Commenting on the decision, FHFA director Sandra Thompson said, “The 2024 multifamily loan caps, coupled with the exemption for workforce housing properties from the caps, will promote the enterprises’ continued strong commitment to addressing the need for affordable rental housing.” Thompson explained that this exemption aims to motivate conventional borrowers to maintain affordable rent levels … [Read more…]
Oklahoma is a lot of things, and not a lot of things. It’s in the South, but not genteelly Southern. It sits across the Red River from Texas, but most certainly not Texas. And it’s at the bottom end of the Great Plains but doesn’t have flowing fields of wheat and corn.
Oklahoma is dusty but contemporary. It’s diverse but steeped deep in Indigenous tradition. It’s the NBA, but also Bedlam. And from modern skyscrapers to a long, endless panhandle, it’s an inviting place to live.
Luckily, it’s also an affordable place to live. Rents are low and mostly reasonable. And options are diverse. The state features gleaming cosmopolitan cities, college towns, independent suburbs, close-knit farm communities and much more.
But with such a cheap state to live in, what are the cheapest places to live in Oklahoma? Where can the most affordable rental cities be found?
First, let’s take a look at rent prices in Oklahoma as a whole. Overall, the Sooner State is a fairly inexpensive state in which to live.
The average rent for a one-bedroom apartment across the state is $733. That’s a good bargain price for most renters. In fact, all but one of the cheapest places to live in Oklahoma fall below that figure.
Much of the country has seen a significant jump in prices from this time last year. However, Oklahoma remains fairly consistent. That number is up just two and a half percent from a year ago.
There are a number of reasons Oklahomans are looking for cheaper places to live, or assessing the price of where they currently reside. Among all the cities and towns in the Sooner State, what are the most affordable for renters? Below are the 10 cheapest places to live in Oklahoma.
Like many below, Sapulpa is an Oklahoma city born as a railroad town and modernized as a stop on old Route 66. Today, it sits as Tulsa’s fourth-largest suburb, with a population of 22,000, fourteen miles from downtown. Sapulpa remains a commuter town, mostly residential with small pockets of service shops and fast-food restaurants. Its primary commercial strip is along the Dewey Avenue corridor, part of Route 66.
As a residential district, Sapulpa has a plethora of parks and green spaces. The town offers over 500 acres of land spread out among two dozen parks and recreation facilities. As well, there are nearly five miles of running and biking trails along five designated park paths around Sapulpa. For water enthusiasts, Sahoma and Pretty Water Lakes cover 300 acres combined. The destination is known for its excellent fishing, with stocks of trout and catfish.
“Oklahoma’s Most Connected City” is also one of the cheapest places to live in Oklahoma. On average, a one-bedroom apartment in the growing suburb leases for $737 a month.
Oklahoma has “plenty of air and plenty of room to swing a rope, plenty of heart and plenty of hope,” according to its eponymous musical. At its heart is its capital and largest city of Oklahoma City, with more than its fair share of that plentiful air and room. At over 600 square miles, O.K.C. is the second-largest city in the continental U.S. by area with a population of more than 100,000 residents.
The city where the wind comes sweepin’ down the plain is more than its roots as an oil and cattle town. “Oklahoma City is mighty pretty,” sings Nat King Cole on his hit “(Get Your Kicks on) Route 66.” Anyone who has visited O.K.C. can confirm that statement’s validity. It’s a bustling city of vibrant neighborhoods, close-knit communities and big business sectors. More than a fossil fuel hub, Oklahoma City is a leader in tech, healthcare and even sustainable energy.
It’s been a quarter-century since the attack at the Murrah Federal Building and two decades after the Moore tornadoes. The city has taken great strides in rebuilding, as well as revitalizing its city center. Downtown’s Bricktown entertainment district is one of the most vibrant in the Great Plains.
However, rents have remained affordable throughout the city. An average one-bedroom apartment runs $711 a month on average, a 14 percent drop over the last 12 months.
Be sure to take note, Tulsa is not some sleepy Midwest oil town. The city, one of the 50-largest in the nation, centers a metro area of over a million residents. It presents as modern, clean and metropolitan, more so than its larger neighbor and state capital to the west. It’s a city of big money, Great Plains skyscrapers and a bustling downtown with its gleaming BOK Center.
