Page 57 – Safeguard Properties

Governor Hochul Announces an Additional $146 Million Awarded through the Restore New York Communities Initiative

Posted on May 25, 2023 by Safeguard

Industry Update
May 22, 2023

Governor Kathy Hochul today announced more than $112.9 million has been awarded to 70 projects through the Restore New York Communities Initiative. Restore New York supports municipal revitalization efforts across the state, helping to remove blight, reinvigorate downtowns and generate economic opportunity in communities statewide. The program, administered by Empire State Development, is designed to help local governments revitalize their communities and encourage commercial investment, improve the local housing stock, put properties back on the tax rolls and increase the local tax base.

“These Restore New York grants will help to reimagine downtowns across our state and transform vacant, blighted and underutilized buildings into vibrant community anchors,” Governor Hochul said. “Thanks to a more than $146 million state investment, we are breathing new life into communities from Hudson to North Hempstead, jumpstarting new economic activity and helping ensure that New York State continues to be a place where people come to live, work and raise their families.

For full report, please click the source link above.

Naturally Lewis Awards $690,965 to Vacant Property Revitalization Projects

Posted on May 25, 2023 by Safeguard

Industry Update
May 19, 2023

Source: romesentinel.com

Naturally Lewis, in partnership with Lewis County, created the Vacant Property Revitalization (VPR) Program to target vacant and potentially unsafe or blighted properties within downtown and surrounding areas to turn them into usable spaces for business development opportunities. The Lewis County Development Corporation (LCDC), through its round 1 application process, approved nine projects, granting a total of $690,965 in Vacant Property Revitalization Program funds.

The Vacant Property Revitalization Program will have immediate effects on our downtowns and surrounding areas, enhancing communities, driving business development, and attracting new residents and tourists. By focusing on bringing these buildings back to life, the community will see an increase in the property tax base, the creation of local construction jobs, future employment within businesses, and an enhanced quality of life.

“We are excited to empower our property and business owners through funding and staff support to help turn vacant, blighted and underutilized buildings into usable spaces that will lead to great economic and community impacts. Once all projects are complete, this program will have led to $7.7 million in total project investment across Lewis County,” stated Tim Petersen, chairman of the Lewis County Development Corporation Board of Directors.

For full report, please click the source link above.

Kokomo Sending Delegation to Blight Training Program

Posted on May 25, 2023 by Safeguard

Industry Update
May 21, 2023

Source: Kokomo Tribune

The city of Kokomo is one of 10 cities in three nearby states that will send a delegation to the 2023 Vacant Property Leadership Institute (VPLI).

VPLI is a training program that equips leaders with the skills to address vacant, abandoned and deteriorated properties for the benefit of their communities. The delegation will receive in-person training Nov. 7-10 in Austin, Texas, from top experts on urban policy and equitable community revitalization.

Immediately following VPLI, Community Progress will invite participating cities to apply for a Technical Assistance Award to make the lessons from VPLI actionable. A total of 1,000 hours of customized, expert guidance from a technical assistance team will be divided among the awarded communities to help each community shape and sustain policy, practice and process changes to address vacancy and abandonment.

“I am excited for the Kokomo delegation to learn best practices for addressing vacant, abandoned and deteriorated properties in our community,” Kokomo Mayor Tyler Moore said in a prepared statement. “The VPLI’s program will provide us the tools needed to make our community safer and more attractive.”

For full report, please click the source link above.

FEMA Emergency Declaration – Guam Typhoon Mawar

Posted on May 24, 2023 by Safeguard

FEMA Alert
May 22, 2023

FEMA has issued an Emergency Declaration for the territory of Guam to supplement territorial and local response efforts due to emergency conditions resulting from Typhoon Mawar beginning May 22, 2023 and continuing. The following areas has been approved for assistance:

Public Assistance:

Guam

Guam Typhoon Mawar (EM-3594-GU)

President Joseph R. Biden, Jr. Approves Emergency Declaration for Guam

Map of Affected Area

List of Affected Zip Codes

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 Emergency Declaration – Commonwealth of the Northern Mariana Islands Typhoon Mawar

Posted on May 24, 2023 by Safeguard

FEMA Alert
May 22, 2023

FEMA has issued an Emergency Declaration for the Commonwealth of the Northern Mariana Islands to supplement commonwealth and local response efforts due to emergency conditions resulting from Typhoon Mawar beginning May 22, 2023 and continuing. The following areas has been approved for assistance:

Public Assistance:

Northern Islands
Rota
Saipan
Tinian

Commonwealth of the Northern Mariana Islands Typhoon Mawar (EM-3593-MP)

President Joseph R. Biden, Jr. Approves Emergency Declaration for the Northern Mariana Islands

Map of Affected Area

List of Affected Zip Codes

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

Freddie Mac Expands Digital Capabilities to Help Lenders Reach More Qualified Borrowers

Posted on May 23, 2023May 23, 2023 by Safeguard

Industry Update
May 22, 2023

Source: Freddie Mac

Freddie Mac announced enhancements to its ground-breaking automated income assessment tool that allows lenders to assess a homebuyer’s income paid through direct deposit to also include the borrower’s digital paystub data. This detailed information can help lenders calculate income faster and more precisely to improve loan quality, simplify the mortgage process and, most importantly, expand access to credit.

The new ability to include paystub data in addition to direct deposit data in the income assessment is available to mortgage lenders nationwide through Freddie Mac’s Loan Product Advisor® (LPASM) asset and income modeler (AIM). AIM for income using direct deposit provides these cost-saving efficiencies while continuing to meet Freddie Mac’s strong credit underwriting standards.

