Guidance allows lenders to assign loan to HUD and keep non-borrowing spouse in the home
WASHINGTON – The Federal Housing Administration (FHA) today issued a new policy under its Home Equity Conversion Mortgage (HECM) Program giving FHA-approved lenders the option to delay calling HECMs with eligible ‘non-borrowing spouses’ due and payable. A delay would postpone foreclosure normally triggered by the death of the last surviving borrower. FHA’s new guidance will allow reverse mortgage lenders to assign eligible HECMs to HUD upon the death of the last surviving borrowing spouse, thereby allowing eligible surviving spouses the opportunity to remain in the home despite their non-borrowing status.
Last year, FHA amended its HECM policies to allow for the deferral of foreclosure, or ‘due and payable status’ for certain Eligible Non-Borrowing Spouses for case numbers assigned on or after August 4, 2014. Today’s action allows lenders to offer similar treatment for eligible HECMs and Eligible Non-Borrowing Spouses with FHA case numbers issued before August 4, 2014.
Under FHA’s new policy, lenders will be allowed to pursue claim payments for HECMs with Eligible Surviving Non-Borrowing Spouses and Case Numbers assigned before August 4, 2014 by:
- Allowing claim payment following sale of the property by heirs or estate;
- Foreclosing in accordance with the terms of the mortgage, and filing an insurance claim under the FHA insurance contract as endorsed; or
- Electing to assign the HECM to HUD upon the death of the last surviving borrower, where the HECM would not otherwise be assignable to FHA. (The MOE Assignment)
By electing the Mortgagee Optional Election Assignment, lenders will be permitted to modify their FHA mortgage insurance contracts to permit assignment of an eligible HECM to HUD despite the HECM being eligible to be called due and payable as a result of the death of the last surviving borrower.
WASHINGTON – U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums new borrowers will pay by half of a percent. This action is projected to save more than two million FHA homeowners an average of $900 annually and spur 250,000 new homebuyers to purchase their first home over the next three years.
Today’s action also reflects the improved economic health of FHA’s Mutual Mortgage Insurance Fund (MMIF). FHA’s recent annual report to Congress demonstrates the economic condition of the agency’s single-family insurance fund continues to improve, adding $21 billion in value over the past two years.
“This action will make homeownership more affordable for over two million Americans in the next three years,” said U.S. Department of Housing and Urban Development Secretary Julián Castro. “Since 2009, the Obama Administration has taken bold steps to reduce risks in the mortgage market and to protect consumers. These efforts have made it possible to take this prudent measure while also ensuring FHA remains on a positive financial trajectory. By bringing our premiums down, we’re helping folks lift themselves up so they can open new doors of opportunity and strengthen their financial futures.”
In the wake of the nation’s housing crisis, FHA increased its premium prices to stabilize the health of its MMI Fund. In addition, the Obama Administration took dramatic steps to safeguard consumers in the mortgage market to ensure responsible borrowers continued to have access to mortgage capital as many private lending sources tightened their lending standards.
Today’s reduction will significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 800,000 households who use FHA annually.
FHA’s new annual premium prices are expected to take effect towards the end of the month. FHA will publish a mortgagee letter detailing its new pricing structure shortly.
The Provident Bank Foundation is committed to enhancing the quality of life in New Jersey and Pennsylvania communities in Provident Bank's marketplace. Since its founding in 2003, the Provident Bank Foundation has granted more than $19 million to not-for-profit organizations and institutions working toward stronger communities.
The Provident Bank Foundation makes grants in three priority areas: community enrichment, education, and health, youth & families.
- Our giving to community enrichment focuses on programs that drive economic development, contribute to a more well-rounded community experience, and provide increased access to information and specialized learning opportunities.
- Our efforts in education support innovative programming that expands access to, and improves the quality of, well-rounded educational experiences for people of all ages.
- Our contributions to health, youth, and families aim to ensure people of all ages and means have the ability to improve the quality of their lives, including having a safe place to live and access to quality healthcare.
Click HERE for the full details about this RFP.
HOW TO APPLY
This is a two-step process. All applicants must complete and submit the online Letter of Intent (LOI). Only submit one entry per organization.
Step 1: Complete the Online LOI form
- Your application will not be reviewed unless an LOI has been submitted
- Any questions regarding navigating the online system, review the Step- by-Step Guide
The U.S. Small Business Administration announced today that it will open Disaster Loan Outreach Centers (DLOC) in West Seneca on Wednesday, Jan. 7, 2015, and in Attica on Wednesday, Jan. 14, 2015. The location of the DLOCs will make it convenient for those affected by the severe winter storm that occurred Nov. 19 – 26, 2014 to apply for disaster loan assistance.