Tulsa is a growing tech, healthcare and finance hub, not to mention great for beef lovers. It offers a diverse population, over-40 percent non-white, and a rich history. Its cosmopolitanism has allowed it to become the leading arts, culture and nightlife destination in the Sooner State.
The Tulsa Zoo was voted “America’s Favorite Zoo.” The Linde Oktoberfest is ranked one of the top German celebrations and food festivals in the nation. And don’t forget the barbecue. Tulsa staples RibCrib, Billy Sims Barbecue and Oklahoma Joe’s are shipped across the country.
An affordable locale in the up-and-coming Ozark Plateau region, Tulsa is attractive to renters. The cheapest large city in Oklahoma, one-bedroom rents sit just under $700 on average.
Oklahoma State fans will be happy to find out their beloved Cowboy town is one of the cheapest places to live in Oklahoma, while the Boomer Sooners’ Norman failed to rank. One-bedroom apartments in the Frontier Region college town of Stillwater rent for an average of just $668 a month.
Stillwater — equidistant from Oklahoma City, Tulsa and the Kansas border — is a full-fledged Southern Plains small city college town. Washington Irving described it as a “glorious prairie spreading out beneath the golden beams of an autumnal sun.” Activity obviously centers on the university, but Stillwater offers plenty for urban living, as well. The city of 45,000 offers a number of museums, cultural institutions and a legendary music scene. It’s even home to the National Wrestling Hall of Fame.
But Stillwater is still chock full of college town favorites. World-famous sports bar Eskimo Joe’s is a hub for students, music enthusiasts, ‘Pokes fans and T-shirt-toting tourists. It even was named “Best College Post-Game Hangout,” as well as serving “America’s Greatest Cheese Fries.” The bar sits steps from both 60,000-seat Boone Pickens Stadium and Gallagher-Iba Arena, one of the oldest in the NCAA.
Most cities at the top of this list are old homestead towns that boomed when the railroad came through. Not Midwest City. O.K.C.’s third-largest suburb, Midwest City only dates back to World War II. The city was created around the then-new Tinker Air Force Base.
Thanks to considerable media attention, it quickly became a national model for community development after the war. A grocery store opened, a hospital, a junior college and a mall soon followed. By 1970, the city that rose out of empty land had nearly 50,000 residents.
Like several of the other cheapest places to live in Oklahoma, the military base is still the focal point of the town. But the heart of residential Midwest City lies in its thriving central business district. The commercial district lies across I-40 from the base. Revitalized at the turn of the century, the city’s main street follows SE 29th Street and centers on bustling Town Center Plaza. The area features big box stores, a walkable row of national chain casual dining and Tinker Bicentennial Park.
For suburban commuters to Oklahoma City or military families, Midwest City remains affordable. A one-bedroom apartment leases for an average of $575 a month. That figure has dropped over 12 percent since this time last year.
Just 30 miles from the Kansas border, Enid is the cheapest place to live in northern Oklahoma. Its proximity to Kansas explains its notoriety as the “Wheat Capital of Oklahoma.” In fact, the small city of 50,000 features the third-largest grain storage capacity in the world. This agricultural skyscraper city of silos is now the Enid Terminal Grain Elevators Historic District.
While Enid is still “where the best wheat grows and the oil flows,” there’s much more to the town life. Downtown Enid is low-slung among wide thoroughfares. That is except for the 14-story Broadway Tower, the tallest building in Enid. The district also features a children’s museum, railroad museum and western museum and Cherokee Strip Heritage Center. Enid even features the oldest symphony orchestra in Oklahoma.
The southern tip of town is occupied by the large Vance Air Force Base. With such a large military facility, affordable rental housing is important. An average one-bedroom apartment leases for just $573 a month.
At just $558 a month for an average one-bedroom, Lawton is the cheapest city to live in southwestern Oklahoma. Significantly, rents in the Frontier Region city have dropped nearly eight percent from this time last year. With nearly 100,000 residents, it’s the fifth-largest city in the Sooner State.
