Cities and urban counties used 27% of their Community Development Block Grants directly for housing projects in fiscal year 2005, while smaller communities used only 17% of their allotment for housing, according to a Government Accountability Office report.The GAO shows that the cities and urban counties spent 24% of their CDBG funds on public improvements (such as water lines and street improvements) and 17% on administration and planning. They also used the funds to a lesser extent for public services, acquisition of property, and economic development, which is supposed to benefit low- to moderate-income people. Smaller communities used 54% of their CDBG funds for public improvements and 15% for economic development. Congress provided $4.2 billion in CDBG spending in fiscal 2005 and fiscal 2006, not including special funding provided to Gulf Coast states for housing and community development projects in the aftermath of hurricanes Katrina, Rita, and Wilma. Congress is likely to approve $4.2 billion for fiscal 2007, even though the Bush administration has requested a $1.2 billion cut.
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The number of homes purchased by foreign buyers increased for the first time in 8 years, with many making all-cash purchases of vacation and rental homes.
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Prosecutors said the defendant will pay back $13,784 in restitution for federal housing assistance he fraudulently obtained between 2019 to 2020.
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Most indicators cited by Morningstar DBRS are favorable to a good securitization market the rest of the year, but inflation is one of several challenges.
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While Sunbelt markets were more likely to see softening property values, the Northeast saw growth continue, according to Intercontinental Exchange.
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Mortgage professionals are more often subject to non-compete and non-solicitation agreements and aren't likely to be impacted by the new Sunshine State law.
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New limits for forward commitments add to indications the secondary mortgage market is watching builder partnerships with home lenders closely.
10h ago