Reno
Rice
Sumner

FEMA Release: Declared Disaster for Kansas

ZIP Code List for FEMA Declared Disaster for Kansas

MapAlert Disaster Viewer

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

FEMA Declared Disaster Texas

Posted on February 26, 2019April 3, 2019 by Safeguard

FEMA Alert Update
March 30, 2019

FEMA issued an update to a Presidential Major Disaster Declaration for areas in Texas affected by severe storms and flooding that took place September 2 to November 2, 2018. The following counties are eligible for assistance:

Public Assistance

Polk
Schleicher
Walker

FEMA Release: Declared Disaster Amendment for Texas (designated areas)

ZIP Code List for FEMA Declared Disaster for Texas

MapAlert Disaster Viewer

FEMA Alert
February 25, 2019

FEMA issued a Presidential Major Disaster Declaration for areas in Texas affected by severe storms and flooding that took place September 2 to November 2, 2018. The following counties are eligible for assistance:

Public Assistance

Archer
Baylor
Brown
Burnet
Callahan
Comanche
Coryell
Dimmit
Edwards
Fannin
Franklin

Grimes
Haskell
Hill
Hopkins
Houston
Jones
Kimble
Kinney
Llano
Madison
Mason

McCulloch
Menard
Nolan
Real
San Saba
Sutton
Throckmorton
Travis
Uvalde
Val Verde

FEMA Release: Declared Disaster for Texas

ZIP Code List for FEMA Declared Disaster for Texas

MapAlert Disaster Viewer

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

Severe Storms, Dangerous Flooding Overspread Southern U.S.

Posted on February 24, 2019February 24, 2019 by Safeguard

Updated 2/23/19: Alabama Governor Kay Ivey issued a state of emergency for multiple counties impacted or most likely to be impacted by severe weather.

Link to declaration

Link to associated ZIP code list

NOTE: This is independent from any FEMA Declared Disaster.

Disaster Alert
February 23, 2019

Source: AccuWeather

Approximate locations sustaining home damage:

Mississippi

Flooding
Bruce (Calhoun County, 38915, 38945)

Tornado
Columbus (Lowndes County, 39710, 39704, 39703, 39702, 39701)

NOTE: This has not yet been declared a FEMA Disaster.

While a severe weather outbreak, including the threat of tornadoes, is unfolding across the southern United States, flooding has prompted rescues across the Tennessee Valley on Saturday.

Lives and property will be at risk as violent storms erupt from Jackson, Mississippi, to Memphis and Nashville, Tennessee; Huntsville, Alabama; and Bowling Green, Kentucky.

“AccuWeather meteorologists are concerned that this will be the first significant and widespread outbreak of severe weather so far this year,” AccuWeather Meteorologist Renee Duff said.

To access full report, please click the source link above.

VA: Circular 26-19-05: VA-Guaranteed Cash-Out Refinancing Home Loans (AQ42)

Posted on February 22, 2019February 22, 2019 by Safeguard

Updated 2/15/19: The VA issued a revised version of Circular 26-19-05 featuring a change made to page 4, section d, subsection (3).

Link to revised circular

Investor Update
February 14, 2019

Source: VA

1. Purpose. This Circular clarifies the Department of Veterans Affairs’ (VA) new policies regarding VA-guaranteed cash-out refinancing loans, including refinancing of construction loans (construction-to-perm).

2. Background. Public Law 115-174, The Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), was signed into law by President Donald Trump on May 24, 2018. Section 309 of the Act provides new statutory criteria to determine when VA may guarantee a refinancing loan. The Act required VA to promulgate regulations for cash-out refinancing loans, specifically refinancing loans in which the loan amount will exceed the payoff amount of the loan being refinanced.

a. On December 17, 2018, VA published interim final rule (AQ42) in the federal register setting forth requirements relating to cash-out refinance loans. See https://www.federalregister.gov/documents/2018/12/17/2018-27263/loan-guaranty-revisionsto-va-guaranteed-or-insured-cash-out-home-refinance-loans. This includes the Regulatory Impact Analysis (RIA) that provides details concerning VA’s analysis in developing this rule. AQ42 amends VA regulations pertaining to all cash-out refinancing loans (38 CFR 36.4306). This includes refinancing of construction loans (construction-to-perm loans), regardless of whether there is a change in the principal loan amount. However, AQ42 does not implement rules pertaining to interest rate reduction refinance loans (IRRRLs).

b. VA will update IRRRL regulations in an upcoming rulemaking.