Lawton’s primary landmark and largest employer is Fort Sill. The massive base on the north end of town is one of just four Army Basic Combat Training facilities in the U.S. While growth can be attributed to the base, the city has diversified into manufacturing, higher education and health care industries.
Unlike many cities, the focal point of Lawton’s downtown isn’t the main street or a town square. It’s the nearly 50-year-old Central Mall, an enclosed shopping mall smack in the middle of downtown. When built, city officials thought the mall would attract shoppers from surrounding suburbs. Today, renewal efforts are focusing on building more appealing and pedestrian-friendly blocks north of the mall.
Some of those revitalization efforts are centered on the area around Elmer Thomas Park. Here lie two of Lawton’s largest museums. The Museum of the Great Plains and Comanche National Museum and Cultural Center sit side-by-side adjacent to the park. The park is the city’s largest, but just one of 80 parks and recreation areas operated by the city.
Deep into the Chickasaw Nation is the small Interstate city of Pauls Valley. Grammar nerds take note, there is no apostrophe in “Pauls,” though named for original settler Smith Paul. The lack of punctuation can be attributed to a singular tradesman. In 1887, a painter hired by the railroad to hang the Santa Fe Railway station sign failed to add the possessive apostrophe and the name stuck.
Pauls Valley’s quaint downtown lies at the northeastern corner of the city. The district radiates out from the easement of the town’s historic railroad line. In its heart is the old Santa Fe Railway Lone Star depot. Closed in the ’70s, the century-old depot now houses the historical society museum. However, right next door is the active Pauls Valley Amtrak station on the Heartland Flyer train line. Despite the city’s diminutive size, it’s one of just five Amtrak passenger stations operating in Oklahoma.
Elsewhere, downtown features pizza places, diners, service centers and community shops along Grant Avenue and Chickasaw Street. It’s also home to the award-winning Toy and Action Figure Museum. In the city’s western portion, numerous hotels and truck stops lie at the exit to Interstate 35.
The largest city and county seat of Garvin County, Pauls Valley has a population of only 6,000. The city is quaint and also cheap. To live here will cost you $554 a month on average for a one-bedroom unit. That figure is just $2 more than the city ranked No. 1.
Ada is a small but bright town in south-central Oklahoma. It’s the county seat and largest city in Pontotoc County, but with a population of just 17,000. It’s the second cheapest place to live in Oklahoma. At $553 monthly, the average cost of a one-bedroom is just a buck more than the number one city. Oh, so close.
Ada is best known as the headquarters of the surrounding Chickasaw Nation, which encompasses 7,700 square miles of southern Oklahoma. While Ada itself is nearly three-quarters white, a significant 15 percent of all residents are of Native American descent. Around 2,500 Ada residents speak Chikashshanompa’, the Chickasaw language. As such, much of the public signage, including many traffic and directional markers, is written bilingually.
Most commercial activity in Ada centers on the downtown area along Main Street and Mississippi Avenue. Native American shops and eateries mingle with fast-casual restaurants, outdoor outfitters, beer bars and locally owned boutiques. Off the east edge of downtown is the spacious campus of East Central University.
On the eastern edge of the Oklahoma City metro is the satellite city of Shawnee. It’s convenient, modern and accessible. And this suburb of 31,000 tops the list of the cheapest place to live in Oklahoma. An average one-bedroom apartment runs just $552 a month.
Only 45 minutes from downtown OKC, Shawnee is a convenient commute into the city. But Shawnee maintains distinct independence. Its bustling Main Street sits alongside its historic railroad right-of-way. This design dates back to the city’s founding, eschewing a town square for a primary business thoroughfare. The district offers a number of coffee shops, comfortable bars and casual dining spots.
But Shawnee’s most famous restaurant was located a couple of miles north on North Harrison Street. That was the spot of the original Sonic Drive-In. Then known as Top Hat Drive-In, the original site was moved in 2017 to the corner of Harrison and Highland streets.
Located downtown is the brand new Pottawatomie County Museum of railroad and transportation history. The new building opened at the start of 2021 as the collection outgrew its old home. That original site was located in the adjacent historic, castle-like Santa Fe Depot. Shawnee is also home to the Heart of Oklahoma Exhibition Center that features both indoor and outdoor performance arenas. And on the north end of town is the Black Hawk Casino. The vibrant gaming center is operated by the Sac and Fox Nation.