The declaration covers Erie County and the adjacent counties of Cattaraugus, Chautauqua, Genesee, Niagara, and Wyoming in New York.
Low-interest federal disaster loans are available to California residents and business owners affected by the severe storms and flooding that occurred December 11‑12, 2014, U. S. Small Business Administration (SBA) Administrator Maria Contreras-Sweet announced today. SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Edmund G. Brown Jr.’s designated representative, Mark S. Ghilarducci, Director of the Governor’s Office of Emergency Services, on December 24.
The disaster declaration makes SBA assistance available in San Mateo County and in the neighboring counties of Alameda, San Francisco, Santa Clara and Santa Cruz.
“Low-interest federal disaster loans are available to homeowners, renters, businesses of all sizes and private nonprofit organizations whose property was damaged or destroyed by this disaster,” said SBA’s San Francisco District Director Mark Quinn. “Beginning Monday, January 5, SBA representatives will be on hand at the following Disaster Loan Outreach Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application,” Quinn continued.
Small, nonfarm businesses in the Arkansas counties of Crittenden, Cross, Lee, Monroe, Saint Francis and Woodruff are now eligible to apply for low‑interest federal disaster loans from the U. S. Small Business Administration (SBA). These loans offset economic losses because of reduced revenues caused by the hail in Saint Francis County that occurred October 2, 2014, announced Tanya N. Garfield, Director of SBA’s Disaster Field Operations Center ‑ West.
IOWA & NEBRASKA
Small, nonfarm businesses in five Iowa counties and neighboring counties in Nebraska are now eligible to apply for low‑interest federal disaster loans from the U. S. Small Business Administration (SBA). These loans offset economic losses because of reduced revenues caused by the freeze in the following primary county that occurred on May 16, 2014, announced Tanya N. Garfield, Director of SBA’s Disaster Field Operations Center - West.
Primary Iowa County: Harrison;
Neighboring Iowa counties: Crawford, Monona, Pottawattamie and Shelby;
Neighboring Nebraska counties: Burt and Washington.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield said.
Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for businesses and 2.625 percent for private nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Garfield said.
By law, SBA makes EIDLs available when the U. S. Secretary of Agriculture designates an agricultural disaster. Secretary Tom Vilsack declared this disaster on December 24, 2014.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency (FSA) about the U. S. Department of Agriculture (USDA) assistance made available by the Secretary’s declaration.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.
Childhood obesity is one of the most serious threats to the health of our nation. The Robert Wood Johnson Foundation (RWJF), through its commitment to reversing the childhood obesity epidemic, has provided national leadership in efforts to achieve a healthy weight for all of our nation’s children, especially in lower-income communities and communities of color. This landmark work continues today as part of its vision to build a national Culture of Health that will enable all Americans to live longer and healthier lives, now and for generations to come.
Healthy Eating Research: Building Evidence to Prevent Childhood Obesity is an RWJF national program. The program supports research on environmental and policy strategies with strong potential to promote healthy eating among children to prevent childhood obesity, especially among groups at highest risk for obesity: Black, Latino, American Indian, Asian/Pacific Islander children, and children who live in lower-income communities. Findings are expected to advance RWJF’s efforts to reverse the childhood obesity epidemic and help all children achieve a healthy weight.
This call for proposals (CFP) focuses on childhood obesity prevention efforts in two settings:
Healthy Food Retail
Early Care and Education
Approximately $425,000 will be awarded under this CFP. Awards up to 12 months and up to $75,000 each will be funded through this special solicitation. Applicants are strongly encouraged to apply for projects that require between $25,000 and $75,000 to complete. Approximately two-thirds of the funds available will be allocated to studies focused on healthy food retail and one-third will be allocated to studies focused on early care and education.
December 3, 2014
RWJF online system for concept papers will be available to applicants.
January 7, 2015 (3 p.m. ET)
Deadline for receipt of concept papers.
January 21, 2015
Applicants will be contacted by email and informed as to whether or not they are invited to submit a full proposal. Invited full proposals must be submitted via the RWJF online system.*
March 4, 2015 (3 p.m. ET)
Deadline for receipt of invited full proposals.
Late April 2015
Notification of finalists.