3. Effective date. The rule is effective on February 15, 2019, and will apply to VA cash-out refinance loan applications taken on, or after, this date. Loan applications taken prior to the effective date that were submitted to an Automated Underwriting System (AUS) either before or after the effective date, where subsequent and/or final AUS submissions result in a Refer recommendation, require manual underwriting.

4. Action. All-VA guaranteed cash-out refinancing loans must comply with the Act and AQ42. All refinancing loan applications taken on or after the effective date that do not meet the following requirements may be subject to indemnification or the removal of the guaranty. Failure to provide initial disclosures to the Veteran within 3 business days from the initial application date and at closing may result in indemnification of the loan up to 5 years. There are three categories of refinance loans; Interest Rate Reduction Refinancing Loans (IRRRL), TYPE I Cash-Out Refinance, and TYPE II Cash-Out Refinance.

a. Definitions.

(1) An Interest Rate Reduction Refinancing Loan (IRRRL) is a refinancing loan made to refinance an existing VA-guaranteed home loan at a lower interest rate.

(2) TYPE I Cash-Out Refinance is a refinancing loan in which the loan amount (including VA funding fee) does not exceed the payoff amount of the loan being refinanced.

(3) TYPE II Cash-Out Refinance is a refinancing loan in which the loan amount (including VA funding fee) exceeds the payoff amount of the loan being refinanced.

b. Loan-to-Value (LTV). VA will no longer guaranty refinancing loans when the LTV exceeds 100 percent. Inclusion of any funding fee that is financed, in part or whole, cannot cause the loan to exceed the reasonable value of the property.

(1) LTV Calculation. Divide the total loan amount (including VA funding fee, if any) by the reasonable value of the property determined by the appraiser.

c. Net Tangible Benefit (NTB). NTB standards apply to all cash-out refinancing loans. It consists of the NTB test, Loan Comparison, and Home Equity Disclosure

(1) NTB Test. All cash-out refinancing loans must past pass the NTB test. This requirement is met if the refinancing loan satisfies at least one of the following:

(a) The new loan eliminates monthly mortgage insurance; or
(b) Loan term of the new loan is less than the loan term of the loan being refinanced; or
(c) Interest rate of the new loan is less than the interest rate of the loan being refinanced.
(Note: If the loan being refinanced had an adjustable interest rate or was modified, the current interest rate must be used when determining if this requirement has been met.); or
(d) The monthly (principal and interest) payment of the new loan is less than the monthly (principal and interest) payment of the loan being refinanced; or
(e) The Veteran’s monthly residual income is higher as a result of the new loan. (residual income, including refinancing monthly PITI (principal, interest, taxes, and insurance) payment vs. current residual income, including monthly PITI payment of the loan being refinanced.) In cases where TI amounts are changing between the application date and the closing date of the refinance transaction, the new TI amount will be used in determining residual income for both the current and refinanced loan); or
(f) The new loan is used to payoff the Veteran’s interim construction loan; or
(g) The new loan LTV is equal to or less than 90 percent of the reasonable value of the home, i.e. LTV ≤ 90%; or
(h) Refinance of an adjustable-rate mortgage to a fixed-rate mortgage.

(2) Loan Comparison Disclosure. The lender must provide the Veteran a comparison of the new loan to the existing loan being refinanced. VA requires lenders to generate two loan comparison disclosures, one within 3 business days from the initial date of the loan application and at loan closing. The borrower must certify receipt of both disclosures (i.e. signature, e-signature, email from borrower certifying receipt, email read receipts, system time/date stamp where a borrow certified receipt, etc).

