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Housing News
House Budget Floor Amendments Supported by CHAPA – April 24, 2009
Please click here to read CHAPA's letter to Chairman of the House Committee on Ways and Means, Charles Murphy, supporting amendments to the FY' 10 House Ways and Means budget.
Massachusetts Economy Continues to Contract in First Quarter (MassBenchmarks) – April 29, 2009
Economic activity in Massachusetts is estimated to have declined at a 4.2 percent annualized rate in the first quarter of 2009, according to the MassBenchmarks Current Economic Index. The US Bureau of Economic Analysis reported today that the national economy declined...
DHCD Releases Draft Plan for Federal Neighborhood Stabilization Program – November 4, 2008
The federal Department of Housing and Urban Development (HUD) has awarded $54.8 million from the Housing and Economic Recovery Act (HERA) to Massachusetts and four of its cities. These NSP funds are to be used primarily for the acquisition and rehabilitation of...
CHAPA Summary of TCAP and Tax Credit Exchange Guidance – May 15, 2009
HUD and the Treasury Department issued guidance on the Tax Credit Assistance Program (TCAP) and the Low Income Housing Tax Credit Exchange Program (“Section 1602”) on May 4, 2009. They held a joint webcast on May 6 to discuss the programs and issues that will be...
Fannie Mae to End Tenant Evictions in Foreclosures – December 15, 200
From the Wall Street Journal - Fannie Mae is finalizing a national policy that will allow tenants to remain in their homes even if their landlord goes into foreclosure - a landmark decision for tenants. The policy will be in effect Jan. 9, Fannie Mae said Sunday, and...
Bush Administration Announces Changes to Hope for Homeowners Program – November 20, 2008
WASHINGTON - U.S. Housing and Urban Development Secretary Steve Preston today announced that the HOPE for Homeowners (H4H) Board of Directors has approved changes to the program to help more distressed borrowers refinance into affordable, government-back mortgages....
MHP Releases Updated Foreclosure Report – January 23, 2009
The “Massachusetts Foreclosure Monitor” is MHP’s quarterly examination of statewide and local foreclosure trends in Massachusetts and the nation. According to the report, the national real estate market deteriorated in the latter half of 2008. The latest data from the...
FDIC Releases Proposal to Accelerate Loan Modifications – November 17, 2008
The FDIC has initiated a systematic loan modification program at IndyMac Federal Bank to reduce first lien mortgage payments to as low as 31% of monthly income. Modifications are based on interest rate reductions, extension of term, and principal forbearance. The...
Secretary Bigby Releases Community First Olmstead Plan – September 15, 2008
Secretary Bigby and the Governor's Office have approved the Community First Olmstead Plan linked below. "Community First" continues to be one of the Secretary’s top priorities. The Governor "officially" received the plan on September 12th. Please click here to view a...
HUD Releases Notice on Neighborhood Stabilization Program – October 1, 2008
On September 29, 2008, HUD released a Notice outlining the procedures under which the new Neighborhood Stabilization Program (NSP) for foreclosed or abandoned properties will operate. The Notice is effective immediately. In it, HUD explains that it is treating NSP...