Land Bank Sales Point a Way Toward Neighborhood Revitalization

Industry Update
March 7, 2023

Source: www.lockportjournal.com

The sale of two vacant residential properties by the Niagara-Orleans land bank to a developer is seen as a step forward in revitalizing two city neighborhoods.

The properties at 530 18th St. and 231 70th St. were both abandoned homes seized by the City of Niagara Falls. They were transferred to Niagara Orleans Regional Land Improvement Corp. (NORLIC) ownership in October, after which the land bank undertook trash removal and readied them for sale.

The properties were officially listed earlier this year and were purchased by Buffalo-based Blue Eagle Realty and its partner Creation Properties. Matt Chavez, NORLIC’s project manager, said Blue Eagle purchased the 70th Street property for $6,000 and the 18th Street property for $12,000 and the company has committed to investing $50,000 and $89,000 to make them habitable. Each house will be sold to a family that wants to live in it; they will not be rental properties.

Niagara County Legislator Chris Voccio, who is a NORLIC board member, said the sale of those properties is a blueprint for a path forward in revitalizing neighborhoods.

“NORLIC has the ability and authority to meet with those who have an interest in any of these properties to review their plans and get commitments on timetables and so on,” Voccio said. “In that way, we can avoid those who want to speculate on property rather than make investments in our neighborhoods. This may be only two properties, but this is the blueprint for how you begin to revitalize neighborhoods plagued by the blight of abandoned properties.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Senators Introduce ‘Neighborhood Homes Investment Act’ to Expand Affordable Homeownership Opportunities and Revitalize Communities

Industry Update
March 7, 2023

Source: www.prnewswire.com

Senators Ben Cardin (D-MD) and Todd Young (R-IN) introduced legislation to create a new tax incentive that would produce 500,000 starter homes in under-resourced communities over the next decade. The Neighborhood Homes Investment Act (“Neighborhood Homes”) would address the needs of families throughout the country who are struggling to purchase homes as costs continue to rise and the supply of homes remains limited.

In many areas, the cost to build or rehab a home exceeds the price at which the home could be sold once completed. The new tax credit would help fill that “value gap” – up to 35 percent of eligible development costs for new homes – thus reducing the developer’s risk of loss and encouraging investments in new and rehabbed housing. This will in turn make homeownership more feasible and support broader revitalization and economic development strategies in disinvested urban and rural communities.

Joining Senators Cardin and Young as original co-sponsors of the legislation were Senators Ron Wyden (D-OR), Jerry Moran (R-KS) and Sherrod Brown (D-OH). Similar legislation introduced in the previous session of Congress was co-sponsored by 133 Members of the House and Senate from 37 different states, from Delaware to North Dakota to California.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Tennessee Severe Winter Storm

FEMA Alert
March 8, 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 a severe winter storm from December 22-27, 2022.  The following areas have been approved for assistance:

Public Assistance:

  • Cocke
  • Coffee
  • Davidson
  • Greene
  • Henderson
  • Knox
  • Maury
  • Perry
  • Putnam
  • Shelby
  • Washington

 

Tennessee Severe Winter Storm (DR-4691-TN)

President Joseph R. Biden, Jr. Approves Disaster Declaration for Tennessee

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 – Bear River Band of the Rohnerville Rancheria Earthquake

FEMA Alert
March 8, 2023

FEMA has issued a Major Disaster Declaration for the Bear River Band of the Rohnerville Rancheria in California to supplement tribal recovery efforts in areas affected by earthquakes from December 20, 2022 – January 1, 2023.  The following areas have been approved for assistance:

Public Assistance:

  • Rohnerville Rancheria (Indian Reservation)

 

Bear River Band of the Rohnerville Rancheria Earthquake (DR-4692)

President Joseph R. Biden, Jr. Approves Disaster Declaration for the Bear River Band of the Rohnerville Rancheria

Map of Affected Areas

List of Affected Zip Codes

Please note:  Only properties located in the Bear River Band of the Rohnerville Rancheria are approved for assistance under declaration DR-4692.