(a) Initial 3-Day Disclosure. Lender’s shall provide a reasonable estimate within 3 business days of loan application. Reasonably accurate estimates, may involve the use of borrower documentation, such as their mortgage statement, closing documents, their own estimation of the existing loan terms, online property valuation tools, and manual calculations. Lenders are encouraged, but not required, to continually update the disclosure as additional, and more accurate, information becomes available throughout the origination process.

(b) Final Loan Closing Disclosure. The final loan comparison disclosure provided at loan closing shall be accurate with respect to the new loan information, while the initial loan information may be a generally accurate representation of the existing loan, given that payments may be in transit, tax and insurance amounts may be pending, and payoffs may fluctuate when the final closing date has not been determined.

(c) Contents of the Initial 3-Day Disclosure and the Final Loan Closing Disclosure. VA has provided a sample disclosure in Exhibit A that includes both the loan comparison and home equity provisions stated in this Circular. The following information will be provided in the disclosures:

1. Refinancing loan amount (including VA funding fee, if financed into the loan) vs. the payoff amount (including fees, escrow shortages, and prorated interest) of the loan being refinanced.
2. Interest Rate
3. Mortgage Loan Type (i.e., fixed, adjustable)
4. Loan term of the refinancing loan vs. the remaining term of the loan being refinanced. The term may be expressed in months or years and months.
5. The total payments the Veteran will have paid after making all payments (principal and interest) as scheduled on the refinancing loan vs. the total remaining payments the Veteran will have paid after making all remaining payments of principal, interest, and mortgage insurance (if applicable) as scheduled on the loan being refinanced.
6. LTV of the refinancing loan vs. loan payoff (including fees, escrow shortages, and
prorated interest) to current value of the loan being refinanced.

(3) Home Equity Disclosure. The lender must disclose the amount of home equity being
removed from the home as a result of the new loan to the Veteran within 3 business days from
the initial date of the loan application and at loan closing. The disclosure must also explain to
the Veteran how the removal of home equity may affect the sale or refinance of the home in
the future. Similar to the Loan Comparison Disclosure, the borrower must certify receipt of
the Home Equity Disclosure (i.e. signature, e-signature, email from borrower certifying
receipt, email read receipts, system time/date stamp where a borrow certified receipt, etc.).
VA has provided a sample disclosure in Exhibit A that includes both the loan comparison and
home equity provisions stated in this Circular.

(a) For the initial home equity disclosure, lenders may use estimated loan payoff or unpaid principal balance and estimated current property value to determine the home equity being removed from the home. However, the lender must use the final payoff amount (including fees, escrow shortages, and prorated interest) and the reasonable value shown on the Notice of
Value (NOV) to determine the home equity being removed from the home on the home equity disclosure provided to the Veteran at loan closing.

d. Loan Seasoning. Loan seasoning applies to all cash-out refinancing loans made to refinance a VA-guaranteed home loan (VA-to-VA). A cash-out refinancing loan, Type I nor Type II, is not eligible for guaranty by VA, if the VA-guaranteed loan being refinanced has not been seasoned as of the date of closing. A loan is considered seasoned if both of the following conditions are met as of the date of loan closing:

(1) The first monthly payment of the loan being refinanced was made 210 days or more prior to the closing date of the refinancing loan; and
(2) Six monthly payments have been made on the loan being refinanced.

(3) For loans being refinanced within 1 year from the date of closing, lenders must obtain a payment history/ledger from the servicing lender documenting all payments. If the loan is selected for audit by VA, the lender must include the payment ledger/history of the loan being refinanced in the loan file for VA review.

e. Fee Recoupment. Fee recoupment applies to TYPE I cash-out refinancing loans made to refinance a VA-guaranteed home loan (VA-to-VA). To obtain a Loan Guaranty Certificate (LGC) the lender must certify that the recoupment period of fees, expenses, and closing costs (included in the loan and paid outside of closing), do not exceed 36 months from the date of the loan closing.

(1) Recoupment Calculation: The recoupment period is calculated by dividing all fees (not including VA funding fee per), expenses, and closing costs included in the loan and paid outside of closing by the reduction of monthly principal and interest (PI).