There are plenty of options to finding the cheapest places to live in Oklahoma, and which is right for you. But the Sooner State isn’t all about affordability. There are plenty of pricier places to lay your head at night.
The five most expensive places to live in Oklahoma are primarily large suburban edge cities. In fact, both Oklahoma City and Tulsa’s largest suburbs — Moore and Broken Arrow, respectively — are among the most expensive. Nearly all have also seen large jumps in rent prices for an average one-bedroom from this time last year.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory as of August 2021. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets.
We excluded cities with insufficient inventory from this report.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Source: rent.com
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Equal Housing Opportunity
Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.
Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.
Source: blog.apartminty.com
The U.S. homeownership rate was 67.8 percent during the first quarter of 2008, down from 68.4 percent a year ago and the lowest rate since 2002, according to a report released today by the Department of Commerce’s Census Bureau.
National vacancy rates in the first quarter 2008 were 10.1 percent for rental housing and 2.9 percent for homeowner housing, which were largely unchanged from the same period a year earlier.
More startling, however, is the record 18.6 million vacant housing units in the U.S., up from 17.6 million a year earlier.
Of the 13.9 million vacant homes that were for year-round use, approximately 4.1 million were for rent, 2.3 million were for sale, and 7.5 million were vacant for a “variety of other reasons,” such as foreclosure.
Regional homeowner vacancy was lowest in the Northeast, at a two percent rate, followed by the Midwest at 2.9 percent, and the West and South each at 3.2 percent.
The homeownership rate was highest in the Midwest during the first quarter, at 72 percent, followed by the South at 69.7 percent, the Northeast at 64.7 percent, and the West at just 62.8 percent.
The homeownership rate by age of householder during the quarter was highest for those aged 55 to 64 (80.4 percent), and lowest for those below the age of 35, just 41.3 percent.
Non-Hispanic white householders reported the highest rate of homeownership at 75 percent, followed by “Other Races” at 58.1 percent and single-race Blacks at 47.1 percent.
There were an estimated 129.4 million housing units in the United States in the first quarter of 2008, of which about 110.8 million housing units were occupied, 75.1 million by owners and 35.7 million by renters.
(photo: jeffk)
Source: thetruthaboutmortgage.com
Fannie Mae on Thursday announced that its Desktop Underwriter (DU) system will include new changes to the maximum allowable loan-to-value (LTV) ratios for two- to four-unit, principal residence, purchase and limited cash-out transactions, as well as other updates to further align the system with recent changes to the Selling Guide.
The new DU update will be rolled out to the system during the weekend of Nov. 18, the company said.
“To expand access to credit and provide support for affordable rental housing, the maximum allowable LTV, CLTV and HCLTV ratios for two- to four-unit, principal residence, purchase and limited cash-out transactions will be updated to 95%,” the update notes read. “This change will not apply to high-balance mortgage loans and loans that are manually underwritten.”
Currently, the maximum allowable LTV on a purchase and limited cash-out refinance for a two-unit property is 85% for both fixed- and adjustable-rate mortgages, and 75% for a three- or four-unit property. These levels and their updates to 95% also apply equally to requirements for the standard, HomeReady and HomeStyle Renovation programs.
Fannie Mae’s maximum LTV ratio for a single-unit home with a fixed-rate mortgage remains unchanged at 97%.
Another update includes the DU system now being able to identify HomeStyle Energy loan casefiles using the “Mortgage loan will finance energy-related improvements” indicator as long as the loan is “also a HomeStyle Renovation loan,” the update notes read.
According to a June announcement about prior Selling Guide updates, eligibility requirements for limited cash-out refinances were revised to say that “at least one borrower on the new loan must be a current owner of the subject property (on title) at the time of the initial loan application,” according to the update notes.
In the latest DU version, the message on all limited cash-out refinance transactions will be updated to “remind lenders of this requirement, and to remind lenders that if the property is currently listed for sale, it must be taken off the market on or before the disbursement date of the new mortgage loan,” the notes read.