Eligibility and Selection Criteria
Preference will be given to applicants that are either public entities or nonprofit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code and are not private foundations or Type III supporting organizations.
Applicant organizations must be based in the United States or its territories.
The focus of this program is the United States; studies in other countries will be considered only to the extent that they may directly inform U.S. policy.
The City of Fremont (City) is announcing a Notice of Funding Availability
(NOFA) for the creation of affordable rental housing in Fremont.
Approximately $8.0 million in funding is available to support predevelopment, acquisition and construction or rehabilitation of affordable housing. The funding is intended to fill the financing gap between a project’s total development cost and other available financing sources.
The funding available through this NOFA is for capital costs only; no financing is available to fund operating subsidies or supportive services. It should be noted that if additional housing funds become available to the City during the NOFA evaluation process, the amount awarded through this NOFA may also increase.
Qualified affordable housing developers that can meet the NOFA requirements
and demonstrate their ability to finance, design, build/rehabilitate and manage affordable housing are encouraged to submit proposals. All proposals must be received by February 13, 2015. Applications submitted after the deadline will not be considered. Funding will be awarded by the City on a competitive basis to the project or projects that provide the best opportunity to address the City’s affordable housing needs.
The City reserves the right to request that Applicants submit additional information as may be requested by staff to clarify submitted information. Also, the City reserves the right to reject any and all proposals for any reason, and at its sole discretion.
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) today announced the second round of housing assistance to help 1,984 homeless veterans find permanent supportive housing. The rental assistance announced today is provided through the HUD-Veterans Affairs Supportive Housing (HUD-VASH) Program which combines rental assistance from HUD with case management and clinical services provided by VA. Last October, the two agencies awarded $62 million in HUD-VASH vouchers to assist more than 9,000 homeless veterans.
With HUD approaching its 50th anniversary next year, Secretary Julián Castro is focused on advancing policies that create opportunities for all Americans, including the broader Administration goal of ending homelessness among veterans.
“It is unacceptable that after their service and sacrifice, too many of our veterans find themselves living on our streets and in our shelters,” said SecretaryCastro. “We’ve made significant progress reducing homelessness among veterans by a third in just four years, and these vouchers will continue to help communities build on these gains, providing targeted assistance to those in need to ensure that every veteran has a home.”
Welcoming the progress made with HUD and local partners under the leadership of President Obama, VA Secretary Robert McDonald added, “As long as there remains a single veteran living on our streets, there is more work to be done. HUD-VASH vouchers are a vital tool in our efforts to reduce veteran homelessness.”
“Through the HUD-VASH program, communities are making historic progress toward ending homelessness by connecting veterans who have the most intensive service needs to the foundation of a home with supportive services,” said Laura Green Zeilinger, Executive Director of the U.S. Interagency Council on Homelessness. “The grant awards announced today add crucial resources to this effort, helping to deliver on the promise that every veteran who has served America has a home in America.”
HUD-VASH is an important part of the Obama Administration’s efforts to provide critical housing and services to veterans experiencing homelessness that also includes HUD’s Continuum of Care program as well as VA’s Supportive Services for Veteran Families (SSVF).
Since 2008 more than 68,000 vouchers have been awarded and over 80,000 homeless veterans have been served through the HUD-VASH program. Rental assistance and support services provided through HUD-VASH are a critical resource for local communities in ending homelessness among our nation’s Veterans.
Additionally, Opening Doors: Federal Strategic Plan to Prevent and End Homelessness serves as a roadmap for how the federal government will work with state and local communities to confront the root causes of homelessness, especially among former servicemen and women. As evidence of that commitment, President Obama has asked for an additional $75 million for HUD-VASH vouchers to serve veterans experiencing homelessness in his fiscal year 2015 budget request to Congress.
In the HUD-VASH program, VA Medical Centers (VAMCs) assess veterans experiencing homelessness before referring them to local housing agencies for these vouchers. Decisions are based on a variety of factors, most importantly the duration of homelessness and the need for longer term, more intensive support in obtaining and maintaining permanent housing. The HUD-VASH program includes both the rental assistance the voucher provides and the comprehensive case management that VAMC staff offers.
Veterans participating in the HUD-VASH program rent privately owned housing and generally contribute no more than 30 percent of their income toward rent. VA offers eligible homeless veterans clinical and supportive services through its medical centers across the U.S., Guam and Puerto Rico.
