Shenandoah, Daughter of the Stars

Musings and Rants of a Real Estate Agent

HUD SECRETARY ANNOUNCES NATIONAL FIRST LOOK PROGRAM TO HELP COMMUNITIES STABILIZE NEIGHBORHOODS HARD-HIT BY FORECLOSURE
Nation’s top lenders agree to give NSP grantees first crack at buying foreclosed homes
WASHINGTON – U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan today announced an unprecedented agreement with the nation’s top mortgage lenders to offer selected state and local governments, and nonprofit organizations a “first look” or right of first refusal to purchase foreclosed homes before making these properties available to private investors.

The National First Look Program is a first-ever public-private partnership agreement between HUD and the National Community Stabilization Trust (Stabilization Trust). In collaboration with national servicers, Fannie Mae, and Freddie Mac, the First Look program is intended to give communities participating in HUD’s Neighborhood Stabilization Program (NSP) a brief exclusive opportunity to purchase bank-owned properties in certain neighborhoods so these homes can either be rehabilitated, rented, resold or demolished.

“This groundbreaking agreement will help rebuild neighborhoods that have been struggling with blight and declining home values due to foreclosures,” said HUD Secretary Shaun Donovan. “Local communities will now get an exclusive option to buy foreclosed properties in targeted neighborhoods so they can turn the homes into affordable housing or, in some cases, tear them down. This agreement helps us level the playing field to give communities a better chance to stabilize these neighborhoods.”

“The Stabilization Trust is delighted to be working with HUD Secretary Donovan on the National First Look Program,” said Craig Nickerson, President of the NCST. “By serving as the operations ‘engine’ behind the First Look Program, the Stabilization Trust can facilitate the transfer of more foreclosed property for participating financial institutions to local community buyers, thereby accelerating the road to neighborhood recovery.”

HUD’s NSP grantees, which include state and local governments and non-profit organizations, often find themselves competing with private investors for real estate-owned (REO) properties, which can hinder their efforts to stabilize neighborhoods with high foreclosure activity. With today’s announcement, HUD and the Stabilization Trust, working with national servicers, Fannie Mae, and Freddie Mac, will standardize the acquisition process for NSP grantees, giving them an exclusive option to purchase foreclosed upon homes in certain targeted neighborhoods.

The Stabilization Trust pioneered the ‘First Look’ model to create a transparent and streamlined process to facilitate the transfer of foreclosed and abandoned properties from key financial institutions to local government housing providers. First piloted in 2008, the model has gained recognition as a critical tool for positively tipping the scale in neighborhoods hard hit by foreclosures. NSP grantees will also be aided by REOMatch™, a web-based mapping and acquisition management tool developed by the Stabilization Trust. REOMatch will assist NSP grantees easily identify REO properties and make more strategic decisions about which properties to acquire, based on real-time data on an interactive mapping platform.

The nation’s leading financial institutions are participating in the National First Look Program, representing approximately 75 percent of the REO marketplace. Participating institutions include: Bank of America, Chase, Citi, Deutsche Bank, GMAC, Nationstar Mortgage, Ocwen Financial Corporation, Saxon Mortgage Services, U.S. Bank, Wells Fargo, Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA).

The National First Look Program will allow NSP grantees the exclusive opportunity to purchase available REO properties located within the defined boundaries of NSP target areas. NSP grantees will be immediately notified when a property becomes available and will have 24-48 hours to express interest in pursuing a specific property. Furthermore, these institutions will provide NSP purchasers with the opportunity to purchase REO properties at a discount their appraised value, reflecting the cost savings of a quick sale. NSP grantees may acquire these properties with the assistance of NSP funds for any eligible use.

After expressing interest in a property, the First Look Period will last approximately five to 12 business days during which the NSP Grantee will conduct inspections and establish costs to repair in anticipation of the financial institution’s price offer. In the event that no NSP grantee exercises its preference to purchase an REO property during the First Look period, the financial institution will follow its normal process to sell the home on the open market.

Currently, the Federal Housing Administration (FHA) offers a complementary pilot program in which NSP grantees receive an exclusive option to purchase so-called ‘HUD Homes’ at a discount prior to those homes being made available to the investor community. The FHA pilot, alongside today’s agreement expands the opportunity for NSP grantees to gain access to REO properties through a national first-look standard option.

HUD’s Neighborhood Stabilization Program was created to address the housing crisis, create jobs, and grow local economies by providing communities with the resources to purchase and rehabilitate vacant homes. NSP grants are helping state and local governments, as well as non-profit developers, acquire land and property; demolish or rehabilitate abandoned properties; and/or offer downpayment and closing cost assistance to low- to middle-income homebuyers. Grantees can also stabilize neighborhoods by creating “land banks” to assemble, temporarily manage, and dispose of foreclosed homes. To date, HUD has allocated nearly $6 billion in funding to state and local governments and non-profit housing developments. In the coming weeks, HUD will allocate an additional $1 billion in NSP funding, which was provided through the Dodd-Frank Wall Street Reform and Consumer Protection Act.

###

HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

National Community Stabilization Trust is a nonprofit organization that was created to revitalize neighborhoods affected by the foreclosure crisis. The Stabilization Trust facilitates the transfer of foreclosed and abandoned properties from financial institutions nationwide to local housing organizations, and provides access to financing in order to promote productive property reuse and neighborhood stability. Formed in 2008 through an unprecedented collaboration Enterprise Community Partners, the Housing Partnership Network, the Local Initiatives Support Corporation (LISC), National Council of La Raza (NCLR), National Urban League, and NeighborWorks America, the Stabilization Trust works with state and local governments and community based housing organizations to build capacity to effectively acquire, manage, rehab and sell foreclosed property to expand homeownership and rental housing available to low- and moderate-income families. Visit www.stabilizationtrust.com to learn more.

HUD SECRETARY DONOVAN ANNOUNCES THAT OVER 8,000 AFFORDABLE HOMES WILL BECOME MORE ENERGY EFFICIENT AS A RESULT OF THE FIRST 100 RECOVERY ACT GREEN RETROFIT AWARDS

Awards will create green jobs and reduce energy costs

WASHINGTON – U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan announced today a major Recovery Act milestone: 100 affordable housing developments, including 8,112 homes, around the country have been awarded more than $100 million to complete energy efficient renovations with Recovery Act funds. These renovations will not only generate many necessary upgrades to thousands of affordable apartments, but they will also create jobs and save money for thousands of residents. A complete list of Recovery Act Green Retrofit Program awards being issued today can be viewed in full here.

The awards are part of HUD’s Green Retrofit Program for Multifamily Housing, created for the first time through the Recovery Act. The Green Retrofit Program is providing $250 million nationally to reduce energy costs, cut water consumption, and improve indoor air quality. The awards announced today represent the first 100 grants and loans awarded through the program. The remaining awards will be made on a rolling basis from now through September 30, 2010.

The 100 awards announced today will create an average energy savings of $33,000 per property, or $3.3 million annually and, on average, tenants will save over $250 each on utility bills annually.

“I am proud to announce this significant Recovery Act milestone because it is an example of HUD’s ongoing commitment to creating jobs while also building sustainable homes and communities,” said Secretary Donovan. “The Green Retrofit Program is just one example of how the Recovery Act is making a long-term impact on American families and communities by reducing energy costs, creating quality green jobs and improving the quality of life for people across the country.”

The Green Retrofit Program is designed to create thousands of green jobs as workers retrofit older federally assisted multi-family apartment developments with the next generation of energy efficient technologies. Grants and loans provided through this program help private landlords and property management companies to cut heating and air conditioning costs such as by installing more efficient heating and cooling systems, and to reduce water use such as by replacing faucets and toilets. These Recovery Act funds also produce other environmental benefits by encouraging the use of recycled building materials, reflective roofing, and non-toxic products to reduce ‘off-gassing’ of potentially harmful fumes. Funds are awarded to owners of HUD-assisted housing projects and can be used for a wide range of retrofit activities, ranging from windows/doors to solar panels and geothermal installation.

The Recovery Act included $13.61 billion for projects and programs administered by HUD, nearly 75 percent of which was allocated to state and local recipients only eight days after President Obama signed the Act into law. The remaining 25 percent is being awarded through competitive grant programs, including the Green Retrofit Program. To date, over 99 percent of HUD’s Recovery Act funds are in the hands of local communities, being used to improve housing and neighborhoods, while creating jobs. HUD is committed to implementing Recovery Act investments swiftly and effectively as they generate tens of thousands of jobs, modernize homes to make them energy efficient, and help the families and communities hardest hit by the economic crisis.

In addition, Secretary Donovan and the Department are committed to providing the highest level of transparency possible as Recovery Act funds are administered. It is vitally important that the American people are fully aware of how their tax dollars are being spent and can hold their federal leaders accountable. Every dollar of Recovery Act funds HUD spends can be reviewed and tracked at HUD’s Recovery Act website. The full text of HUD’s funding notices and tracking of future performance of these grants is also available at HUD’s Recovery Act website.

###

HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers

A little advanced planning can help both the environment and your pocketbook. Here are a few tips from the U.S. Environmental Protection Agency that can point you in the right direction.

Buying a new computer, printer, cell phone, or other electronic device? Always look for the Energy Star logo, which indicates that your new computer or other electronic gadget meets strict energy-efficiency guidelines set by EPA. If you are buying a new printer, purchase one that prints double-sided to reduce the use of paper.

If you have to discard older, used electronics, do the right thing. Many retailers are partnering with EPA to recycle electronics. You may also be able to donate your old computer to a local school, library or charity for a tax deduction. If you discard the older unit, always check with your local municipality, county, state environmental agency or EPA for the proper way to dispose of electronics safely. E-cycling conserves precious natural resources and reduces the amount of waste sent to landfills.

Before you shop, see what you already have at home. Many supplies can be reused or recycled. Backpacks, notebooks, folders, and binders can all be reused.

– When you’re out shopping, choose products made from recycled materials such as pencils made from old blue jeans, binders made from old shipping boxes, and of course recycled paper products.

Buy supplies wrapped with minimal packaging; or buy products that come in bulk sizes. Packaging accounts for more than 30 percent of all the waste generated each year.

– Are there clothes that your child has outgrown that are still in good shape? Donate usable items you don’t need to a local charity or shelter so someone else can put them to use, and earn yourself a possible tax deduction at the same time.

Share used books with friends, relatives, or younger schoolchildren. Many schools reuse textbooks to save money and reduce waste.

– For college textbooks there is a large secondary market for used books. Search the internet for resale sites. Also check with the campus and nearby bookstores.

– If you bring your lunch to school, package it in reusable containers instead of disposable ones. Bring drinks in an insulated bottle instead of disposable bottles or cartons. This saves money and reduces waste.

– Encourage your school to organize a recycling program if they don’t already have one.

– If you drive to school, try carpooling, public transportation, walking or biking instead. By changing your transportation routine, you can save money on fuel costs, lower air pollution levels, and decrease traffic in your community.

A great way to reduce pollution is not to create it in the first place. Prevent pollution by reducing waste, reusing or recycling more. Work with your child’s teachers and friends to find ways to encourage everyone in your community to make reducing waste a part of every day life

From EPA.Gov

I had fun at the Blues Festival yesterday, at the Frontier Culture Museum.  Great venue, local beer and wine, breezy weather and of course lots of good music, now I don’t feel so deprived.  This area is offering more culture and entertainment than when I moved here 17 years ago.  Now all I need is a beach.

The Shenandoah Valley is certainly a beautiful place to live ,however I love going to Warm Springs, Va. Only  one and a half  hour trip from where I live.  Literally, tucked away in the Allegheny Mountains, it is an enchanting area.  Thomas Jefferson traveled there to continue the European tradition of” taking the waters”.  I take the waters at least twice a year.   The water temperature is 96 degrees, clear and bubbly!

For several weeks now, we Americans have watched the news of the Gulf oil spill in horror. As we see watermen depressed, almost in shock, oil-covered birds gasping for their last breath, restaurant owners with no business, the prospect of damage that will not heal in our lifetime. We are quick to blame BP or the federal government.
We are all, however, complicit in the Gulf oil hemorrhage. All of us who drive cars, eat cheap food, use plastic containers, use non organic fertilizer, herbicides and pesticides, buy petroleum-based cosmetic products, heat our homes, you name it, we have contributed. Petroleum and its by-products are ubiquitous. The law of supply and demand is hard at work.
I believe that we Americans are especially guilty, because we are a nation that feels ENTITLED to certain things that make our lifestyle so sweet and so enviable.
We feel entitled to cheap fuel, which is destroying our environment and our health. And please help us if the local government wants to put a penny tax on a gallon of gas, because we are also entitled to a cheap tax base.
We feel entitled to eating cheap food, which is destroying our soil, our health, our productivity, and our watersheds. Because agribusiness is more about overproduction, which among other things, is deleting our topsoil and polluting our food and land with toxic chemicals.
We love cheap electricity, but are saddened when coal miners are killed in an explosion. Do we give it a second thought when we forget to turn off the TV or crank up the AC. And how many of us know that since the deadly explosion of the Massey coal mine that 150 workers have died of black lung disease? How many of us really care?
We love our jobs, but most of the products we buy are from China, because it is cheap,. It is not surprising that China’s economy is growing and ours is still in a slow recovery stage.
Perhaps, we as a nation should take PERSONAL RESPONSIBILITY for our consumption-based lifestyles and educate ourselves in how we can mitigate ongoing assault on our world. After all, we are generally concerned about the
national debt that we are leaving our children. What, about the world that we are leaving them?
Do we really have to sacrifice our comfy lifestyles to lessen our demand on fossil fuels? Well, it doesn’t necessarily mean going back to the dark ages. First, we need to understand that cheap ain’t so cheap. For example, eating cheap food is not cheap when you factor in the high cost of health care. It is now 20% of our GDP. When we shove a pizza and fries down our throats, maybe we should consider the future cost to us as individuals and as a society as a whole. We need to know that our current industrial agricultural practices are totally dependent upon petroleum. Maybe when the next flood destroys a city rather than building more dykes and levees, we should consider replanting the banks of our brooks, streams and rivers with indigenous plants and grass to absorb the water.
Maybe we need to rethink what we are entitled to and start with little baby steps like turning off our vehicles when we are idling…25% of the pollutants that we spew comes from idling!
If we were all to weatherize our homes, walk more often, ride a bike, be more respectful and mindful of the people and world around us, we could lessen our need for fossil fuel and leave a better world for future generations. It matters.
.

Hiking in Shenandoah

Powered by WordPress Web Design by SRS Solutions © 2010 Shenandoah, Daughter of the Stars Design by SRS Solutions