Earlier this week, Fannie Mae released its October 2023 update to the Selling Guide aiming to reflect changes in the mortgage industry, its surrounding regulatory environment and Fannie Mae policy positions. One key update is a change to the documentation requirements for rental income that is used in a qualifying decision.
Source: housingwire.com
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The procedure of looking for the ideal opulent apartment can frequently be intimidating. To locate the greatest luxury flats that suit your needs and tastes among the various possibilities accessible, you should have a plan in place. In this post, we’ll look at six tips that can make your rental property search more efficient, from picking a great location to using helpful online tools.
The days of only depending on newspaper classifieds or personal referrals are long gone. There are several online tools available nowadays that can help with your search for the ideal property. Specialized real estate websites can provide thorough listings with in-depth details on available residences. With the help of these sites, you can narrow down your search results depending on your preferences, such as price range, the number of bedrooms, available facilities, and location. Consider using online groups and social media sites as well, where people frequently post details on available flats. You can cast a broader net and improve your chances of discovering the best premium condo that satisfies your needs by using these resources.
The most incredible high-end homes occasionally could not even be on the list yet. You can find hidden treasures that haven’t hit the market by networking and establishing connections with local real estate brokers, property managers, and even current tenants. To broaden your network, go to open houses, check out neighborhood events, and talk to locals. Making contacts and remaining engaged in your apartment search may help you find unique chances that others have missed. Keep in mind that referrals from friends and family can frequently help you locate the best possible rentals that aren’t necessarily listed anyplace else.
When looking for the most amazing luxury apartment rentals, the location is one of the most important aspects to take into account. Your quality of life can be improved by a fantastic location, which offers comfort, accessibility, and a desirable area. Start by thinking about your daily requirements and lifestyle choices to identify the right place. Do you prefer a busy city environment or a quiet suburban setting? Make a list of the facilities and sights that are significant to you, such as closeness to your place of employment, retail establishments, dining options, parks, and cultural organizations. You may refine your search and uncover premium flats that are well-situated to suit your lifestyle by paying attention to these characteristics.
Making many viewing appointments is essential while looking for the ideal posh property. Don’t limit yourself to internet photo browsing or rely only on virtual tours. You can evaluate the apartment’s condition, design, and atmosphere by seeing it in person. Pay attention to specifics like the standard of the finishes, the amount of storage space, the amount of natural light, and the efficiency of the appliances. Make a note of any maintenance or repair concerns that require attention. You can make an informed decision and make sure you’re choosing the best upscale condo that meets your criteria by carefully inspecting the property during the viewing.
Being ready can offer you an advantage while trying to land a high-end home. Many landlords and property managers demand that applicants present proof of their capacity to pay their rent and be reliable renters. Collect necessary papers such as credit reports, bank statements, references from past landlords, and proof of income to speed up the application process. You can prove your eligibility and improve your chances of getting the nicest flat before someone else does by having these documents on hand. All other factors, such as decor and personalization, can easily be taken care of later, as long as you come prepared.
It’s crucial to take into account both the monthly rent and the property’s long-term costs while considering premium condos. Consider other charges like utility bills, parking fines, homeowner association dues, and any other pertinent expenses. Examine the amenities provided by the apartment building to see if they suit your needs. For instance, having an on-site gym can help you save money on external gym memberships if you enjoy exercise activities. You can choose the flat that delivers the best return on your investment by carefully weighing the long-term costs and advantages. Remember, you must take these factors into account in addition to the initial rent in order to make a wise financial decision.
Choosing an excellent luxury condo demands great thought and preparation. You can easily manage the apartment-hunting procedure by concentrating on the above-mentioned suggestions. Remember, you’ll be well-equipped to select the ideal home that meets your interests and improves your living experience if you have these six techniques in your toolbox.
Equal Housing Opportunity
Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.
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Source: blog.apartminty.com
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Are you in search of the perfect studio apartment in Southeast Washington, DC? Look no further than 2801 Pennsylvania, where you’ll find a cozy and inviting 550-square-foot studio apartment available for just $1,235 per month. With a spacious walk-in closet and a separate dining area, this apartment offers both comfort and convenience.