(a) Example:
PI (VA loan being refinanced): $654.00
PI (new VA refinancing loan): – $604.00
Reduction of monthly PI: = $ 50.00

If the loan being refinanced loan has been modified, the reduction of monthly PI should be computed using the modified monthly PI of the loan being refinanced.

(b) Example:
Fees/expenses/closing cost: $1,436.49
Reduction of monthly PI: ÷ $ 50.00
Fee Recoupment Period: = 29 months (28.72 months rounded)

(c) Escrow and prepaid expenses, such as, insurance, taxes, special assessments, and homeowners’ association (HOA) fees shall be excluded from the recoupment calculations.

(d) VA allowable fee as established in 38 C.F.R. § 36.4313 offset by lender credits and/or premium pricing may also be excluded from the recoupment calculation.

4. Rescission: This Circular is rescinded April 1, 2021.

By Direction of the Under Secretary for Benefits

Jeffrey F. London
Director, Loan Guaranty Service

HUD: FHA INFO #19-02: Policy Guidance on Use of Third-Party Verification Services

Posted on February 21, 2019February 22, 2019 by Safeguard

Investor Update
February 15, 2019

Source: HUD

Today, the Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2019-01: Third Party Verification Services, which provides guidance for the use of Third Party Verification (TPV) services as an alternative for verifying borrowers’ employment, income, or assets.

Currently, the Single Family Housing Policy Handbook 4000.1 (SF Handbook) and the Home Equity Conversion Mortgage (HECM) Financial Assessment and Property Charge Guide allow for electronic verifications in lieu of written Verifications of Employment (VOEs) and allow for Verifications of Deposit (VODs) in lieu of bank statements, but make no specific reference to the use of third party verification services to perform those functions. FHA also requires current employment income to be documented by obtaining borrower paystubs in addition to obtaining VOEs or Alternative Employment Documentation (W-2’s).

This ML revises documentation requirements to allow the use of vendors to verify information directly with borrowers’ employers or financial institutions without the need for additional documentation and is consistent with industry practice. The mortgagee remains responsible for the quality of its FHA-insured mortgages and must ensure that its TPV vendors fully comply with all applicable laws and FHA requirements.

The provisions outlined in ML 2019-01 are effective immediately and apply to all FHA Title II forward and reverse (HECM) mortgages.

Quick Links
• View Mortgagee Letter 2019-01 and all other archived Mortgagee Letters at: https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee
• View the online and/or PDF versions of the Single Family Housing Policy Handbook 4000.1 at: https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh
• View the HECM Financial Assessment and Property Charge Guide at: https://www.hud.gov/sites/documents/14-22ML-ATCH2.PDF

Resources
Contact the FHA Resource Center:
• Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at: www.hud.gov/answers.
• E-mail the FHA Resource Center at: answers@hud.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
• Call 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Relay Service at 1-800-877-8339.

FHFA: Working Paper 19-02: Mortgage Risk Since 1990

Posted on February 21, 2019 by Safeguard

Investor Update
February 1, 2019

Source: FHFA

Author:
William Larson (FHFA), Morris Davis (Rutgers), Stephen Oliner (American Enterprise Institute)

FHFA: Refinance Report — Fourth Quarter 2018

Posted on February 21, 2019 by Safeguard

Investor Update
February 14, 2019

Source: FHFA

Washington, D.C. – The Federal Housing Finance Agency (FHFA) today reported that Fannie Mae and Freddie Mac completed 245,620 refinances in the fourth quarter of 2018, compared with 253,135 in the third quarter. FHFA’s fourth quarter Refinance Report also shows that 1,390 loans were refinanced through the Home Affordable Refinance Program (HARP), bringing the total number of HARP refinances to 3,494,395 since inception of the program in 2009 and completion in Dec. 31, 2018.

Fannie Mae: AAA Matrix Updates

Posted on February 21, 2019 by Safeguard

Investor Update
February 20, 2019

Source: Fannie Mae

The AAA matrix provides state-specific excess fees/costs process guidelines and includes a process overview, as well as additional procedures and specific request requirements.

The matrix references applicable Servicing Guide provisions and other policies.

Fannie Mae requires the attorneys to submit all excess fee and title cost requests. Requests made by servicers will not be accepted.

