ORLEANS CITIZENS FORUM
Draft press release September 8, 2008
FOR IMMEDIATE RELEASE
Orleans Citizens Forum Public Information Event
Tuesday Oct. 27 at the Orleans Elementary School, at 6 p.m.
Contact: Abby Summersgill
508 240-6778, avdh@comcast.net
Ed Maas, President of OCF, is available for interviews at info@orleansinn.com
or 508 255-2222
What Wastewater Management
Means to Orleans Residents
ORLEANS: The Orleans Citizens Forum will present a comprehensive, independent review of the key wastewater management issues facing Orleans voters and taxpayers at a public symposium Tuesday, October 7, at the Orleans Elementary School at 6 p.m.
Experts from local and state government, the local real estate industry, and citizen committee members planning wastewater systems will report on all the issues surrounding the Special Town Meeting vote Oct. 27 on wastewater management conceptual plans. Open to everyone, the meeting will allow plenty of time for audience questions.
Orleans citizens have had several opportunities this year to learn about the towns wastewater management needs, including seven public information sessions and a formal public hearing Oct. 2. The Orleans Citizens Forum (OCF) event Oct. 7 brings together all the information voters need to know presented by an independent, non-partisan, volunteer organization that focuses on public participation in the issues important to town affairs.
Major issues explained
Managing Orleans? wastewater is likely to produce significant financial, public health, infrastructure and cultural demands on the town. The October 27 Special Town Meeting will ask voters whether they will ratify the broad concept of a Comprehensive Wastewater Management Plan that could cost more than $150 million over 20 years. Although voters will not be voting Oct. 27 on actual financial appropriations, wastewater management is expected to eventually become the largest public project in Orleans history.
Panelists at the Oct. 7 forum presenting their perspectives and answering audience questions include:
· Brian Dudley, Massachusetts Dept. of Environmental Protection
· Andrew Gottlieb, Executive Director, Cape Cod Water Protection Collaborative
· Augusta McKusick, Chair, Cape Cod Water Protection Collaborative and Chair, Orleans Wastewater Management Steering Committee
· Paul Ammann, Orleans? Wastewater Management Validation and Design Committee
· Walter Bennett. Chair, Orleans Finance Committee
· George Meservey, Orleans Planning Director
· Jeffrey Karlson, Owner, The Real Estate Company
Richard Hartman, OCF member, has volunteered to be the moderator.
Panelists are likely to discuss issues such as these:
? Why the presented plan was chosen.
? Alternative methods of removing excess nitrogen from the environment.
? The impact the plan will have on the environment and conformance with state and federal law.
? The likely costs to the town of nitrogen removal pursuant to the plan.
? How costs will be shared by sewer system users and non-users.
? How much homeowners might be charged for wastewater management.
? How sewering will impact public health, zoning, and population growth.
? How sewering will impact property values.
? How sewer construction might be phased-in over 20 years.
Please come by and get informed!
Showing posts with label FHA Reform. Show all posts
Showing posts with label FHA Reform. Show all posts
Wednesday, September 17, 2008
Wednesday, August 20, 2008
Housing Stimulus Bill from NAR by Rosa Wright
National Association of REALTORS®Summary of Key Provisions of H.R. 3221 - The Housing Stimulus Bill (as of 7/30/08)
H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions:
GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).View 2009 FHA and GSE loan limit estimates (PDF)
FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).View 2009 FHA and GSE loan limit estimates (PDF)FHA Reform Chart (PDF)
Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 9, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).First-time homebuyer tax credit chartFrequently asked questions about the first-time homebuyer tax credit
FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.FHA Foreclosure Rescue Chart
Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.More about the seller-funded downpayment assistance provisionTips to finding downpayment assistance programs (PDF)
VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.
Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.
GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.
Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.
National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.
CDBG Funding – Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.More about the CDBG funding provision
LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.
Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.
H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions:
GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).View 2009 FHA and GSE loan limit estimates (PDF)
FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).View 2009 FHA and GSE loan limit estimates (PDF)FHA Reform Chart (PDF)
Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 9, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).First-time homebuyer tax credit chartFrequently asked questions about the first-time homebuyer tax credit
FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.FHA Foreclosure Rescue Chart
Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.More about the seller-funded downpayment assistance provisionTips to finding downpayment assistance programs (PDF)
VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.
Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.
GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.
Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.
National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.
CDBG Funding – Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.More about the CDBG funding provision
LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.
Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.
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