E-Notes from HUD's Detroit Field OfficeU.S. Department of Housing & Urban Development
Toni D. Schmiegelow, Field Office Director
Federal Housing Commissioner John C. Weicher announced that the July 20th Federal Register published a Final Rule making FHA lenders accountable for the quality of appraisals performed by the appraisers the lender hires. Under the Rule, lenders who submit appraisals that do not meet FHA requirements can face sanctions by the HUD Mortgage Review Board. It iwas scheduled to take effect August 19th.
An exciting and innovative pilot homeownership program!
HUD recently unveiled the Homewise Program, a program that will make homeownership a reality for ten lucky families and start thousands of other low- to moderate-income families down the path to owning a home. In Michigan a house on Picadilly St. in Detroit will be sold at half price to a lottery winner this fall as part of the program to encourage education about homeownership. The program is the result of a partnership between the U.S. Department of Housing and Urban Development, the National Housing Endowment, the National Association of Home Builders, Wells Fargo Home Mortgage, Fannie Mae and Freddie Mac.
Southeast Michigan grants awarded. HOME funding awarded to Oakland County - $1,458,045; Warren - $424,177; Westland - $367,018. CDBG funding awarded to Canton Twp. - $434,000; Oakland County - $4,599,000; Roseville - $672,000; Southfield - $629,000; Warren - $1,053,000; Waterford Twp. - $451,000; Westland - $1,270,000. ESG funding awarded to Oakland County - $143,282. HOPWA funding awarded to Warren - $405,000.
Multifamily Housing Closings
The Detroit Multifamily Hub closed on two developments in metro Detroit during July. LaColonnade Apartments, Southgate, MI is a 118-unit project insured under Section 223f. The project has a mortgage amount of $2,576,000. The mortgagee is GMAC Commercial Mortgage; the Mortgagor is LaColonnade Apartment Limited Partnership. Aspen Grove, Bedford Township, MI is a 42-unit project insured under Section 232. The mortgage amount is $6,065,300. The mortgagee is Love Funding Corporation; the mortgagor is Aspen Grace Properties, LLC.
PIH Notice-2004-11 provides guidance to PHA's and Project Owners and Management Agents in determining annual and adjusted income in HUD's assisted housing programs under the Medicare Prescription Drug, Improvement and Modernization Act of 2003, Public Law 108-173.Mortgagee Letters
Lenders, see MORTGAGEE LETTER 2004-28 for info on FHA policy for accurately estimating property taxes on newly constructed homes, Credit Policy Issues, Property Tax Estimates for Underwriting, Interest Rate Buydown Accounts, Building On Own Land, Gift Funds Documentation Requirements, Streamline Refinance to a Hybrid Adjustable Rate Mortgage.
Find Grant Opportunities and Apply for Grants at Grants.Gov. Remember to complete the Get-Started steps so you are ready to go when you find an opportunity for which you would like to apply.
The U.S. Department of Labor launched a Web site (http://www.dol.gov/dol/audience/aud-homeless.htm) to connect homeless service providers with job training, education, and placement services for their clients as well as other government resources.Etc.,
Public and private entities - check out the EPA's Clean Air Excellence Awards (http://www.epa.gov/air/caaac/clean_award.html). Applications are due September 17.
Save the Dates
September 21-22, FHA Training - Bolingbrook, IL. FHA Processing & Underwriting Training. Sponsored by the Illinois Mortgage Bankers Association. Registration required, fee. Additional information available at http://www.imba.org/downloads/FHA0904.pdf.
Sept. 22-24, MCDDA Annual Conference and Rural Housing Summit, Shanty Creek, Bellaire, MI. Contact Naheed Huq at (313) 961-4266
|Content Archived: July 29, 2011|