To access the AAA Matrix, please click the source link above.

Adapt, Evolve…and Remember the Basics

Posted on February 20, 2019February 20, 2019 by Safeguard

Editorial
February 20, 2019

Source: DS News (Adapt, Evolve…and Remember the Basics PDF)

As property technology innovation continues, field services companies must ensure they don’t lose their commitment to the human element along the way.

As the U.S. economy remains strong, some experts predict that the housing market trends experienced in 2018—inventory shortage, rising interest rates, and rising home prices—will continue into 2019. They also predict that the number of people who choose to rent will rise as higher mortgage rates limit affordability when buying a home. Some people will be financially unable or unqualified to buy and will have to continue renting. Defaults are projected to reach record lows, and some industry experts do not believe the U.S. will experience another foreclosure crisis anytime soon.

Economists and housing experts also predict that technology will have a significant impact on the housing market not just this year, but in the years to come. Proptech—short for property technology—will lead to significant innovations in the real estate industry. In the mortgage field services industry, a thriving economy and stable housing market have prompted field service companies to expand and evolve their services to meet the changing dynamics of the default and foreclosure market. Fewer mortgage defaults mean a significantly lower volume of foreclosed properties, and as volumes continue to decrease, field servicers must innovate to survive.

INNOVATION AND CUSTOMER COMMITMENT

The cliché that necessity is the mother of invention certainly holds true, as mortgage field services companies must now work to find ways to keep their businesses afloat. Often, they take this downtime as an opportunity to utilize new technologies to improve processes and increase quality. However, the focus should not be solely on developing technologies. Field services companies need to ensure that they continue to provide optimum customer service and other amenities that foster good client relations to remain successful while default property volumes are low.

Over the past several years, the mortgage servicing industry and its field services partners have significantly benefitted from advances in technology. Mobile devices have completely changed the way field services companies do business, and they continue to help improve timelines and enhance the quality of the data submitted to mortgage servicing clients. Field services companies have taken advantage of the “smartness” of smart devices to build controls into their processes to ensure that work is done right the first time.

Another technological trend that helped propel field services is geo-location technology. When taking a photo with a mobile device, it captures the longitude and latitude of where that photo was taken. Field services companies have created applications to capture that data and apply it to the front-of-house photo requirement to ensure the inspector or vendor is at the correct property. If the photo is taken outside a pre-determined number of feet, it sets off a red flag within the app, prompting a request for additional location information from the vendor or inspector within the app. These apps also can collect date- and time-stamp data to help eliminate the possibility of vendors or inspectors accidentally using an old or duplicate photo.

Video and panoramic photo results to complement photo requirements for high-risk property conditions and integrated workflow systems are the latest innovations from the field services industry. Companies also are looking into using drones, and possibly robotics or artificial intelligence (AI), in the future. The industry has made great strides in using technology to generate more efficient results and improve the quality of services.

Field services companies need to refine and improve their processes as new technologies emerge. Technology has propelled the industry from notepads and waiting days for field results to mobile devices transmitting near real-time information. Some of the most significant advances are the quality and accuracy of the information being submitted and processed. The future of field services will continue to be influenced by emerging technologies. The key is how field services companies choose to employ it.

With all of these innovations, field services companies can get lost in building the most efficient or best systems, expending significant time and energy into utilizing the latest technology to improve their processes. While that, and technology itself, are not bad things, field services companies need to stay true to their roots and remain focused on client relationships. The latest gadgets and widgets that offer efficiency and automation do not provide that human touch that will retain clients and build better partnerships. It is the “family-owned” or “mom-and-pop” mentality, in addition to the one-on-one interaction, customer service, and additional communication that will keep a field services company thriving during the lull.

COMMUNICATION IS KEY

The practice of regular communication and providing fast and accurate information to mortgage servicing clients by field services companies is a critical component of quality customer service. With field service companies traditionally serving as the eyes, ears, and boots-on-the-ground for the servicing industry, mortgage servicers have come to utilize their field services companies for more than just property preservation. Being aware of the additional resources companies can provide, servicers are now channeling them for information.

