HOA with more than $1 million dollars on hand in checking accounts, CDs, saving accounts and cash, and total assets at more than $2.2 million dollars! That is what one media outlet reported on recently.
The funds were as a result of what is reported as “predatory” behavior, such as aggressive code violation enforcement and penalties, along with foreclosure.
As a result, Denver has taken steps to enact various reforms. Additionally the State Legislature is looking into similar reforms.
For more information, please click on the following links.
Denver lawmakers tackle HOA foreclosure practices
Denver committee approves bill requiring HOAs to notify homeowners of foreclosure rights
HB22-1137
Today, the White House issued a press release announcing Housing Supply Action Plan designed to ease the burden of housing costs over time, by boosting the supply of quality housing in every community. The plan includes “legislative and administrative actions that will help close America’s housing supply shortfall in 5 years, starting with the creation and preservation of hundreds of thousands of affordable housing units in the next three years.”
Under the Plan, the Administration will:
- Reward jurisdictions that have reformed zoning and land-use policies
- Deploy new financing mechanisms to build and preserve more housing where financing gaps currently exist
- Expand and improve existing forms of federal financing
- Ensure that more government-owned supply of homes and other housing goes to owners who will live in them
- Work with the private sector to address supply chain challenges and improve building techniques
The Administration will take the following immediate steps:
- Leveraging transportation funding from the Bipartisan Infrastructure Law (BIL).
- Integrating affordable housing into DOT Programs.
- Including land use within the U.S. Economic Development Administration’s (EDA) investment priorities.
- Supporting production and availability of manufactured housing.
- Scaling Up ADUs and piloting ADU and home renovation financing tools.
- Boosting rural single-family construction.
- Strengthening Enterprise financing for multifamily development and rehabilitation.
- Leveraging American Rescue Plan funds for investments in affordable housing.
- Finalizing the LIHTC “Income Averaging” proposed rule.
- Continuing to drive housing production through the Federal Financing Bank’s Risk Sharing Program.
- Improving the alignment of federal funds to reduce transaction costs and duplications, and accelerate development.
- Supporting the construction of more than 8,000 rural multi-family housing units.
- Disposing of federal properties to create affordable housing for people experiencing homelessness.
- Supporting new and existing affordable housing in Indian Country.
- Directing supply to owner-occupants and mission-driven entities instead of large investors.
- Encouraging use of CDBG for local acquisition and local sales to owner-occupants and mission-driven entities.
- Partnering with the private sector to address supply chain disruptions for building materials.
- Promoting modular, panelized, and manufactured housing – and construction R&D.
These actions build on the strategies that the Administration has proposed and continues to call on Congress to pass:
- Unlocking Possibilities Program.
- Housing Supply Fund grants to reduce affordable housing barriers.
- Provide tax credits to build and rehabilitate 125,000 homes for low- and middle-income homebuyers.
- Provide Housing Supply Fund financing for affordable housing production to develop 500,000 units of housing for low- and moderate-income renters and homebuyers.
- Financing more than 800,000 affordable rental units by expanding and strengthening the Low-Income Housing Tax Credit.
- Expanding access to federal subsidies for the construction or rehabilitation of rental homes affordable to low and extremely low income households.
- Addressing longstanding public housing capital needs.
- Preserving more than 10,000 multifamily rental housing units in urban and rural America.
- Recruiting more workers into good-paying construction jobs.
To view the full Press Release, please click here
Erie County (NY) Clerk Mickey Kearns has been taking on so-called “zombie” properties for years, but now he’s got a new target to shame besides lenders: Erie County itself.
Kearns states, many municipalities in the county are struggling with delinquent vacant and neglected properties whose owners owe a lot of taxes to the county but don’t have a mortgage or tax escrow.
Though directly blaming the county itself, Kearns clearly states, “I’m not taking any shots at anyone. It’s the policy that needs to change.” No one’s advocating that people shouldn’t pay their taxes. But the county has discretion.”
The solutions being offered by Kearns for these “tax zombies” have similar objectives to “zombie foreclosures”, assist people to remain in their homes and when a property is abandoned, return it to productive use as quickly as possible.
For more information. please click here.
In a follow up release, Erie County Clerk Michael P. Kearns and the Western New York Law Center released a report titled “ZOMBIE Initiative Tax Delinquency Report” revealing $112 million in delinquent property taxes on thousands of properties, both residential and commercial, that each owe $500 or more throughout Erie County.
For more information please click on following links:
WNY: Kearns: $112 million in property tax delinquencies could lead to blight & vacancies across Erie County
Report: ZOMBIE Initiative Tax Delinquency Report
MuniReg President Michael Halpern was recently interviewed by Pete Roque and Rachel Patterson at https://codeenforcementeducators.com/ where Halpern discussed the creation and evolution of MuniReg, beginning with his extensive work with code enforcement and local governments while at Safeguard Properties.
The interview is available on social media (links below).
Some of the comments
“Great topic and valuable information” – Matthew Cosylion Code Enforcement Supervisor at City of Newport Beach
“Michael is a wealth of knowledge and experience.” – Greg Smith Owner of GMS (Code Enforcement) Presentations and Training
To watch the interview, please click on the following links:
One comment we at MuniReg frequently receive is “our community is too small for a VPRO”.
Well one community in Nebraska (Population in 2019: 445) disagrees.
For more information, please click here.
Once again, the Center for Community Progress has provided an informative resource on building a strong code enforcement program and partnering it with strong community engagement.
Featured was the City of Peoria several of its creative and unique programs to foster better collaboration and greater compliance
To access the webinar recording, please click here.
Affordable housing continues to be a focal point of local governments. Now this issue is being taken up in two state legislatures in new and unique approaches.
In Rhode Island, local tax-sale investors have asked state lawmakers to ban remote participation at municipal tax sales, arguing that distant financial firms bidding at these auctions are preventing derelict or underutilized urban properties from being spruced up or turned into new housing.
In Ohio, a bill under consideration, a corporation or institutional investor can still be the highest bidder at sheriff’s sales. However, there will be a waiting period. During that time, someone who is renting that property has the first opportunity to buy it under preset conditions. If that doesn’t happen, during that same window, the property could be purchased by another buyer including non-profit groups involved in providing affordable housing with their set of conditions
For more information, please click on following links:
Rhode Island; Should RI tax sales be for ‘locals only?’ Bill seeks to reduce out-of-state competition
Ohio: Ohio lawmaker hopes bill can help first-time homebuyers in competitive real estate market