 

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 Serious Delinquency Rate Unchanged in January; Fannie Mae Decreased Slightly

Industry Update
February 27, 2023

Source:  www.calculatedriskblog.com

Freddie Mac reported that the Single-Family serious delinquency rate in January was 0.66%, unchanged from 0.66% December. Freddie’s rate is down year-over-year from 1.06% in January 2022.

Freddie’s serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic.

Fannie Mae reported that the Single-Family Serious Delinquency decreased to 0.64% in January from 0.65% in December. The serious delinquency rate is down from 1.17% in January 2022.  This is at the pre-pandemic lows.

The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59% following the housing bubble and peaked at 3.32% in August 2020 during the pandemic.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Fannie Mae Announces SVC-2023-01 Servicing Guide Update

Industry Update
March 8, 2023

Source:  Fannie Mae Single Family

The March Servicing Guide update includes changes to pre-foreclosure property preservation requirements – specially, updates to property inspections and preservation expense reimbursement limits and guidance; and miscellaneous updates.

For full report, please click the source link above.

 Servicing Guide Announcement (SVC-2023-01) 

 

 

 

 

 

 

 

 

 

 

U.S. Foreclosure Activity Declines Monthly in February 2023 but Continues to Increase Annually

Industry Update
March 8, 2023

Source:  www.prnewswire.com

ATTOM, a leading curator of land, property, and real estate data, today released its February 2023 U.S. Foreclosure Market Report, which shows there were a total of 30,528 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 3 percent from a month ago and up 18 percent from a year ago.

“Foreclosure activity finally started to stabilize in February after 21 straight months of increases,” said Rob Barber, chief executive officer at ATTOM. “The numbers don’t yet show a clear trend toward fewer foreclosures, partly because February is a short month. But with historically high levels of home equity flowing from a decade of rising values, we may be seeing a growing number of delinquent mortgage payers with at least the option to sell before facing foreclosure.”

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Oklahoma Severe Winter Storm

FEMA Alert
March 3, 2023

FEMA has issued a Major Disaster Declaration for the Muscogee (Creek) Nation in Oklahoma to supplement tribal recovery efforts in areas affected by the severe winter storm from December 21-25, 2022.  The following areas have been approved for assistance:

Public Assistance:

  • Creek (OTSA)

 

Oklahoma Severe Winter Storm (DR-4690-OK)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for the Muscogee (Creek) Nation

Map of Affected Areas

List of Affected Zip Codes

Please note:  Only properties located in the Muscogee (Creek) Nation are approved for assistance under declaration DR-4690-OK.

 

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 Severe Winter Storms and Snowstorm

FEMA Alert
February 27, 2023

FEMA has issued a Major Disaster Declaration for the state of South Dakota to supplement state, tribal and local recovery efforts in areas affected by severe winter storms and snowstorm from December 12-25, 2022.  The following areas have been approved for assistance:

Public Assistance:

  • Bennett
  • Brookings
  • Clark
  • Day
  • Deuel
  • Hamlin
  • Jackson
  • Jones
  • Kingsbury
  • Mellette
  • Oglala Lakota
  • Potter
  • Roberts
  • Stanley
  • Todd
  • Tripp
  • Ziebach

 

South Dakota Severe Winter Storms and Snowstorm (DR-4689-SD)

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

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

FHA Announces Lower Mortgage Insurance Premiums

Industry Update
February 22, 2023

Source:  Mortgage News Daily

HUD released details of a long-anticipated plan to reduce the annual MIP (mortgage insurance premiums) that are currently charged to FHA borrowers by 30 Basis Points (0.3% of the loan balance). HUD Secretary Marcia Fudge made the announcement at Bowie State University.

The premium will be reduced from 0.85 percent to 0.55 percent for most FHA borrowers, which could benefit up to 850,000 borrowers over the coming year, saving these families an average of $800 annually. “…today, we are building on the steps we’ve taken to make homeownership more affordable, and HUD is acting to ensure people feel comfortable purchasing a home as they build toward their future. As we reduce housing costs for people with FHA mortgages, we continue our work to address longstanding disparities in homeownership,” says Secretary Fudge.

For full report, please click the source link above.