4 Vacant Grand Rapids Homes Could be Rehabilitated into Affordable Housing

Industry Update
July 11, 2023

Source: mlive.com

Four vacant homes in Grand Rapids would see new life under tentative plans to rehabilitate them and offer them to families earning less than the area median income.

On Tuesday, July 11, Grand Rapids city commissioners initially approved giving House to Home Restorations the option to purchase the properties for $17,000 each for the rehabilitation of vacant homes located on the properties. The homes would then be sold to families making 80% of the area median income (AMI) or less.

Final approval is expected to come at the commission’s 2 p.m. meeting Tuesday via a sweeping consent agenda vote.

City officials previously said 80% AMI in the Grand Rapids area is $50,150 for a household of one, $57,300 for two, $64,450 for three and $71,600 for four.

The option agreement gives House to Home Restorations the ability to buy the properties within a year contingent on the nonprofit finalizing financing and building plans for the homes. A six month extension beyond that year is available.

The four properties are located at 854 First St. NW, 914 Sherman St. SE, 546 Neland Ave. SE and 1624 Lafayette Ave. SE.

“The House to Home organization has previously purchased some of the landbank property and successfully redeveloped, remodeled it and recently sold it as well,” Jeremiah Gracia, Grand Rapids director of economic development, told commissioners Tuesday. “So there is a history of success with this particular development group.”

The properties would also likely receive state blight elimination grants through the city. Those dollars, which range from an estimated $18,125 to $35,750 per home, could be used for roof replacement, debris removal, retaining wall replacement and more, according to city documents.

Including the grant dollars, the project costs to rehabilitate the homes are estimated at:

  • $99,125 for the First Street property
  • $138,850 for the Sherman Street property
  • $125,000 for the Neland Avenue property
  • $110,500 for the Lafayette Avenue property

Including these four properties, the city has about 57 vacant properties available for development. City officials previously said some of the properties are more difficult to develop due to size, shape or access.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Battling Blight: Wichita Plans to Spend More to Deal with Unsightly, Unsafe Properties

Industry Update
July 9, 2023

Source: Yahoo!

Wichitans have had it with overgrown weeds, garbage-laden yards and dilapidated houses.

Code enforcement scored the lowest — 24% approval — of all city services included in Wichita’s 2022 resident survey.

The proposed 2024-2025 city budget aims to boost enforcement efforts, with an additional $112,000 for nuisance abatement next year and an extra $100,000 for the demolition of structures deemed dangerous and unsafe.

“We are seeing an increase in nuisance conditions and blight in some areas,” said Chris Labrum, director of the Metropolitan Area Building and Construction Department, which is responsible for inspections, notifying property owners of violations and bidding out work to contractors when owners fail to make fixes on their own.

“We have consistently gotten requests from neighborhood associations and neighbors to do more with and be more aggressive with those properties,” Labrum said.

Janet Radig, president of the McAdams Neighborhood Association in northeast Wichita, said she wants to see problem houses in her neighborhood dealt with quicker.

“There is a lot of dilapidated housing and people not doing what they need to do, landlords not doing what they need to do,” Radig said.

Depending on the level of nuisance, a property owner will be given anywhere from seven to 30 days to take care of the problem or show enough progress to be given more time. MABCD data shows that the voluntary compliance rate is 87%.

But some of the roughly 10,000 cases MABCD deals with annually wind up in court, prolonging the timeline as the department seeks an order to gain entry for an inspection or abatement.

“A lot of their problem is dealing with the way the laws are set up,” said Chad Roush, president of the South Area Neighborhood Association. “With all of these out-of-state owners, it’s hard to get people to remediate stuff and it gets tied up in court forever before they can do anything.

“I agree that property rights should be there, but there’s got to be some way to keep moving things along if they’re not going to get compliant.”

Labrum said he’s worked in recent years to remove as many administrative slowdowns as possible, and that additional resources will help his department act quicker to inspect nuisances and enact fixes when necessary.