“Over the last year, we’ve consistently rolled out innovations to ensure our digital tools are improving speed and efficiency, reducing risk and, ultimately, helping us serve our mission by reaching more qualified borrowers,” said Kevin Kauffman, Single-Family Vice President of Seller Engagement at Freddie Mac. “Today’s innovation further automates income assessment by using historical direct deposit pay patterns and current gross income from recent paystubs, which can help more families achieve homeownership.”

Freddie Mac digital tools and solutions offer lenders cost-effective ways to achieve effective quality control operations. Recent analysis shows that loans originated by lenders leveraging Freddie Mac’s automated offerings are four times less likely to produce defects than loans without these technology offerings. Process automation is especially beneficial for documenting income, both in the collection and assessment process. That’s vitally important because income verification issues account for nearly one-third of all purchase transaction defects.

For full report, please click the source link above.

FHFA Looks to Update Fannie Mae and Freddie Mac’s Single-Family Pricing

Posted on May 23, 2023 by Safeguard

Industry Update
May 17, 2023

Source: mpamag.com

The Federal Housing Finance Agency (FHFA) is requesting public feedback regarding Fannie Mae and Freddie Mac’s single-family pricing framework.

FHFA has issued a request for input (RFI) on the pricing framework as it works to increase the capital requirements for the government-sponsored enterprises (GSEs).

The agency also solicited comments on the process for setting the GSEs’ single-family upfront guarantee fees, including whether it is appropriate to continue to link upfront guarantee fees to the Enterprise Regulatory Capital Framework (ERCF), which is used for measuring the profitability of new mortgage acquisitions, among other purposes.

Guarantee fees are intended to cover Fannie and Freddie’s administrative costs, expected credit losses, and cost of capital associated with guaranteeing securities backed by single-family mortgage loans.

“Through this RFI, FHFA seeks input on how to ensure the pricing framework adequately protects the enterprises and taxpayers against potential future losses, supports affordable, sustainable housing and first-time homebuyers, and fosters liquidity in the secondary mortgage market,” FHFA director Sandra Thompson said. “We are committed to being transparent and to considering views from a diverse set of stakeholders and market participants.”

FHFA accepts responses to the RFI until August 14.

For full report, please click the source link above.

City Council Moves Forward with Land Bank Plans

Posted on May 19, 2023 by Safeguard

Industry Update
May 16, 2023

Source: ksnt.com

Topeka City Council is moving forward with the Land Bank Pilot Program. Council approved the ordinance at Tuesday’s meeting. Most council members were in support of the program, while others were a little hesitant.

The City’s 2020 Topeka Citywide Housing Market Study and Strategy found there are hundreds of Topeka homes in need of reparations. The $500,000 Land Bank is intended to help the City address those abandoned, tax-foreclosed or other unused properties. Through the program, the city plans to flips several properties and make them livable for low-income families.

“There’s properties that have been burned down that need to be destroyed,” Councilman Brett Kell said. “There’s properties that have burned down, and it’s just the foundation sitting there and they’re safety risks. So, this is a way to beautify Topeka and get people into these homes for a low cost so they can eventually be able to move up the economic ladder.”

For full report, please click the source link above.

City of Marietta Begins Demolition on Blighted and Burned Out Houses

Posted on May 19, 2023May 19, 2023 by Safeguard

Industry Update
May 16, 2023

Source: The Marietta Times

Blighted and burned out houses on the City of Marietta’s list are starting to come down, with five on the original list already gone or in the process of disappearing this week.

Local contractor Ken Strahler of Ken Strahler Masonry Inc. won the contract for the “Hot Six,” as they were originally called to indicate they were top-priority demolitions.

There’s a burned house on Elm Street, which is under a separate contract, that probably will be taken care of at the end of this week, he said. Then the 131 Wood St. site on the original list will be tackled, possibly the first of next week.

“The one that seems the most talked about is 115 Muskingum Drive,” Strahler said.

The funding for the work so far comes from two sources, according to Public Safety and Service Director Steve Wetz. There was $75,000 in the budget initially budgeted for demolition. It has been used for everything but 802 Second St. and 115 Muskingum Drive. That money is coming from newly allocated American Rescue Plan Act funds, $125,000 approved by Marietta City Council in Ordinance 264, passed at its regularly scheduled May 4 meeting.

Wetz also said there were 13 properties receiving attention because of needed trash clean up, weeds and grass issues and broken windows. The city is paying a contractor a total of $8,100 to handle those issues and property owners will be billed. If payment is not satisfactorily settled, property taxes will be assessed.

The ordinance appropriating the $125,000 in ARPA funds says it is to be used for slum, blight and nuisance remediation (code enforcement) by the Department of Property Maintenance. Many of the properties have been condemned by the city and present a danger to the public, the ordinance says. But there are properties where various owners have died and others are not physically or financially able to demolish structures on their properties or clear the properties of debris. Some of the sites are in foreclosure proceedings in the Court of Common Pleas for Washington County, the ordinance says.

Council also is continuing to work on issues previously brought before council regarding 605 Pearl Street. Those plans are not yet finalized.

For full report, please click the source link above.

FEMA Major Disaster Declaration – Tennessee Severe Thunderstorms and Possible Strong Tornadoes

Posted on May 19, 2023 by Safeguard

FEMA Alert
May 17, 2023

FEMA has issued a Major Disaster Declaration for the state of Tennessee to supplement state, tribal and local recovery efforts in areas affected by severe thunderstorms and possible strong tornadoes from March 1-3, 2023. The following areas have been approved for assistance:

Public Assistance: