Buying a home is the most substantial investment many will make in their lifetime. For new homeowners, signing on the dotted line means committing to a monthly mortgage payment that may be more than they have ever spent on housing. But that’s not the only expense that comes with a new home. Many people are […]
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In the ever-evolving landscape of residential real estate, California is once again at the forefront with the passage of Assembly Bill (AB) 1837 and AB 2170, which became effective on January 1, 2023. Aimed at increasing homeownership for individual residents, these laws build upon the groundwork laid by Senate Bill (SB) 1079 in 2020, which… Continue Reading
The current economic landscape has put what seems like dozens of roadblocks in the way of anyone looking to make a property purchase. Rising interest rates and low inventory have been plaguing the US housing market for over a year at this point, and if you’re a first-time buyer or otherwise don’t have as many […]
The real estate market has been reeling for more than a year as mortgage lending rates soar ever higher. Unfortunately, the writing on the wall is clear: another rate hike is likely imminent. This is because the Federal Reserve is expected to raise interest rates again in July, in an effort to combat inflation. This […]
The post Another Mortgage Rate Hike? It’s More Likely Than You Think appeared first on RealtyBizNews: Real Estate Marketing & Beyond.
When you’re looking to buy a home, you’ll likely come across the terms “under contract” and “pending sale.” These terms are often used interchangeably, but there is a subtle difference between them. This means that it’s crucial to understand the difference between a pending sale and an under contract and what they mean for a […]
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It’s no secret that housing costs have gone up in the last few decades—a lot. Buying a home has become extremely expensive in many cities around the country, and with ongoing high interest rates, it’s led many people to postpone buying a home and continue to rent. But that’s become hard to afford too, rental prices skyrocketed throughout 2021 and early 2022. All of this has led to a housing market that’s become more unaffordable than ever for low-income households, and increasingly, even middle-class income ones. Multifamily developers are aware of this, and for some time have been targeting a void in the market for what’s been dubbed workforce housing. Now, a growing number of companies are describing this segment as “attainable housing.” In a nutshell, it’s rental apartments for Americans somewhere in the middle: earning enough that they don’t qualify for subsidized or low-income housing, but not enough to afford most market-rate rentals. A once-overlooked market segment of housing designed and operated just for this demographic has become a popular product.
In recent years, many have discussed the need for more middle-income housing. Industry groups and housing experts have pointed to the need for affordable multifamily housing in pricey markets for people working the jobs that are crucial to society, like firefighters, nurses, and teachers. In determining affordability for workforce or middle-income housing, the rule of thumb often used is households earning between 80 percent and 120 percent of area median income (AMI).
Read more at Propmodo.
On July 6, 2023, Los Angeles Mayor Karen Bass signed into law a provision to exempt certain affordable housing projects from the city’s Site Plan Review Process. The exemption was made as an amendment to Site Plan Review Ordinance, codifying part of Mayor Bass’ Executive Directive 1, which intends to address the city’s homelessness crisis… Continue Reading
On July 10, 2023, California Governor Gavin Newsom signed into law a package of bills intended to accelerate critical infrastructure projects across the State aimed at achieving monumental climate and clean energy goals while also creating up to 400,000 jobs. With the goal of “building more, faster,” this infrastructure streamlining package will take effect immediately, and includes… Continue Reading
HAF funding has helped more than 300,000 people remain in their homes, but informing homeowners of the relief continues to be a challenge.
The new office will report directly to FHA Commissioner Julia Gordon, according to an announcement this week.