At 2801 Pennsylvania, you’ll find a welcoming community that’s ready to make you feel at home. Located in the Randle Highlands neighborhood, this apartment complex offers studio and one-bedroom cat-friendly apartments for rent. The apartments feature open layouts, beautiful hardwood floors, and classic finishes that create a charming living space.
But it’s not just about the apartments themselves; 2801 Pennsylvania is committed to providing excellent customer service. With on-site maintenance and management, you can rest assured that your needs will be promptly addressed. Additionally, the convenience of online rent payments makes managing your finances a breeze. Everything you need to feel comfortable and cared for is right at your fingertips at 2801 Pennsylvania.
At WC Smith, the management company behind 2801 Pennsylvania, great customer service is considered the best amenity. Living at 2801 Pennsylvania means experiencing this commitment to service firsthand. The dedicated service team is available 24 hours a day, ensuring that you have assistance when you need it most. Plus, with the ability to access your resident account online at any time, you have the flexibility to manage your affairs day or night. It’s all part of the effort to provide you with a superior living experience.
The amenities at 2801 Pennsylvania cater to your comfort and convenience. In addition to being cat-friendly, the community offers:
Inside your studio apartment, you’ll find:
With its affordable rent, convenient location, and commitment to excellent service, 2801 Pennsylvania is the ideal place to call home in Southeast Washington, DC. Don’t miss the opportunity to rent this 550-square-foot studio apartment for just $1,235 per month. The large walk-in closet and separate dining area make it a comfortable and practical choice. Contact 2801 Pennsylvania today and discover why this community is the perfect place for you to call home.
Equal Housing Opportunity
Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.
Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.
Source: blog.apartminty.com
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Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.
Source: blog.apartminty.com
A popular state grant program to help low- and moderate-income California homeowners build accessory dwelling units may end up with $25 million in new funding following a tussle over dollars in the state budget.
The California Housing Finance Agency’s ADU Grant Program offered up to $40,000 to qualified homeowners to cover pre-construction costs of an ADU, including planning and permit fees for the structure. The program exhausted its initial $100 million months ago, and since then, Gov. Gavin Newsom and lawmakers have gone back and forth over $50 million in additional funding for ADU financing that had been included in a previous year’s budget.
For the record:
12:21 p.m. Sept. 5, 2023An earlier version of this story stated that the $50 million in last year’s budget for ADUs was for the grants program. It was for ADU financing, with grants as one of several possible uses.
In July, lawmakers approved and Newsom signed a budget bill that would restore the $50 million for the grants. On Aug. 30, the Assembly Budget Committee advanced a budget bill for fiscal years 2022 and 2023 that would take back the $50 million. Now, however, Chairman Phil Ting (D-San Francisco) says an amendment will put half of the money for ADUs back, specifically to restart the grants program, before the bill moves on this month.
The ADU money is in flux because of a disagreement between lawmakers and CalHFA over how to use it.
In an interview Friday, Ting said one of the hurdles for ADU construction has been the reluctance of California lenders, and particularly major banks, to develop attractive ADU loans. So two years ago, he said, lawmakers provided $50 million to CalHFA to create a loan loss reserve fund that would backstop ADU loans from private lenders.
The goal was to bring about systemic change in the industry, rather than just provide more grants for individual ADUs, Ting said. But after CalHFA studied the issue, “there was still a significant amount of hesitancy” at the agency to start a loan loss reserve program, he said.
Meanwhile, as homeowners built more ADUs, more lenders took an interest in the field. So after initially agreeing to redirect all $50 million to other programs, Ting said, he’s proposing to put $25 million into the existing ADU grant program and redirect the remainder.
Under the current income limits for borrowers, homeowners earning up to $194,000 in Los Angeles County would qualify for a grant. Ting said he may propose a lower limit to make sure the grant program is “much more targeted” on lower-income Californians who could not otherwise afford to build ADUs.
Supporters of the grant program argue that it does, in fact, direct help to borrowers who need it. For example, a joint letter from the California Community Economic Development Assn. and Homeplex, which helped the association distribute ADU grants for the state, notes that more than 60% of the recipients they’ve helped have been low-income households making less than 80% of the median income in their area.
