Safeguard Properties

FEMA Major Disaster Declaration – Rhode Island Severe Storm and Flooding

Posted on by Safeguard

FEMA Alert
March 20, 2024  

FEMA has issued a Major Disaster Declaration for the state of Rhode Island to supplement state, tribal and local recovery efforts in areas affected by a severe storm and flooding from December 17-19, 2023.  The following counties have been approved for assistance:

Individual Assistance:

  • Kent
  • Providence
  • Washington

 

Rhode Island Severe Storm and Flooding (DR-4765-RI)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Rhode Island

Map of Affected Areas

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

City Council Bill Proposes Having Vacant Property Owners Pay for Fire Services

Posted on by Safeguard

One Community Update
March 12, 2024

Source: foxbaltimore.com

With 13,550 vacant homes in Baltimore, the city council is looking for ways to hold the owners of vacants accountable.

A bill on the table proposes charging the owner of a vacant home for fire services.

According to the bill, it could cost the vacant owner hundreds, if not thousands, of dollars.

Councilwoman Odette Ramos says the likelihood of someone actually paying the fee is low, and others agreed.

In a letter Fire Chief James Wallace says the bill would create a serious administrative burden for the department, which is currently understaffed, saying they simply wouldn’t have the resources to take care of such invoices.

The department also says it’d be “very difficult to calculate the costs associated with an individual incident to determine a fee.”

“We have approximately 600 plus fires a day and our system does not determine in the moment whether a structure is at a vacant or occupied property so the administrative burden of going through 600 plus fires a day to determine if they occurred at a vacant structure would create a burden on us administratively,” said Kim Washington.

There’s another proposal from the housing department on the table to allow city-owned vacant homes to be sold for just $1.

Private buyers would be able to purchase city-owned vacants in certain neighborhoods.

The idea is to stabilize communities with the most vacants and make them look better, but there’s concern about gentrification.

The proposal was to be voted on last week by the Board of Estimates, but the vote was postponed.

 

For full report, please click the source link above.

Rep. Batista Bill Would Help Push Abandoned Properties for Redevelopment

Posted on by Ashley Shepherd

One Community Update
March 12, 2024

Source: Newport Buzz

In a move aimed at tackling Rhode Island’s pressing housing crisis, Representative José F. Batista has introduced legislation requiring towns to publicize lists of abandoned properties. The bill, a component of House Speaker K. Joseph Shekarchi’s comprehensive 15-bill package, seeks to spur housing production across the state.

The proposed legislation, designated as 2024-H 7986, seeks to amend existing statutes on abandoned properties. It mandates municipalities to maintain inventories of such properties, subject to yearly updates, and clarifies the process for their necessary abatement.

Representative Batista, representing District 12 in Providence, emphasized the potential of redeveloping these neglected properties. “There are so many places in our communities that were once useful, and really could be useful again if someone made the effort to redevelop them,” he said. “Development that transforms blighted properties into the homes we desperately need would help address our housing crisis while simultaneously making our existing neighborhoods safer and more vibrant.”

Drawing from his experience as assistant city solicitor for the City of Central Falls from June 2021 to August 2023, Batista highlighted his leadership role in the Nuisance Property Task Force. This task force focused on devising community-oriented solutions for nuisance and abandoned properties, providing Batista with firsthand insight into the challenges and opportunities in this realm.

Moreover, Representative Batista has a track record of advocacy in housing-related matters. Last year, he sponsored a bill (2023-H 6083A) that aimed to streamline appeals of comprehensive permits for affordable housing, contributing to the broader efforts to address housing accessibility in Rhode Island.

The legislation is set for a hearing today before the House Municipal Government and Housing Committee, marking a significant step forward in the state’s endeavor to confront its housing crisis head-on.

 

For full report, please click the source link above.

Concerns About Blighted Properties Could Soon be Resolved in Crowley

Posted on by Safeguard

One Community Update
March 13, 2024

Source: KATC.com

Crowley is known as a historical district but residents are concerned that the abandoned homes are taking away from neighborhood value.

“This used to be a good side of town, and I want to see it back there again,” said Blake Prather.

Prather, a Crowley native tells me the area where he grew up has went downhill. Prather says his neighborhood looks differently now that there are so many abandoned homes.

“For example houses like that, it brings squatters, drug use, it’s even caused drug use in the park, they need to do something about it,” Prather said.

Prather notices other concerns in his childhood community that could possibly be solved by fixing the blighted properties.

