Michigan Development News, 2/23/09
Detroit News: Obama outlines home foreclosure plan. In case you missed it last week, the Detroit News has details on President Obama’s plan to fight foreclosures:
The Obama administration announced an ambitious plan Wednesday to halt the spiral of home foreclosures that is battering families and communities in Michigan and across the country.
“In the end, all of us are paying a price for this home mortgage crisis, and all of us will pay an even steeper price if we allow this crisis to continue to deepen,” President Obama said in outlining the plan, which officials said would help as many as 4 million homeowners refinance their mortgages on more affordable terms.
Two groups of homeowners potentially could benefit: those at risk of foreclosure, who could be eligible for loan modifications to bring their monthly payments down to as little as 31 percent of their income; and owners who aren’t at immediate risk, but who have been unable to refinance homes because the housing market’s decline has erased their equity.
Grand Rapids Press: Recession doesn’t stop downtown Grand Rapids construction from hitting historic high. Given the state of the economy, it’s good to read stories like this:
One look at construction projects in downtown Grand Rapids and someone might believe the urban center has bypassed the nation’s economic bust.
That would be an overstatement.
But thanks to unprecedented investments in health care facilities, dedicated local developers and lucky timing, downtown finds itself in the midst of a construction boom.
The price tag for ongoing projects — more than $770 million — is a historic high for the region, at the same time construction spending is down across the nation and activity is grinding to a halt in some areas.
While spending is likely to see dramatic drops as major projects wrap up, another round of investments designed, in part, to capitalize on the current boom is on the drawing board.
That has city leaders and developers optimistic the urban center will be well positioned when the economy recovers.
Grand Rapids Press: Grand Rapids fifth-most affordable place to buy home, but can we overcome the fear? There’s good news, and then there’s not-so-good news about affordability in Michigan:
In a measure of income, home price, and mortgage rate, analysts deemed Grand Rapids one of the nation’s most affordable housing markets this month, coming in fifth behind Indianapolis; Warren; Youngstown, Ohio; and Detroit.
But instead of a buying frenzy, anxiety and toughened credit standards are sending sales the other way.
“Houses overall are far more affordable here than elsewhere,” said Paul Isely, associate professor of economics at Grand Valley State University…
For Paul Corcoran, director of Central Michigan University’s new real estate development and finance major, the element of fear is driving home prices down.
That is a good thing, he said.
“That’s why prices are so low,” Corcoran said. “If fear was gone, prices would be higher.
“I actually think it is a good time to buy a house.”
Michigan Development News, 2/3/09
Kalamazoo Gazette: Homeless numbers expected to increase as more people are jobless. Affordable housing is more important than ever:
Cindy Dalton was among those who participated Wednesday in a count of Kalamazoo County’s homeless at Ministry with Community.
The count, held at several locations frequented by the homeless, was sponsored by the Local Initiatives Support Corp., an agency that helps homeless people find permanent housing. Participants filled out a survey that asked them how they lost their housing, whether they have a child or a disability and how long they’ve been homeless, among other demographic information.
On Wednesday night, police across the county were to do an observational count, and area hospitals were to count the homeless in their emergency rooms.
Last year’s count totaled 681 homeless people, including 262 children, officials said. In 2007, 692 homeless people were recorded, of which 235 were children.
The 2009 numbers won’t be known for weeks, but Michelle Schneider, assistant program officer for LISC, said this year’s count should be higher than last year.
Adrian Daily Telegram: Project offers resources to people facing housing crisis, homelessness. Fortunately, local agencies are stepping up to help struggling families and homeowners:
Those who are homeless, in a housing crisis or know someone in such a situation were linked with resources offered by agencies at an event Wednesday.
The Lenawee County Continuum of Care organized and sponsored “Project Homeless Connect,” which took place from 9 a.m. to 4 p.m. at the Human Services Building, 1040 S. Winter St. Agencies represented at the event included Catholic Charities of Lenawee, Community Action Agency, Family Counseling and Children’s Services of Lenawee County, the Lenawee Emergency and Affordable Housing Corp. (LEAHC), Michigan Protection & Advocacy Service Inc. and The Salvation Army.
Capt. Gordon Knight of The Salvation Army, who was serving as a spokesman for the event, said the goal was to get as much information into the hands of clients and customers as possible.
“As the economy declines, you know homeless issues are increasing,” he said.
Press Release: MSHDA to Offer Grants for Low Income Housing and Downtown Revitalization. Some of the hearings have already happened, but there are three more events scheduled this week. Follow the link for details:
Michigan State Housing Development Authority (MSHDA) Executive Director Keith Molin today announced that public hearings are scheduled statewide to receive input for the 2009 distribution of funds from the Michigan Housing and Community Development Fund. The allocation of 2009 funds represents the second opportunity for MSHDA to distribute funds under legislation passed in 2007 to support projects designed to fuel strategies leveraging public and private resources to meet the affordable housing needs of low, very low and extremely low income households and to finance projects located in a downtown area or adjacent neighborhood.
Detroit Free Press: Redeveloping Detroit. The Freep tracks progress on redeveloping in the City of Detroit:
After years of decline, Detroit is finally taking shape again. New residential developments, hotels, retail stores and offices locating downtown provide a snapshot of what is to come.
Business leadership is playing a major role in the turnaround. Detroit Renaissance and its member companies have invested more than $100 million in the past 10 years to speed redevelopment. Last year, Detroit Renaissance, with major support from the Kresge Foundation, implemented the Detroit Public Space Fund to maintain public spaces in greater downtown. We also helped start a fund to attract retailers and supported programs to attract businesses and market the city to visitors, which we will continue to do in 2009…Another exciting initiative is a venture spearheaded by the Hudson-Webber Foundation and supported by Detroit Renaissance and others to attract young, upwardly mobile professionals to downtown residential locations, creating a talent corridor.There is much progress to be proud of. However, we still have a long way to go.
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