Mike Hoheisel, who represents south Wichita’s District 3 on the City Council, said he hears almost daily from residents about health, safety and property value concerns related to nuisance houses.

“We have to have a budget to make sure we can clean that up,” Hoheisel said. “We just blow through these budgets to where we’re having to find money elsewhere at the end of the year to help cover some of these issues that we’re facing. I think it’s wholly appropriate that we just go ahead and allocate more resources on the front end.”

City Manager Robert Layton will present next year’s budget proposal to the City Council on Tuesday. A series of public budget hearings will be held before it is adopted.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Tornadoes Cause Damage in Chicago Metro

Disaster Alert
December 15, 2022

Source:  The Weather Channel

At a Glance:

  • Roofs were damaged and car windows blown out.
  • Sirens blared in downtown Chicago.
  • A ground stop was issued at O’Hare International Airport.

S​irens blared in downtown Chicago as tornadoes roared through the area Wednesday evening, damaging homes and cars and sending passengers at O’Hare International Airport into tunnels for shelter.

A​ tornado warning was issued for all of Cook County, which includes the Chicago metro, at around 7:20 p.m. ET. The National Weather Service declared it a “particularly dangerous situation,” or PDS, a special status when a tornado is very likely or known to be producing damage.

T​here were no immediate reports of injuries.

Roofs were damaged and windows blown out of cars in the La Grange and Countryside areas, also in Cook County, WMAQ-TV reported.

Photos shared on social media by WGN-TV and area storm chasers showed what appeared to be damage to power lines as well as some debris in McCook, on the southwest side of Chicago. One also showed a collapsed building.

Students at the University of Illinois Chicago were told to take shelter. Photos and video posted to social media showed the storm over the city’s skyline.

T​wo other tornadoes were spotted in the western suburbs of Elgin and Barrington, Illinois.

“The severe weather is a result of an atmospheric disturbance moving through the Great Lakes amid summertime heat and humidity,” weather.com digital meteorologist Jonathan Belles said. “The system is likely to produce more rainfall for flood-battered New England on Thursday.”

T​he FAA issued a ground stop and passengers took shelter in tunnels at O’Hare International Airport, where more than 1,000 flights were canceled or delayed due to storms during the day. Amtrak also suspended service due to the evening storms.

 

 

 

To read the full articles, please click the source links above.

FEMA Fire Management Assistance Declaration – Washington Baird Springs Fire

FEMA Alert
July 11, 2023

FEMA has issued a Fire Management Assistance Declaration for the state of Washington to supplement state, tribal and local response efforts in areas affected by the Baird Springs Fire beginning July 10, 2023 and continuing.  The following areas have been approved for assistance:

Public Assistance:

  • Grant

 

Washington Baird Springs Fire (FM-5469-WA)

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

Mortgage Application Payments Increased 2.5% to $2,165 in May

Industry Update
June 29, 2023

Source: Mortgage Bankers Association

Homebuyer affordability declined further in May, with the national median payment applied for by purchase applicants increasing 2.5 percent to $2,165 from $2,112 in April. This is according to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI), which measures how new monthly mortgage payments vary across time – relative to income – using data from MBA’s Weekly Applications Survey (WAS).

“Homebuyer affordability eroded further in May as prospective buyers continue to grapple with high interest rates and low housing inventory,” said Edward Seiler, MBA’s Associate Vice President, Housing Economics, and Executive Director, Research Institute for Housing America. “While supply remains low, we do expect that inventory will pick up in the near term, which will provide more opportunities for borrowers to buy a home.”

An increase in MBA’s PAPI – indicative of declining borrower affordability conditions – means that the mortgage payment to income ratio (PIR) is higher due to increasing application loan amounts, rising mortgage rates, or a decrease in earnings. A decrease in the PAPI – indicative of improving borrower affordability conditions – occurs when loan application amounts decrease, mortgage rates decrease, or earnings increase.

