Martha Dilts, our regional HUD Deputy Director, sends out monthy newsletters for the region that usually contain some great information and updates for our specific area. Here are a few highlights from the July newsletter.
Find Out How Much HUD Funding Has Been Allocated in Your Area
Want to know the what, where and how much particulars of HUD Recovery Act spending in your back yard? Click here for a cool interactive map.
More Funding for Low Income Housing Construction
Hoping to “jump start affordable housing construction,” HUD Secretary Donovan has announced the award of $8.3 million to Idaho under the Tax Credit Assistance Program(TCAP) established by the Recovery Act. One by-product of the nation’s financial crisis has been reduced investments in Low Income Housing Tax Creditsthat provide incentive for investors to provide private capital to developers of multi-family rental housing for lower-income families. HUD's awarding the TCAP funds by formula to state housing finance agencies – in our case Idaho Housing & Finance Association – hopes to enable them re-start stalled, but qualified housing. To maximize job creation, priority will be given to projects that can begin immediately and be completed by February 16, 2012.
Refinance Options Increased for Underwater Homeowners
HUD Secretary Donovan announces that the refinance option under the Making Homes Affordable program will be expanded to borrowers who are current but are up to 125 percent "under water" with their Fannie Mae or Freddie Mac- guaranteed mortgages. Previously, the option was open to those 100 percent "under water."
$8000 CAP Eliminated for Energy Efficiency Costs Added to FHA Mortgage
In accordance with the Housing & Economic Recovery Act of 2008, on June 10th FHA issued Mortgagee Letter 2009-18eliminating the $8,000 cap on the amount of eligible energy-efficiency costs that can be added, through an Energy Efficient Mortgage (EEM), to the base maximum FHA-insured mortgage. The new limit is now the lesser of 5 percent of the value of the property or 115 percent of the median area price of a single family dwelling or 150 percent of the conforming Freddie Mac limit.
Janna Rankin Scharf provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.
No matter how grand or modest your real estate dreams may be, you can turn to me in confidence. Give me a call today and let me know what I can do to be of service to you!
Janna Rankin Scharf, AB, GRI, CSP, CNS, CLHMS 208.651.9700 NorthIdahoJanna@gmail.com
Janna Rankin Scharf provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.
No matter how grand or modest your real estate dreams may be, you can turn to me in confidence. Give me a call today and let me know what I can do to be of service to you!
Janna Rankin Scharf AB, GRI, CSP, CNS, CLHMS 208.651.9700
Janna, that is great information! I used the map, very very cool! Thank you so much. You may have intended this for your target audience however I found it very informative.