State awards financing to develop low-income housing in Fallston

Affordable HousingThe state has announced funding recipients for the Maryland Department of Housing and Community Development’s most recent application round for federal Low Income Housing Tax Credits and state Rental Housing Funds.

Twenty-one projects will receive awards, including one located at a busy Fallston intersection.

The awards will cover the new construction and rehabilitation of approximately 1,147 affordable rental units, including 167 units to be specifically set aside for individuals with disabilities.

The projects awarded will receive more than $16.6 million in state Rental Housing Funds and over $30.2 million in federal Low Income Housing Tax Credits, leveraging more than $94.5 million in private sector capital.

According to The Aegis, about 40 people attended a Community Input Meeting back in July to voice their opposition to a 56-unit apartment complex proposed for the corner of the Benson intersection at Harford and Belair roads and the Bel Air Bypass in Fallston.

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The only applause noted at the 80-minute meeting, according to The Aegis,  was came when Brandon Wagner questioned the need for the project.

“Are we trying to diversify Fallston?” Wagner asked. “I just don’t see the market for this here.”

The full list of 2018 affordable housing awardees can be found here.

Bensons Corner

 

Jared Kushner-owned company fined as negligent property owner in White Marsh, Essex

Code ViolationsBaltimore County Executive Kevin Kamenetz revealed on Thursday the existence of more than 200 code violations in apartments owned by the Kushner Companies in Baltimore County, all accrued in the current calendar year.

After threatening to withhold HUD rental payments and levy fines, necessary repairs were made in all but nine properties. Those nine un-repaired properties resulted in withholding of HUD rental payments and issuance of $3,500 in County fines.

“Contrary to the assertions of the Kushner Cos. that they are in compliance with local laws, our inspectors identified and cited more than 200 code violations in properties owned by Jared Kushner,” said Baltimore County Executive Kevin Kamenetz. “Repairs were made only after the County threatened to withhold rent or issue fines. And in nine instances, we had to carry through with threatened sanctions. We expect all landlords to comply with the code requirements that protect the health and safety of their tenants, even if the landlord’s father-in-law is President of the United States.”

In a recent statement, Christine Taylor, a spokeswoman for the Kushner Cos., stated, “We are in compliance with all state and local laws.”

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“It is a stretch of truth to assert they are in compliance with all laws when more than 200 code violations were observed by our inspectors in just the past 10 months,” said Kamenetz.

Kushner Cos. own 701 HUD-supported units in Baltimore County. Year-to-date, inspectors discovered 173 failures to meet standards. Only when HUD funds were threatened to be withheld were necessary repairs made. In six cases, HUD payments were withheld by the County in order to mandate the repairs.

In other Kushner owned units, County inspectors issued 35 correction notices. Necessary repairs were made to all but three properties, where fines were issued totaling $3,500. Five new complaints were recently received and are still under investigation by County code inspectors.

“Baltimore County will continue to be vigilant it its effort to ensure that residents of Mr. Kushner’s properties have healthy and safe places to live,” concluded Kamenetz.

Kushner Cos. owns 13 apartment complexes in Baltimore County: Carriage Hill, Carroll Park, Charlesmont, Commons at White Marsh, Cove Village, Essex Park, Fontana Village, Gwynn Oaks Landing, Harbor Point Estates, Highland Village Townhomes, Morningside Park, Riverview Townhomes, and Whispering Woods.

Baltimore mortgage rates hold near 2016 lows

Baltimore Mortgage Ratesby Chris Montcalmo

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates holding near 2016 lows.

The 30-year fixed-rate mortgage averaged 3.58 percent with an average 0.6 point for the week ending May 19, 2016, up from last week when it averaged 3.57 percent. A year ago at this time, the 30-year FRM averaged 3.84 percent.

The 15-year fixed-rate mortgage this week averaged 2.81 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.05 percent.

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The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.5 point, up from last week when it averaged 2.78 percent. A year ago, the 5-year ARM averaged 2.88 percent.

“The 10-year Treasury yield saw minimal movement over the past week, despite encouraging news from April’s consumer spending and CPI data.” said Freddie Mac chief economist Sean Becketti.  “Accordingly, the 30-year mortgage rate moved up just 1 basis point from its 2016 low to 3.58 percent. Although there was minimal change in rates this week, the hawkish tone of Wednesday’s Fed minutes release had an immediate impact on Treasury yields, and could possibly shake up next week’s survey results.”

For more information on Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo by clicking here.

Councilman Marks opposed affordable housing changes three years ago

 HUD LogoWith much attention focused on the federal government’s recent support for new affordable housing initiatives, one Baltimore County Councilman spoke out nearly three years ago.

NottinghamMD.com received a copy of a letter sent by Councilman David Marks opposing the regulatory change in 2013.

The final rule was adopted by the Obama administration, and Councilman Marks said he never received a response.

“I have been very critical of this overreach by the federal government,” Marks commented. “There is a renewed push by the federal government for affordable housing in apartment and townhouse developments. We have a lot of dense development in the Perry Hall area, which is why I am trying to limit future growth through our rezoning efforts.”

For more details, click here.

  

Baltimore mortgage rates reverse course, turn lower

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing Baltimore mortgage rates moving lower for the first time in four weeks.

The 30-year fixed-rate mortgage averaged 3.71 percent with an average 0.5 point for the week ending March 24, 2016, down from last week when it averaged 3.73 percent. A year ago at this time, the 30-year averaged 3.69 percent.

The 15-year fixed-rate mortgage this week averaged 2.96 percent with an average 0.4 point, down from last week when it averaged 2.99 percent. A year ago at this time, the 15-year averaged 2.97 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent this week with an average 0.5 point, down from last week when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 2.92 percent.

“The Federal Reserve’s decision last week to maintain the current level of the Federal funds rate combined with the reduction in their forecast for growth triggered a 3-basis point drop in the 10-year Treasury yield,” said Freddie Mac chief economist Sean Becketti.  “As a consequence, the 30-year mortgage rate declined 2 basis points to 3.71 percent. However, comments this week by several members of the Fed, including the presidents of the Richmond, San Francisco, and Atlanta banks, indicated that a June rate hike is still on the table.”

For more information on current Baltimore mortgage rates, contact Chris Montcalmo, your Maryland mortgage expert.

Baltimore Mortgage Rates