New York-based AFL-CIO Housing Investment Trust and AFL-CIO Building Investment Trust have announced that they surpassed their goal of investing $750 million over five years and are now launching the second phase of their New York City initiative.The new commitment includes $250 million to construct and rehabilitate multifamily housing in the five boroughs and $150 million in commercial real estate funds. In addition, in collaboration with Union Privilege's "Union Plus Program," the initiative will provide $1 billion for home mortgages for New York members of participating AFL-CIO labor unions. During the past four years, the AFL-CIO trust funds invested $750 million in NYC housing production to create union construction jobs and promote homeownership opportunities for working families. They also successfully enacted the New York City Community Investment Initiative to help the city rebuild after the 9/11 terrorist attacks, AFL-CIO president John Sweeney noted.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18