The U.S. Department of Housing and Urban Development is devoting more than $21 million to support affordable housing for low-income Native Hawaiian families.
The funding will be distributed as a Native Hawaiian Housing Block Grant to the Department of Hawaiian Home Lands and may be used for everything from constructing new homes to buying existing homes for rehab, as well as various support services.
It can also be used to provide rental assistance to Native Hawaiians living both in Hawaii and in the continental U.S.
HUD officials say NHHBG funds throughout the last twenty years have created 750 affordable homes, supported community centers, and provided families with housing-related services like rent assistance and home repair training.
In line with this…
By ERIN FLYNN JAY
The city of Philadelphia, like many other communities in the country, is caught in a balancing act. High rents and a lack of affordable housing are a problem, but at the same time, building reduces much-needed green spaces for residents.
What are city leaders doing to tackle these issues?
Vern Anastasio, Esq. with Anastasio Law, LLC who runs Philly Zoning, online resources for property owners and investors, said two city council districts now have affordable housing mandates through zoning overlays for any new multi-family building with 10 or more units.
“What we are seeing, however, in at least one of those districts, is a sharp decline in permits being applied for that would qualify for this…
By PATRICK LAVERY
When last we heard from the Federal Reserve on interest rates, on June 14, the Federal Open Market Committee agreed not to raise the target range for the federal funds rate for the first time in more than a year.
With the Fed’s next meeting now less than a week away, could Chairman Jerome Powell be preparing to announce one of the hikes that he said in June might still be remaining for this year? Or will the FOMC stick to a holding pattern?
And how are those developments going to impact a U.S. housing market that Powell has continuously characterized as sluggish throughout 2023?
It is predicted that the central bank will deliver a quarter of…
Rocket Companies had a better first quarter than many analysts feared, losing less than expected.
Total adjusted revenue was $882 million, besting the $792.9 million consensus. This is up from $481 million in Q4 2022 but down from $1.93 billion for the quarter ended March 31, 2022.
At the same time, the company lost $111 million in adjusted net income, on the heels of a $197 million loss in Q2 2022.
Rocket’s GAAP net loss in Q1 was $411 million, down from $493 million last quarter.
“Rocket delivered solid results in the first quarter in the backdrop of an uncertain macro environment. Adjusted revenue exceeded the top end of our guidance, driven by healthy client demand and strong execution,” Jay…
By KIMBERLEY HAAS
A Florida mortgage broker challenging United Wholesale Mortgage’s ultimatum agreement wants to include recent disclosures and statements related to the company’s successes to help prove his antitrust claims.
Daniel Okavage of The Okavage Group in St. Augustine is pursuing a federal class-action suit on behalf of all mortgage brokers that work, or have worked, with UWM and sustained damages after the company’s CEO, Mat Ishbia, announced in March of 2021 they could no longer simultaneously do business with Rocket Pro TPO or Fairway Independent Mortgage.
Okavage’s attorney, Robert Goodman, says thousands of brokers were cut off from opportunities to refer customers to the mortgage lender of their choice, resulting in business losses.
Lawyers for UWM have moved…
By JARED WHITLEY
Despite Mat Ishbia’s repeated claims that his company, United Wholesale Mortgage, has never laid anyone off; the facts – and common sense – belie his statement, as UWM’s employee count is down 30 percent over the past two years.
“While my competitors are cutting investments and laying off thousands and thousands of people, we continue to invest in technology, take care of our people, and have never laid off a single team member in our 37-year history,” Ishbia said at a recent webcast townhall.
But, according to the company’s annual report filings with the Securities and Exchange Commission, UWM slashed its workforce by nearly a third – from a height of 8,600 in January 2021 down to…
By KIMBERLEY HAAS
Craving some sunshine? You are not alone as the migration to the Sun Belt continues past the pandemic.
Data from U-Haul and North American Van Lines shows that the Carolinas, Florida, and Texas were among the top inbound states for migration last year. That trend is expected to continue.
And as the state of North Carolina sees an influx of new residents, the coastal city of Wilmington has been attracting accolades. It was listed as the second best place to live in North Carolina by Forbes Advisor last fall, coming in after Raleigh, the state’s capital.
In January, the median listing home price in Wilmington was $435,700, trending up 18.1% year-over-year. The median home sold price was…
By SCOTT KIMBLER Racial inequity and home appraisals have caught the attention of leaders at the American Enterprise Institute Housing Center in Washington, D.C. AEI is a think tank supported by contributions and designed to keep an eye on policies and trends regarding the U.S. housing market. Leaders there say their goals are to provide transparent and objective mortgage and housing market trends, foster a stable system of mortgage finance that promotes sustainable homeownership, and develop market-based solutions to the nation’s shortage of economical housing. Tobias Peter, research fellow and assistant director of the AEI Housing Center, explained how people have been uncovering racial bias in appraising in recent years, oftentimes making news headlines. “A black homeowner wants to get…
Leaders at St. Mary’s Bank have announced that Ken Senus has been named president and CEO. Senus takes over for Ron Covey, who retired at the end of 2022. Prior to being promoted, Senus was the company’s executive vice president and chief operating officer. He said he is honored to continue to build on the foundation Covey helped establish during his 14 years of service. “I look forward to continuing to leverage technology and innovation to enhance our member and employee experiences while embracing the credit union philosophy to give back to the community that Ron exemplified for years,” Senus said. St. Mary’s Bank has 11 branch locations in New Hampshire and is known as the nation’s first credit union.…