“A lot of people are homeless, all I can say is they should probably try to fix them, try to at least rent out the homes, renovate them, anything like that to help the community out,” Prather said.

Crowley’s Mayor, Chad Monceaux told me residents have been begging for neighborhoods to be cleaned up, but requiring a home owner to maintain a property is a long process.

However, Mayor Monceaux and council members are working on an upcoming program that could possibly speed along the process of demolishing abandoned homes.

“We’re working to build a list of property owners who want to get their properties cleaned up at no cost,” Mayor Monceaux said.

Mayor Monceaux told me they plan to apply for the grant in the upcoming months. The program will help blighted property owners who would like to demolish their home but may not have the funds.

Mayor Monceaux is partnering with a non profit organization, Citizens Against Blighted Properties to help track down property owners.

If the grant is approved, the program could start as soon as the beginning of next year.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Town Taking Aim at Unsafe, Unsightly Properties

Posted on by Safeguard

One Community Update
March 13, 2024

Source: Western Wayne News

A new emphasis on keeping Hagerstown houses in good condition brought a woman to Town Council where she found temporary relief.

Building Commissioner Terry Ford told the council that he had sent letters to owners of unsafe or unsightly properties. He gave the owners 30 days to respond by fixing the problems or explain their plans for the property.

One owner came to the council on March 4 with her written response about a vacant house next to her family’s house. Ford had cited the vacant property for rotten floors.

She said her family bought the vacant house in 2019, hoping to demolish it and expand their property onto that lot, the woman said. Then, she said, a contractor estimated demolition would cost more than $100,000 because the house contains asbestos that is considered a hazardous material. It must be removed and disposed of properly. They don’t have that kind of money and are still paying on a loan they used to buy the property. She said they keep the lot clean and have locked the doors and windows.

The house had been identified as blighted in 2016 when the town used state Blight Elimination Program grants to tear down several structures, Chris LaMar, town manager, said. Program funding ran out before this house could be demolished.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

City Adopts Fees for Short-Term Rental, Vacant Property Registries

Posted on by Safeguard

One Community Update
March 13, 2024

Source: Press-Republican

The City of Plattsburgh has established annual fee schedules for its recently formed short-term rental and vacant property registries.

SHORT-TERM RENTAL REGISTRY

Short-term rental owners will now pay a one-year certificate for $350 and for each year following, a renewal certificate for $250.

The original one-year certificate fee, which was set to be approved by councilors at their last meeting, was significantly higher at $500 until Councilor Elizabeth Gibbs (D-Ward 3) suggested an amendment that would lower the rate to $350.

Gibbs also proposed a lower rate of $200 for the renewal fee but Councilor Jeff Moore (D-Ward 6) did not agree.

“I would suggest the annual fee be $250 instead of $200. I think that’s getting a little low on the renewal,” he said.

“Looking at the ones we saw, I think that’s not a very large amount of money.”

VACANT PROPERTY REGISTRY

The vacant property registry fee schedule, also passed by the council at their last meeting, had a slightly different fee structure.

For one and two family vacant properties, an annual $200 fee is required to register; for a multi-family vacant property, an annual $400 fee is required.

For a commercial and mixed-use vacant property, a $500 fee would be required to register for the first year; $1,000 for the second year; and $1,500 per subsequent year.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Wrangell Cooperative Association Severe Storm, Landslides and Mudslides

Posted on by Safeguard

FEMA Alert
March 15, 2024  

***Please note: only properties associated with the Sealaska Native Regional Corporation/Wrangell Cooperative Association are eligible for assistance.***

FEMA has issued a Major Disaster Declaration for the Wrangell Cooperative Association in Alaska to supplement recovery efforts in areas affected by a severe storm, landslides and mudslides on November 20, 2023.  The following counties have been approved for assistance:

Individual Assistance:

  • Sealaska (Native Regional Corporation)

Public Assistance:

  • Sealaska (Native Regional Corporation)

 

Wrangell Cooperative Association Severe Storm, Landslides, and Mudslides (DR-4763-AK)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for the Wrangell Cooperative Association

Map of Affected Areas

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

U.S. Foreclosure Activity Continues to See an Annual Increase

Posted on by Safeguard

Industry Update
March 11, 2024

Source: ATTOM

ATTOM, a leading curator of land, property, and real estate data, today released its February 2024 U.S. Foreclosure Market Report, which shows there were a total of 32,938 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – down 1 percent from last month but up 8 percent from a year ago.

