Michigan Real Estate News

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Development Coming for Low-Income Seniors

Samaritas moves forward with its plant ot build a 4-story building with 54 apartments for low-income seniors. The development will go up near the recently renovated Al Perri furniture building and will allow Samaritas to consolidate its child and family service in the greater Muskegon and lakeshore area. Construction is slated to being in early 2021.

Evictions are a Looming Reality

The New York Legislature has passed a comprehensive and controversial anti-eviction law. The new law bans tenant evictions for a least another 60 days and offers some foreclosure protection to small business owners, as well as renews tax exemptions for elderly or disabled  homeowners. Critics feel the law goes to far and doesn’t require proof that financial hardships are due to the pandemic or define income limitations to qualify for eviction protection.

 

Community Builders, a Grand Rapids-based nonprofit, is partnering with the city’s Homeless Outreach Team to coordinate short-term accomodations and support service for the area’s homeless population. The Geographically Targeted Housing Outreach intiative (GTHO) is funded in part by the city of Grand Rapids Emergency Solutions Grants under the federal CARES Act.

 

A Detroit Free Press investigation discovered gaps in the state’s safety net designed to prevent renters from losing their homes. Although the number of evictions has decreased when compared to 2019 data, 4 factors are crippling the state’s evction protection measures: A lack of comprehensive statewide data, missing key information to track communities that have not received aid, local judges who fail to follow the state Supreme Court order, and landlords who are finding leasing loopholes.

Mortgages Ripe For Foreclosure Escalate

The raw number of mortgages in active forebearance rose last week, driven by the share of loans in forebearance and rising from 5.2% to 5.3 % in private label securities or banks portfolios. The share of FHA and VA loans in forebearance also increased. Fannie Mae and Freddie Mac maintained their 3.5% portfolio share from the prior week.