The national PAPI (Figure 1) increased 2.5 percent to 176.7 in May from 172.4 in April. The increase means that the PAPI hit a new record high last month. Compared to May 2022 (163.2), the index is up 7.6 percent. For borrowers applying for lower-payment mortgages (the 25th percentile), the national mortgage payment increased to $1,462 in May from $1,430 in April.

The Builders’ Purchase Application Payment Index (BPAPI) showed that the median mortgage payment for purchase mortgages from MBA’s Builder Application Survey increased from $2,445 in April to $2,515 in May.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FHFA Sets Higher Standards for Suspended Counterparty Program

Industry Update
July 10, 2023

Source: mpamag.com

The Federal Housing Finance Agency (FHFA) has issued a proposed rule that would make it easier to put individuals and institutions into its Suspended Counterparty Program (SCP).

The current program, established in 2012 and amended in 2015, requires Fannie Mae, Freddie Mac, and the FHLBanks to suspend business with certain counterparties who are found to have committed and are convicted of criminal offenses.

“However, in FHFA’s experience of administering the SCP, it has determined that this standard is too narrow; specifically, it does not authorize suspension of counterparties that have been found to have committed various forms of misconduct in the context of civil enforcement actions,” the proposed rule read.

The amendments to the SCP would require the government-sponsored entities to report to FHFA any individual or company they do business with that has committed certain forms of misconduct in the past three years, particularly those in connection with the management or ownership of real property.

Additionally, the rule would authorize FHFA to, immediately and without first issuing a proposed suspension order, suspend business between the regulated entities and counterparties where the misconduct has resulted in debarment, suspension, or limited denial of participation imposed by a federal agency.

 

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Emergency Management Declaration – Vermont Flooding

FEMA Alert
July 10, 2023

FEMA has issued an Emergency Management Declaration for the state of Vermont to supplement state and local response efforts to the emergency conditions in the areas affected by flooding beginning July 9, 2023 and continuing.  The following areas has been approved for assistance:

Public Assistance:

  • Addison
  • Bennington
  • Caledonia
  • Chittenden
  • Essex
  • Franklin
  • Grand Isle
  • Lamoille
  • Orange
  • Orleans
  • Rutland
  • Washington
  • Windham
  • Windsor

 

Vermont Flooding (EM-3595-VT)

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

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

FEMA Major Disaster Declaration – South Dakota Flooding

FEMA Alert
July 6, 2023

FEMA has issued a Major Disaster Declaration for the state of South Dakota to supplement state, tribal and local recovery efforts in the areas affected by flooding from April 9, 2023 – May 5, 2023.  The following areas has been approved for assistance:

Public Assistance:

  • Brown
  • Clark
  • Codington
  • Day
  • Faulk
  • Grant
  • Hand
  • Lake Traverse (Sisseton) Indian Reservation
  • Marshall
  • Potter
  • Roberts

 

South Dakota Flooding (DR-4718-SD)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for South Dakota

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

FEMA Major Disaster Declaration – Maine Severe Storm and Flooding

FEMA Alert
July 6, 2023

FEMA has issued a Major Disaster Declaration for the state of Maine to supplement state, tribal and local recovery efforts in the areas affected by a severe storm and flooding from April 30, 2023 – May 1, 2023.  The following areas has been approved for assistance:

Public Assistance:

  • Franklin
  • Kennebec
  • Knox
  • Lincoln
  • Oxford
  • Sagadahoc
  • Somerset
  • Waldo

 

Maine Severe Storm and Flooding (DR-4719-ME)

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

FEMA Fire Management Assistance Declaration – Washington Mcewan Fire

FEMA Alert
July 5, 2023

FEMA has issued a Fire Management Assistance Declaration for the state of Washington to supplement state, tribal and local response efforts in areas affected by the Mcewan Fire beginning July 4, 2023 and continuing.  The following areas have been approved for assistance:

Public Assistance:

  • Mason

 

Washington Mcewan Fire (FM-5468-WA)

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