The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac to begin setting aside and allocating funds to the Housing Trust Fund and the Capital Magnet Fund pursuant to the Housing and Economic Recovery Act of 2008 (HERA). HERA authorized FHFA to temporarily suspend these allocations, and FHFA informed Fannie Mae and Freddie Mac of a temporary suspension on November 13, 2008. In letters sent today (links below), FHFA notified Fannie Mae and Freddie Mac of the agency’s decision to reverse the temporary suspension.
Separately, FHFA sent to the Federal Register an Interim Final Rule to address the statutory requirement that the allocations may not result in transferring their expense to originators or other Enterprise counterparties. The Interim Final rule is effective upon publication and has a 30-day comment period.
Coaching has become a leading resource that business leaders are taking advantage of to create highly successful businesses. The one misunderstanding is that to use a business coach your business needs to be larger, but that’s not the case at all.
Coaching can help create clarity and direction in any size business. Working with a business coach can help to determine what it is you want to create, the reason it is important, and how you plan to reach that goal. It can help you to create an action plan and then achieve the goals you set.
If you had an empowering way that you could commit to and then achieve your business goals, would you not want to take advantage of it? Well you do, it’s called business coaching.
Business Coaching Helps You to Become Clear on Your Goals
It is important that you are clear on what it is you want from your business along with how you plan to get it. Then you will need to determine what your commitment is. A business coach can help you to create clear goals and plans on achieving those goals.
Business Coaching Aids You to be Effective and Productive
When it comes to support, business coaching provides individual attention along with the challenge and objectiveness that are needed. A skilled business coach is very successful because he or she can:
* Inspire you to expand your solutions
* Keep you focused on your goals
* Make you accountable for your progress
* Support you through the change
* Remove any obstacles so that you can move forward
* Prioritize based on your values
* Challenges you to take the next step
Business Coaching Connects You to What’s Important
Your business coach will help to build a foundation that’s grounded so that you make decisions that are in alignment with your value system and what you value most. They will also help you to create a plan that will ensure your daily actions are in alignment with the values. This is the key to creating commitment breakthroughs.
A small business can benefit as much from a business coach as a larger business. Your business coach isn’t there to make decisions for you, but rather to be a sounding board and to help guide you in the direction that is right for you and your business. Take advantage of outside help to grow your business.
Are you interested in Business Coaching? Let us know.
2015 Loan limits for highest and lowest cost areas to remain unchanged
WASHINGTON - The Federal Housing Administration (FHA) today announced the agency's news schedule of loan limits for 2015. These loan limits are effective for case numbers assigned on or after January 1, 2015, and will remain in effect through the end of the year.
FHA's calculation for maximum loan limits in high cost metropolitan areas of the country will remain the same as the 2014 level of $625,500. The current standard loan limit for areas where housing costs are relatively low will also remain unchanged at $271,050.
Each year, FHA recalculates its national loan limit based on a percentage calculation of the national conforming loan limit. Depending on those limits, FHA's minimum national loan limit "floor" is at 65 percent of the national conforming loan limit. The floor applies to those areas where 115 percent of the median home price is less than 65 percent of the national conforming loan limit.
Conversely, any area where the loan limit exceeds the "floor" is considered a high cost area. The maximum FHA national loan limit "ceiling" is at 150 percent of the national conforming limit. In areas where 115 percent of the median home price (of the highest cost county) exceeds 150 percent of the conforming loan limit, the FHA loan limits remain at 150 percent of the conforming loan limit.
Areas are eligible for FHA loan limits above the national standard limit, and up to the national ceiling level, based on median area home prices. Additional information and loan limit adjustments for two-, three-, and four-unit properties, and in Special Exception Areas, are noted in FHA's mortgagee letter. An attachment to the Mortgagee Letter provides information on which counties are eligible for loan limits above the national standard. Borrowers with existing FHA insured mortgages may continue to utilize FHA's Streamline refinance program regardless of their loan balance.
The mortgage loan limits for FHA-insured reverse mortgages will also remain unchanged. The FHA reverse-mortgage product, known as the Home Equity Conversion Mortgage (HECM), will continue to have a maximum claim amount of $625,500, with actual loan limits based on property value, borrower age, and current interest rates. Reverse mortgages allow homeowners age 62 and older to age in place by borrowing against the value of their homes without any requirements for monthly payments; no repayment is required as long as a homeowner lives in the home. The reverse mortgage is repaid, with interest, when the homeowner leaves the home.