Effective communication and partnership are vital to ensuring clients remain up-to-date on disasters, industry news, and policy changes. Field services companies need to stay consistent in providing relevant, timely, and strategic information to clients, vendors, and the industry as a whole. They need to understand the challenges that mortgage servicers face in staying current, with frequent changes in the industry, investor and insurer guidelines, and a multitude of critical issues to assure compliance and reduce potential out-of-pocket costs.

In addition to general blasts of pertinent information to clients regarding industry news, legislative updates or policy changes, field services companies need to be better partners at identifying information relevant to individual client needs. For example, single vacant house fires often occur in many cities or towns across the U.S. The local news will report it, but how often does the mortgage servicer get that news, especially for occurrences in small towns or rural areas? Even if they receive the news quickly, they may not have all of the property information from previous inspections and work completed readily available. Field services companies should research the news for information on potential property damage and provide a report to the individual client with updated property results. This level of personal service and information is even more critical following a major disaster, such as a hurricane or the widespread wildfires in California near the end of 2018. Long lists of affected ZIP codes are readily available, but taking the next step to research damage at the individual address level provides the servicer with more targeted data and the ability to act quicker and make better business decisions.

Additionally, local governments across the country routinely draft and enact laws that directly impact the preservation industry, and field services companies should consider the importance of actively tracking relevant legislation. While servicers take the lead on compliance, proactive field services companies have an opportunity to serve as a secondary resource for acquiring critical information and taking the concept of protecting their clients’ interests to the next level. This includes not only arming servicers with legislative information but also providing them with insights into the type of environment the legislation aims to effect. If any information brings to light an issue that servicers may speak to directly, an opportunity may present itself for them to get in front of the issue and reach out to that particular government.

Maintaining close working relationships with those government officials, in addition to investors including HUD, FHA, Fannie Mae, Freddie Mac, and the U.S. Department of Veterans Affairs (VA), is also imperative to remaining intimately aware of all new regulations and regulatory interpretations. As advocates for their clients, field services companies must proactively work with investors to develop strategies to improve operational efficiencies. Company leadership should be instrumental in assisting investors in creating rules and regulations that save time and money for both their clients and investors.

Other avenues created to foster constructive dialogue and provide better customer service within the industry include regular conference calls, webinars, and in-person events. Representatives from all facets of the industry, including the HUD, Fannie Mae, Freddie Mac, VA, mortgage field services companies, and mortgage servicing corporations should be invited to participate, providing attendees with the opportunity to engage in discussions that tackle the most pressing industry issues. By involving all facets of the industry directly through educational face-to-face presentations and outreach, field services companies can position themselves to successfully obtain and share information in near real-time for the benefit of not just servicing clients but the industry itself.

MAINTAINING BALANCE

While remaining innovative and embracing technology is essential for mortgage field servicers, companies need to walk a fine line and refrain from putting so much emphasis on it that it impacts customer service and the valuable relationships that have been built. Technology and customer service need to work hand-in-hand to ensure clients are receiving the highest level of service at all times. An automated system may be beneficial when working an order, but nothing is more critical than adding a human element to a business partnership. The most valuable assets at any company are the employees and, in field services, the inspector/ contractor network as well. Offering additional communications or services that feature those assets will aid any company in remaining an industry leader, even when volumes decrease.

Hamilton Hill Demolitions to Resume

Posted on February 19, 2019 by Safeguard

Industry Update
February 14, 2019

Source: The Daily Gazette

SCHENECTADY — An intermission for the $62 million Community Builders residential project in Schenectady’s Hamilton Hill neighborhood will end later this month, as demolition of blighted properties resumes.

It’s not cold weather or snow that put the work on hiatus, but navigating the complicated web of financing that underlies the whole project.

Phase I of the redevelopment by The Community Builders cost $22 million, the major portion of which went for conversion of the Horace Mann and St. Columba’s school buildings into the Hillside View Apartments and Electric City Barn.

Phase II entails demolition of 22 buildings and construction of 85 housing units at cost of $40 million.

Construction of Phase I is done, and it is fully occupied. Construction of Phase II has yet to start.

For full article, please click the source link above.