“The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” said Rob Barber, CEO at ATTOM. “These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices. We continue to closely monitor these trends to comprehend their complete effect on foreclosure activity.”

 

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

CoreLogic: Number of Underwater US Homes Drops by 15% Annually in Fourth Quarter

Posted on by Safeguard

Industry Update
March 7, 2024

Source: CoreLogic

CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released the Homeowner Equity Report (HER) for the fourth quarter of 2023. The report shows that U.S. homeowners with mortgages (which account for roughly 62% of all properties) saw home equity increase by 8.6% year over year, representing a collective gain of $1.3 trillion and an average increase of slightly more than $24,000 per borrower since the fourth quarter of 2022. This brought total net homeowner equity to more than $16.6 trillion at the of 2023.

Home equity gains continued in the fourth quarter, providing owners with a solid financial cushion, particularly for baby boomers who have been in their homes for a while and thus accumulated substantial equity. Three Northeastern states posted the country’s highest annual equity gains in the fourth quarter: Rhode Island ($62,000), New Jersey ($55,000) and Massachusetts ($53,000). The equity growth in those states is thanks in part to the recent healthy home price increases in that area of the country. According to CoreLogic’s latest Home Price Insights report, Rhode Island and New Jersey led the nation for year-over-year appreciation in January, a respective 13.2% and 11.6%.

“Rising home prices continue to fuel growing home equity, which, at $298,000 per average borrower remained near historic highs at the end of 2023,” said Dr. Selma Hepp, chief economist for CoreLogic. “By extension, at 43%, the average loan-to-value ratio of U.S. borrowers has also remained in line with record lows, which suggests that the typical homeowner has notable home equity reserves that can be tapped if needed.”

“More importantly,” Hepp continued, “home price growth over the last year has helped lift the equity of homeowners who were underwater because of 2022 price declines – meaning that their mortgage amount was higher than the value of their properties. Now, slightly more than 1 million borrowers are underwater, the lowest number recorded in CoreLogic historic data and significantly below the 12 million seen coming out of the Great Recession.”

 

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Statement from HUD Secretary Marcia L. Fudge

Posted on by Safeguard

Industry Update
March 11, 2024

Source: U.S. Department of Housing and Urban Development

Today, Marcia L. Fudge, the 18th Secretary of the U.S. Department of Housing and Urban Development (HUD) issued the following statement:

“As a dedicated public servant for nearly five decades, I have been devoted to improving the quality of life for the people of this nation, focusing on those with the greatest need. Having worked at every level of government, including as a mayor, then as a congressional staffer, a member of Congress, and now as the 18th Secretary of the U.S. Department of Housing and Urban Development I have worked tirelessly to ensure that America lives up to its promise of liberty and justice for all.

It has always been my belief that government can and should work for the people. For the last three years, I have fully embraced HUD’s mission to create strong, sustainable, inclusive communities and quality affordable homes for all. The people HUD serves are those who are often left out and left behind. These are my people. They serve as my motivation for everything we have been able to accomplish.

For that reason, it is with mixed emotions that I announce my resignation effective March 22, 2024.

During my tenure, we:

  • Helped more than two million families stay in their homes and avoid foreclosure;
  • Removed barriers for people with student loan debt trying to buy a home with an FHA mortgage;
  • Ensured that positive rental history plays a greater role in determining creditworthiness when trying to obtain a home loan;
  • Outpaced the market by insuring FHA mortgages for three times as many Black borrowers and twice as many Hispanic borrowers based on percentage of volume; and
  • Made mortgages more affordable by reducing the mortgage insurance premium for FHA mortgages.

Under my leadership, we have also:

  • Funded more than 2 million units of public housing and multifamily housing;
  • Spent more than 20% of HUD’s procurement dollars with Black, Brown, and other small, disadvantaged businesses in the last year alone, totaling $500 million;
  • Ensuring that people who have paid their debt to society can get a fair shot at a second chance and have a home;
  • Served or permanently housed more than 1.2 million people experiencing homelessness; and
  • Enforced Fair Housing laws and took a stance against racial bias and discrimination in the appraisal market.

I thank President Biden for his confidence and trust in me to lead HUD in alignment with the Biden-Harris Administration priorities. As I transition to life as a private citizen, I will continue to do the work that I have been called to do.”

 

 

For full report, please click the source link above.