“Many of these homeowners would not have been able to move forward with their ADU to build financial security for their families, if not for the support of the State Legislators and your support,” their letter to Ting and Senate Budget Committee Chair Nancy Skinner (D-Berkeley) stated. “These projects employ hundreds of workers and provide affordable rental housing for the local communities we serve. ADUs are the least expensive and quickest housing to build in the State.”
Ting’s latest proposal would steer $20 million of the $50 million to the California Dream for All Shared Appreciation Loan program. The Legislature initially provided $500 million for the popular program, which provides no-interest loans to first-time home buyers, but Newsom put $200 million of that on hold to help manage the state government’s budget crunch. Lawmakers and Newsom agreed to restore the $200 million in July.
The extra funding hasn’t translated yet into new loans, however.
The California Dream for All Shared program launched in late March, offering qualified first-time home buyers loans worth up to 20% of the purchase price of a house or condominium. The loans were especially attractive because they carried no interest and required no monthly payments.
If it sounded too good to be true, it was — but only because the program hit its application limit (and the number of people it could help, an estimated 2,300) in only two weeks and was effectively halted.
In the initial rollout, the loans were available only to households with earnings below CalHFA’s income limit for low- and moderate-income borrowers.
The loans, which can be used for down payments and closing costs, are structured as a second mortgage, which means they aren’t repaid month by month. Nor do they accrue interest the way an ordinary loan does. Instead, when the mortgage is refinanced or the house is sold again, the borrower pays back the original amount of the loan plus 20% of the increase in the home’s value.
If the home is ultimately sold for the same amount it was purchased for or less, the buyer won’t need to pay the additional 20%.
To receive a loan, borrowers must complete a home buyer education and counseling course (there are options for online and in-person classes on the CalHFA site) and a free online course specifically for shared appreciation loans.
The agency said it will provide an update on the Dream for All Shared Appreciation Loans program this fall that will include a timeline for applications. It’ll do so through email updates and newsletters you can sign up for.
Source: latimes.com
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Looking for the perfect blend of comfort and affordability in Northwest Washington, DC? Look no further than Dahlia Apartments, nestled in the heart of the historic Takoma neighborhood. These recently renovated studio apartments offer an unbeatable living experience, and right now, you can enjoy one month free when you rent one of these gems!
Dahlia Apartments offer a range of studio apartments that have been thoughtfully designed to maximize your comfort and convenience. Each studio boasts spacious floor plans and generous closet space, ensuring you have room for all your belongings. The pet-friendly policy means you can bring your furry friend along for the adventure.
Inside your studio apartment, you’ll find a range of modern features that make daily living a breeze. The gas range allows you to whip up your favorite meals with ease, and the stunning picture windows flood your space with natural light, creating a warm and inviting atmosphere.
Dahlia Apartments have recently undergone a transformation to bring you upgraded features that enhance your living experience. From upgraded lighting fixtures to gooseneck faucets, every detail has been carefully chosen to elevate your daily life.
The modern cabinetry not only adds style to your kitchen but also provides ample storage space for all your culinary needs. You’ll also appreciate the convenience of a microwave and dishwasher, making meal prep and clean-up a breeze.
At Dahlia Apartments, affordability doesn’t mean sacrificing convenience. Your rent includes water, sewer, and trash payments, simplifying your financial responsibilities. Paying rent is hassle-free with the option to pay online, and you can rest easy knowing that these apartments offer unbeatable value in a prime location.
Dahlia Apartments focus on providing comfortable and affordable living spaces without the frills. This approach ensures that you get the best value for your money in one of DC’s most cherished neighborhoods.
Right now, Dahlia Apartments is offering a special deal you won’t want to miss. Rent one of their fully renovated studio apartments for just $1,750 per month, and enjoy the added bonus of one month free. This limited-time offer makes the prospect of living in the heart of Takoma even more enticing.
So, if you’re in search of an affordable, comfortable, and conveniently located studio apartment in Washington, DC, Dahlia Apartments should be at the top of your list. Don’t miss out on this opportunity to enjoy one month free and make the Takoma neighborhood your new home. Contact Dahlia Apartments today to schedule a tour and secure your slice of DC living at its finest.
Take a tour
Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.
Source: blog.apartminty.com